the borrower's promise and agreement to repay the terms of the loan/mortgage to the lender in full over time. • Certificate of Occupancy (for new houses only). The Certificate of Occupancy provides authorization from the local government for a building to be used as a public edifice or as a private residence. The purpose of the certificate is to provide verification that the building is in full compliance with current building codes and is safe for occupancy. This type of certificate is issued whenever a new building is constructed within the city limits of the local government. Inspections are conducted to ensure the basic construction, wiring, plumbing, and other elements of the building are up to code, and can be certified as being safe for occupation. Such a document is needed to move into a house. If your home-buying team is competent enough, you won’t be seeing those documents for the first time at the closing. Don’t sign anything that’s unclear to you, different from what you agreed to, or seems wrong. Make sure that you understand what you’re signing and how your payments will be distributed over time. Charges change differently depending on the mortgage type and may also depend on your insurance or taxes.
AFTER YOU SIGN THE P GN THE PAPERS
Take the keys and start moving into your new house. Now you’re a legitimate owner and a person who is responsible for a mortgage loan. Nothing can be compared to buying your first home. When you finally get through with it, you’ll be able to relax and enjoy your new property. Don’t worry — most of the time, you’ll reach the finish line with a smile on your face and a beautiful new home to call your own. 82
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