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What documents will I receive or sign?
Home » Real Estate » What documentation do I need to get a home loan? » What documents will I receive or sign?At the beginning of the loan process, you'll hand over scores of documents to your lender. Throughout the process, however, your lender will turn around and give you another batch of paperwork. Included in this documentation, you'll find a:
• Good Faith Estimate--This document outlines your estimated loan-related fees, such as an appraisal and title insurance.
• 1003--The 1003 form is your loan application, which you fill out and return to your lender with the required documentation
• Fair Credit Disclosure--Allows the lender to search your credit history.
• Transfer/Servicing Disclosure--States that you understand the lender may sell your loan to a third party.
• Note--Don't lose this! It outlines the exact amount of money you owe to the lender and describes how and when to make payments.
• Mortgage/Deed of Trust--The mortgage or Deed of Trust is the security on the loan and names the property that the lender can seize if you fail to repay the loan.
• Truth-in-Lending Statement--Provides you with basic information on your loan (e.g. costs and interest rate).
• HUD-1 Settlement Sheet--A HUD-1 documents services (with corresponding charges) that the lender will provide.
The general rule when it comes to mortgages is to keep copies of everything, so make a "Mortgage Paperwork" file. You'll want this information easily accessible if you ever have mortgage problems down the road.
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