We’ve all heard the phrase about ‘signing your life away’ when making a significant purchase, and while it certainly can feel that way, every last signature is important, as they serve as the buyer’s agreement to the terms of the purchase. These are the documents that will require your signature during the mortgage process:

Mortgage or Deed of Trust

Both of these documents provide security for the signed note, though where you are located is dependent on which you are required to sign. Also, depending on the chosen loan, you will be required to act in accordance with one of these occupancy provisions:

Owner-occupied: You have 60 days after closing to move to the new property where it must be your primary residency for at least one year before utilizing it as a secondary home or rental.

Second home: You are unable to rent this home and it must not be your primary place of residency.

Non-owner-occupied: You are able to utilize the property as owner-occupied or as a second home due to your paying of a higher rate for your loan.

Loan Estimate & Closing Disclosure

The Loan Estimate is first given to you at least three days after meeting and applying with your lender. This file entails all projected payments, details concerning your loan, and closing costs.

The Closing Disclosure is mandated to be given to the buyer at least three days before you reach the closing table. It should be nearly identical to the Loan Estimate previously received.

The Promissory Note

This note is the loan contract that contains all of your detailed terms, given rates, intervals of payment, alterations in payment, and any possible payment penalties.

Your signature serves as a written consent claiming that your lender has right to your property if there is any discrepancies with your payment plan, as described within the note.

At Title Junction, we care about helping you stay informed throughout your real estate transaction. The experts at our title company have extensive knowledge about real estate not only in Cape Coral and Fort Myers, but all of Florida as well.

Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: Why Is My Real Estate Contract Important?

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