Whether you are in the process of buying your first home or your tenth home the amount of mortgage paperwork necessary can be quite confusing and pretty intimidating. When you apply for your mortgage you will most likely have to sign preliminary paperwork and then at closing you will need to sign a much larger portion of paperwork. Your closing paperwork will have multiple copies of most everything that you have sign. So what is what with mortgage paperwork? What should you pay close attention to and what do each of the forms really mean in plain English?

The main piece of paper work to pay attention to is the Good Faith Estimate or GFE as it is often referred to. The GFE will list all the fees charged to originate, underwrite, process and close the loan. Your mortgage broker should provide you with this piece of paperwork within 3 days of mortgage application. You can take the initial GFE with you to the closing and compare it to the final GFE. The final fee's will vary from the initial estimated fee's but they should be relatively close and within $200-$300 of each other.

 

 ++