• Mortgage note. In signing this document, you agree to your mortgage terms and conditions, as well as penalties, in case you’re not able to pay duly and on time. • Deed of trust or mortgage. In real estate, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan (debt) between a borrower and lender. The equitable title remains with the borrower. 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 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. So, get out there and start searching for the perfect home for you and your family. After all, we all know that there is no place like home. Hopefully, these basic steps will help the first-time home buyers handle this incredible process with less stress and more energy.
80
Powered by FlippingBook