Understanding Closing Documents

Closing day is an exciting time for all involved, the buyer, seller, and agents are all ecstatic about the day all the hard work comes to fruition! All that's standing in the way of you and your new dream home is a small rainforest worth of paperwork to sign. As the best title company at the Lake of the Ozarks, Arrowhead Title understands that these documents aren't common knowledge, and the legal terminology can be quite daunting to those unfamiliar. That's why we're here to shed a little light on some of the documents you can expect to see at your Lake of the Ozarks real estate closing.

The Loan Application

This document will look familiar, as it is an exact copy of the loan application that you completed during your application for a mortgage loan. It's wise to double-check all line-items listed and ensure that the bottom dollar matches what was agreed upon. This also allows your mortgage lender a review of the application to ensure that nothing has changed that could negatively affect the lending transaction. Title companies and lenders work hand-in-hand through the process, double-checking each other's work to ensure line items match prior to closing.

The Closing Disclosure

The closing document is a federally mandated document that is required on all real estate transactions. It includes the final details/terms of your loan. Including, all fees - and who pays them, cash-to-close - along with itemization, APR (annual percentage rate), interest rate, projected monthly payment, and payment dates. This document goes through several checks and balances between the lender and settlement agent prior to closing, but it is still advised to review this document yourself for any discrepancies. Ensure all items are accurate and agreed upon before signing this document.

The Promissory Note

Also referred to as the "mortgage note," this document is a legally binding, written promise that you agree to the terms and payments of the loan. In this document, you will find the full balance of the loan requested, the interest rate, due dates, amortization term, as well as legal consequences proceeding sufficient payments.

The Mortgage 

This is the most vital document of the closing document set. This document states that the subject real estate will serve as collateral should you default on payments. This legal document proves that the mortgage lender owns the right to your home until the collateral has been paid off in full. After paying your loan off in full you will receive a copy of a recorded deed of release, releasing the lender's rights to your now free and clear home.

At Arrowhead Title, we understand the wants and needs of our clients and work diligently to provide accurate and timely real estate escrow and settlement services at the Lake of the Ozarks. We believe that it's our duty to educate our clients about the real estate transaction process, so they are able to make informed decisions when buying or selling real estate at the Lake. When it comes to your home at the Lake of the Ozarks, work with a title company you can trust. Arrowhead Title would be honored to help you navigate real estate closings at the Lake of the Ozarks, we're just a call or click away.

The Lake of the Ozarks' Most Trusted Title Company

Where Accuracy Matters!


750 Bagnell Dam Blvd Suite B
Lake Ozark, MO --

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