At the end of closing, a large stack of papers sits in front of you. How do you know which ones to file away for future use?
To make your job of sorting through the papers a little easier, here are a few “be sure to save” items.
Loan Estimate: The initial estimate of the terms and costs of your mortgage loan, provided by the lender.
Closing Disclosure: A five-page form that provides the final details about your mortgage loan, including the loan terms, projected monthly payments, and itemized closing costs.
Note: A written promise to repay a specified amount of money plus interest at a specified rate and length of time.
Deed of Trust/Mortgage (including any riders): The document that secures the Note. The Deed is recorded with the county recorder for the county in which the property is located.
Appraisal: A detailed report providing an estimate of the value of your property.
Purchase Contract: The document containing the final agreed-upon purchase price and terms between buyer and seller.
Homeowners Insurance Policy: Not only does it serve for proof of coverage, but just in the case you need to make a claim, you will have contact and coverage information on hand.
Be sure to keep all of your paperwork in an organized filing system and in a fire-proof safe.
The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. *By refinancing an existing loan, total finance charges may be higher over the life of the loan. *Information is for general illustrative purposes only. The information is believed to be reliable, but Guild Mortgage does not warrant its completeness, timeliness or accuracy. Guild Mortgage assumes no responsibility for errors or omissions in the information provided. *Typically, a non-purchase second mortgage. **Please consult your financial advisor on the consolidation of short term debt into long term debt.