What documents will I need to sign at closing?

In Virginia, when you close on a mortgage loan, you will need to sign several documents. Before the loan is closed, the lender will provide a loan estimate to the borrower. This document will specify the loan’s interest rate, monthly payments, and estimated closing costs. At the actual closing, the borrower will sign several documents. These include the loan application, promissory note, mortgage or deed of trust, and truth in lending disclosure statement. The loan application outlines the information the borrower provided to the lender and certifies its accuracy. The promissory note is a document that states the borrower promises to repay the loan according to the terms specified in the note. In Virginia, mortgages are security instruments that are secured by a borrower’s real property and recorded in land records. The deed of trust in Virginia serves as a security instrument and is signed by the borrower. The truth in lending disclosure statement requires lenders to fully disclose all costs associated with the loan. Borrowers may also be required to sign additional documents, such as an escrow agreement or an affidavit of title. The escrow agreement outlines the responsibilities of the lender and borrower in managing taxes and insurance payments. An affidavit of title is a document in which the borrower swears that they have good title to the real property that is being used to secure the loan. In summary, when closing on a mortgage loan in Virginia, the borrower must sign several documents including the loan application, promissory note, mortgage or deed of trust, and the truth in lending disclosure statement. Additional documents may also be required to complete the closing process.

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