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The escrow disclosure statement is an estimate of activity in your escrow account.  It indicates a starting balance, payment amounts into and from the account, description of those payments into, from, and anticipated escrow account balance.



This is an affidavit that there are no outside agreements associated with this loan or the sale of this property.  The buyer and seller both sign certifications to the fact that they are the sole owner of a fee simple title and are in possession or will be in possession of the property.


The mortgage or security instrument is a document signed by a borrower and a lender giving the lender the right to the borrower’s house if the borrower does not repay the loan.  The mortgage has many clauses.  The mortgage contains the same information as the Note and other clauses such as:

  Application of payments

   Fire, flood and other hazard insurance requirements


  Occupancy, preservation, maintenance and protection of the property


  Grounds for acceleration of the debt

  Reinstatement information 

  Foreclosure procedures

Generally during a loan closing, the borrower does not take t he time to read completely through a mortgage.  It is advisable for the borrower to be very familiar with the mortgage prior to closing.  Typically the mortgage is a lengthy document to read at a loan closing, but you, the borrower, have every right to take the time to read the mortgage.  Asking for a draft copy of the mortgage in advance would be wise.  Don’t ever sign a document you have not read or are not familiar with.  Ask questions about any provision found in the mortgage if you do not understand the provision.  Seek legal counsel when needed.

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Table of Contents | Homebuyer Course Start Page | Find A Realtor | Budgeting To Buy a Home | Neighborhoods | Find Your First House | Inspect Before You Buy | Shop For a Mortgage Loan | Mortgage Home Loan Process | Credit Score and Credit Report | Home Mortgage Loan Closing | Being a Home Owner

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Edited and suplimented by Mory Brenner, Esq. For more information read our terms of use and privacy policy.