Real Estate News

Breaking down mortgage documentation: Make your homebuying less intimidating

Something that comes with buying a new house is dealing with the paperwork involved. Mortgages have always evoked images of stacks of papers to be signed, initialed, and dated, and most people don't take the time to read these. However, that can lead to serious mistakes if buyers are not careful.

Mortgage documents can be broken down into categories that are easier to understand.

Educational documents

The first category contains educational documents. These documents help educate the buyer about the process, and with access to them days or weeks before closing, buyers have plenty of time to read them. These documents include a closing affidavit that states the buyer's intentions,

Documents for future use

The other type of document is for future use. These documents outline the borrower's responsibilities once the purchase is complete. They include

Many other pieces of information are included in these, so homeowners are encouraged to put them somewhere safe where they can be referred to as needed in the future.

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