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Mortgages

What papers should I get at or before loan closing?

At closing, or before you go to closing, you should receive:

  • A HUD-1 Settlement statement, which should show all of the costs of your loan, as well as who will be receiving payments from the loan. You will receive the HUD-1 at closing, but you have the right to request it one day prior to closing. 
  • Various disclosures required by state law.

Also, if your mortgage servicer is establishing an Escrow Account for your mortgage, you should receive an Initial Escrow Statement at settlement or within 45 calendar days of settlement, which lists the estimated taxes, insurance premiums and other charges the lender anticipates paying from your escrow account during the first year of your loan.

For many mortgage loans, at the time your mortgage application is submitted, or within three business days after its submission, the lender must provide you with or send the Mortgage Servicing Disclosure statement, which will tell you whether the lender may sell the servicing rights of its loans. If the servicing rights are sold, you will be dealing with a different servicer once you begin making payments on your loan.

Additionally, at closing or three days before closing, the lender will likely give you a final Truth-in-Lending disclosure which sets forth certain costs of your mortgage such as how much you pay over the full term of the loan, what your mortgage payment will be initially and the maximum payment under your loan. If your annual percentage rate (APR) changes enough to exceed regulatory requirements, the lender must give you a corrected final Truth-in-Lending disclosure.

Take some time to review each document as you receive it. If you have questions, ask for an explanation from your lender or broker.

At the closing, obtain or have sent to you a complete set of the closing documents that you have signed, including your note and mortgage. Keep these documents for your records.

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