security instrument
Documents You Will Sign When You Close Your Home Loan
October 9, 2008 by Mortgage Align · Leave a Comment
When you close there will be numerous documents that you will need to sign to complete the closing process. Use your attorney or real estate agent to review these documents before you sign.
- Real Estate Settlement Procedures Act (RESPA) – this document simply informs you about the closing process and the financial obligations for your mortgage
- Truth in Lending Disclosure Statement (TIL) – this document contains the terms and conditions of the loan.
- HUD-1 Form (settlement statement) – this form notes the payments made by all parties in the transaction.
- Mortgage Note – this is your commitment as a buyer to repay the mortgage. It will include the loan amount, interest rate, payment information, maturity date and the change dates (for adjustable rate mortgages).
- Security Instrument – sometimes referred to as your mortgage or “deed of trust.”
- Warranty Deed – this is the deed that transfers the title from the seller to the buyer.
