You can expect to receive various types of documents:
These documents inform you of the key terms, provisions, and costs of your loan. They outline your key rights and responsibilities as a borrower, and record the transaction between you and your lender.
Federally-mandated documents include:
The Loan Estimate is a form that lays out important information about the loan you applied for. The lender sends you a Loan Estimate within three business days of receiving your application. Visit our interactive sample Loan Estimate with tips and definitions.
If you applied for a mortgage prior to October 3, 2015, or if you're applying for a reverse mortgage, you receive a Good Faith Estimate (GFE) and a Truth in Lending Disclosure instead of a Loan Estimate.
The Closing Disclosure is a form that lists all final terms of the loan you’ve selected, final closing costs, and the details of who pays and who receives money at closing. Your lender sends you a Closing Disclosure at least three business days before closing. Visit our interactive sample Closing Disclosure with tips and definitions.
The Notice of the Right to Rescind if the loan is not used to purchase a home, for example, a refinance or home equity line of credit. This notice informs you that you have three business days from the lender’s fulfillment of certain conditions to cancel your loan and provides a form for cancelling the loan.
The Initial Escrow Statement, 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.
Contractual documents include:
A promissory note, which describes what you are agreeing to. It provides you with details regarding your loan, including:
The amount you owe
The interest rate of the mortgage loan
The dates when the payments are to be made
The total amount you will pay
The length of time for repayment
Whether and how the payment amounts can change
The place where the payments are to be sent
A mortgage or security instrument, which explains your responsibilities and rights as a borrower. The mortgage grants the lender or servicer the right to foreclose on your home if you fail to make payments as you’ve agreed.
State and local government-mandated documents: These are documents that fulfill state and local government requirements, generally for the purpose of collecting information and protecting you.
Lender documents: These are documents added by the lender, for example, an affidavit of occupancy.
The CFPB has resources to help you review your closing documents:
Our interactive guide to the Closing Disclosure helps you double-check the details and get definitions for unfamiliar terms.