9 Documents to Expect at Closing, Part 1

Closing day! It is a thrilling time when the house of your dreams is almost yours. Just a few - or a LOT - of papers to sign. As the best title company at the Lake of the Ozarks, Arrowhead Title knows exactly what documents are coming your way. Read on to learn the first four major documents you will want to be ready to review and sign on closing day, and call us for a team you can trust. We would love to help you prepare for and navigate the closing process!

1) Closing Disclosure

This is a document that is required by federal law for all home purchases, and it details the final terms of your loan. This includes the loan's APR (annual percentage rate), interest rate, projected monthly payment, closing costs, and payments due by both the seller and buyer at closing. The responsibility for the accuracy on this document lies with your mortgage lender. However, it is always a good idea to double-check the numbers to ensure they closely resemble the loan application that you agreed to originally. The amounts may vary slightly, but there should not be any big surprises. In order to allow you enough time to complete this comparison and review, your lender must provide this finalized document to you three business days prior to the closing date. Some lenders ask you to sign a statement acknowledging that you received the document, while others request the official signature agreeing to the terms. Make sure you know what you are signing for when you complete the document.

2) Loan Application

This is merely a copy of your loan application that you completed and submitted to your mortgage loan officer. This is your last chance to double and triple check the document to ensure everything is accurate and agreeable before signing it. This is also, however, you lender's last opportunity to pass on extending a mortgage loan to you. Keep in mind that you must inform your loan officer and underwriters of any significant changes in your financial situation. This includes a new job, new car loan, new credit cards, new student loans, etc.

3) Mortgage Note

This may sound like the infamous mortgage everyone refers to, but it is actually a legally binding document wherein you promise to repay the loan. This is why it is also often called a promissory note. In this document, all borrowers will be identified as well as the loan's full amount, interest rate, due dates, term, and legal proceedings that will kick in if you do not pay.

4) "THE" Mortgage

This is the big one. This is the document that you sign to agree that the house will serve as collateral should you do not pay. This proves that the mortgage lender owns your home until it is paid off and gives them the right to reclaim it if you default on the loan.

Your Lake of the Ozarks Home Closing

Arrowhead Title is not only the best title company at the Lake of the Ozarks, but we are also dedicated to accuracy and integrity. Work with a team you can trust, call Arrowhead Title for your real estate transaction and we will make sure everything runs as smoothly as possible on your closing day. Check in next week for more information on the closing process and the last five documents to expect on closing day!

The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!

750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049


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