Mortgage Paperwork

When closing your mortgage loan on the purchase of your home, there can be an enormous amount of paperwork to read and fill out in a short amount of time.

To help ease the anxiety of “signing on the dotted line,” it's a good idea to become familiar with all the standard “blank” mortgage paperwork and forms. By doing this, you can read them in your leisure, making sure you comprehend all of the documents, so that when you get to the actual closing, all you need to do is ensure the information filled into the form is accurate.

The typical list of paperwork includes:

1. The Deed: A legal document used to transfer property ownership.

2. Title Insurance Policy & Certificate of Title: Protects your investment in the event that, after closing, somebody else claims ownership to the property.

3. Home Owners Insurance Policy: A new coverage “binder” should be acquired on the home to “pick-up” coverage when the seller’s coverage ends.

4. Mortgage: The loan contract between the borrower and lender.

5. Private Mortgage Insurance: Required if a home owner does not put enough down-payment on the home.

6. Property Tax Bill: The home buyer is usually given a copy of the homeowner’s property tax bill.

7. Warranties and Service Records: It is extremely useful if the homeowner can provide a record of maintenance that has been done on the home, and who the service provider was in the event there is a problem with the home that would fall under a particular warranty.

8. Plot Plans and Surveys: Expect to obtain a current survey of the property for the closing.

9. Water and Sewer Bills: It is generally required that the homeowner provide proof that all water and sewer bills have been paid.

10. Utilities Records: Immediately following the closing, the home buyer should arrange for the home’s utility bills be changed from the homeowner.

In the end, you want to feel comfortable with the paperwork that you’ve signed, and with the home you’ve purchased – avoiding home buyers remorse! The stress and your concerns are natural. If you doubt your decision after the purchase, go back to the initial list of needs and wants which led you to choose the home – once again, arming yourself with information to help ease anxiety of the home buying process.

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