Important closing documents.

Before and during the mortgage closing, your mortgage lender will provide you with a variety of important documents and mortgage information regarding your loan:

Good Faith Estimate
A Good Faith Estimate is legally required to be provided to you within three days of applying for a loan. This document estimates the costs the borrower will incur on all loan-related fees such as title insurance, home appraisal, closing costs, and broker and lender fees.

HUD-1 Settlement Sheet
Itemizes the services to be provided by the mortgage lender and their corresponding charges. Items that appear on this statement include commissions, loan fees, points and initial escrow amounts.

Truth-in-Lending (TIL) Statement
The initial Truth-in-Lending (TIL) statement must be provided within three days of submitting application. If there are any changes, a final TIL statement must be provided at closing. This document is required by federal law as it contains mortgage information such as the costs of your loan, the annual percentage rate (APR) and other terms (such as finance charge, amount financed, payment amount, total payments required, etc.). It's possible that your original APR may change before closing.

Deed of Trust or Mortgage (also Security Instrument)
On a loan that is secured by a piece of real estate (such as a mortgage or home equity loan), the homeowner promises to repay principal and interest, to keep the home insured, to pay all taxes and keep the property in good condition. By signing this document, you agree to all these points. This document also states that if you don't repay your loan, your lender has the right to foreclose on your house and take possession of the property.

The Note
This is the actual loan agreement. It’s a legal “IOU” representing your promise to pay the lender according to the agreed terms. It includes your home loan payments, due dates, mailing address and terms of repayment.

At Champion, our loan specialists are trained to listen to your needs and carefully assess your financial situation. Only then will we recommend a customized solution that makes sense for you. Ready to get started? Call 1-800-CHAMPION or click here for a free, no obligation consultation with one of our Loan Specialists.

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