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Following are some of the most important
documents and mortgage information you
need to have regarding your loan:
HUD-1
Settlement Sheet
Itemizes the services
provided and corresponding charges from
the lender. Items that appear on this
statement include commissions, loan
fees, points and initial escrows.
Truth-in-Lending
(TIL) Statement
You should receive
your initial TIL statement at the
closing meeting. This document is
required by federal law and contains
mortgage information, including the
costs of your loan, and discloses the
annual percentage rate (APR) and other
terms (i.e., finance charge, amount
financed, payment amount, total payments
required). It's possible that your
original APR may change before closing.
Deed of Trust or
Mortgage (also Security Instrument)
On a loan that is
secured by a piece of real estate, the
homeowner promises to repay principal
and interest, to keep the home insured,
to pay all taxes and keep the property
in good condition. The document also
states that if you don't repay your
loan, your lender has the right to
foreclose on your house and take
possession of the property.
The Note
The mortgage (or
promissory) note is a legal "IOU"
representing your promise to pay the
lender according to the agreed terms. It
includes your home loan payments, due
dates, mailing address and terms of
repayment.
Good Faith
Estimate
Legally required
within three days of applying for a
loan, this document estimates the costs
the borrower will incur on all
loan-related fees such as title
insurance, appraisal, closing, broker
and lender fees.
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