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Verifying an Important Mortgage Legal Form

   In every mortgage application process, it is best to review the closing documents first before the mortgage deal is closed.         If you have already purchased a home before, it is not a...

   In every mortgage application process, it is best to review the closing documents first before the mortgage deal is closed.  

      If you have already purchased a home before, it is not a guarantee that the documents you went through before are the same with what you have on your current mortgage application process. Not all real estate forms are the same. A review of the documents is needed to ensure that mistakes will be corrected and to give the mortgage company enough time to correct those mistakes.  
 
           In a mortgage application process, you will be working on with a good number of paperwork. But a necessary step to take at the course of closing the mortgage deal is to verify a legal form, known as the Mortgage Note.  

      To verify the Mortgage Note, you need to be sure that the following are well stipulated: 

    • The purchased property should be listed in the property address.
    • The loan amount should be similar to the exact loan amount that both you and the lender have agreed upon.
    • The interest rate should also be the same rate as discussed between you and your lender.
    • Your lender should also be listed as well.
    • In the “Payments” section, ask yourself if you can afford to pay the stated amount in the entire life of your loan. If not, make sure to rework this out with your lender and loan officer.
    • Penalties for late payments and all other payment delinquencies must also be stated. Determine if you can afford to do this or not.
    • Look through the “Prepay” section. Inform the lender if you will be sending extra payments. If you do not inform the lender, this sent amount will not be deductible from your principal balance at all.  
       

      A legal form, like the Mortgage Note is very important. Mortgage applicants who are about to close the deal, should be extra careful to verify on this legal form. Read through the whole document. Review on it and see if there are any mistakes. If you are unsure of any section in the documentFree Articles, never hesitate to contact your lender. Contact him immediately before the deal is closed. Secure your financial future by taking this very important step!

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


James is an expert in writing about legal forms and documents that may help you when your in the search of the right legal document. He writes many articles about forms ranging from, power of attorney forms, landlord tenant forms, and almost any legal form that your searching for.



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