In this series we’re talking about most of the documents that you’ll be signing at closing and what happens while you’re at the table.
In an earlier discussion we talked about the closing disclosure and how that replaced the HUD 1 and what the differences were and what that means. Today we’re going to talk about The Note.
Last night I was meeting with a good friend who just recently bought a piece of property and we went through all of her documents. It was interesting because we talked about all of those different documents you sign and what they mean. One of the documents we talked about is The Note. The Note is like a check you write to the lender promising to repay the loan they’ve given you. So the money you’re borrowing from the lender will be due back incrementally in a monthly amount. The Note is the signed promise to repay that loan to the lender. This is one of the single most important documents you will sign. It lists what the interest rate is, how much you’re borrowing, when you’re expected to repay it, how often you’ll be required to make payments, what the penalties are if you don’t make the payments, and what any additional requirements there are of the loan are. So it details every single step and the crucial pieces about why and how they’re going to loan money to you. So it’s a really important piece to understand.
We have a lot more information on our website that we’d love to share with you.
We also have a package of sample documents we’d be happy to send you in advance of closing. That way you can go through some of these documents which will help make the process at closing a lot less intimidating for you. Please ask one of our team members to sent you our Sample Documents Book for review or download it from our website www.footetitlegroup.com.
At Foote Title Group we are committed to making sure you understand everything that’s happening through every step of your closing. We know how overwhelming and intimidating the closing process can be. Purchasing a home or piece of property to build a home is more than likely the single most expensive thing you will probably ever do in your life and whether its the first time or the hundredth time it can be a lot to digest. That’s why we make sure that you know everything that’s going on while we pull all of the pieces together for you. That way when you are ready to sit down at the settlement table you feel comfortable knowing what to expect and when you get those keys you can walk into your dream home knowing, with Foote Title Group behind you, you and your home are protected.