What documents will I sign at closing?

At the closing, you will be asked to sign many papers.  It is very important to take the necessary time to read all paperwork to ensure you know what you are signing and the impact they will make to your finances.


Here are some standard forms you’ll be asked to sign:

Loan Note:  Details the terms of the loan, including the amount you are borrowing, the term of the loan in years, the interest rate, the amount of your payment, due dates and fees for late payments, and other key terms.

Mortgage or Deed of Trust:  The document that will be recorded on the land records to provide security/collateral for your loan.  It is also the collateral for the loan.

New HUD-1 Settlement Statement:  lists all receipts and disbursements made by, on behalf of, or to the buyer and seller.  Borrowers may compare their Good Faith Estimate they received after applying for the loan to the HUD-1 Settlement Statement and ask their lender or broker about any changes.

Affidavits: Where applicable, the buyer may execute sworn statements relating to

• owner-occupancy of the property;
• current employment and income;
• name variations or "aliases";
• the non-existence of secondary financing;
• truth and accuracy of all information supplied to the lender;
• other matters specific to the particular transaction.

Disclosures and Acknowledgements: Where applicable, borrower may sign the following disclosures and acknowledgements: 

• acknowledgement that a default in payment of the loan could result in a foreclosure
• acknowledgement that the closing attorney/settlement agent represents the lender
• disclosure of the Annual Percentage Rate ("APR") as reflected on the Truth In Lending Disclosure or "TIL"
• disclosure of projected escrow account activity for one year
• acknowledgement that property is or is not located within a flood zone
• acknowledgement of receipt and review of survey
• disclosure of information relating to lender's history of transferring or selling loans.

Loan Application: standard form which reflects the income, assets, debts and other pertinent information used to qualify borrower for the loan.

IRS form W-9: verifies the borrower's social security number for the reporting of payment of interest to the IRS.

IRS forms 4506 and/or 8821: authorizes the lender to obtain information from the IRS to verify information on application form.

First payment letter: shows total payment amount, date of first payment and information regarding where to remit payment.

Call Conquest Real Estate for More Info: (248) 569-1486