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so we reviewed the closing disclosure the promissory note and the mortgage but what about all those other documents hi i'm mark styles of styles law down here at studio b so you're getting ready for your refinance closing or your purchase closing well we went over the video on the closing disclosure the one on the promissory note and the one on the mortgage those are very important documents but what else are you going to sign at the closing well the next most important document is your first payment letter this is the document that breaks down your mortgage payment are you escrowing your principal and interest plus your taxes plus your insurance flood insurance maybe mortgage insurance maybe total payment and it shows where you need to send that so when your first payment comes due if you haven't received anything you'll use that document to make that payment but what about those escrows how are they accounted for next document is the escrow disclosure statement it shows exactly how much money every month is taken from your payment and put into the escrow account to pay taxes quarterly or semi-annually homeowners insurance once a year and maybe flood insurance once a year and maybe mortgage insurance monthly but you'll see in the far column that is your money the bank is merely holding that money as a convenience to make certain that those payments are made on time if you're to refinance or sell that money will come back to you and of course the compliance agreement people are human if there are any typographical errors of the sort we will know how to find you and re-sign those documents and the name affidavit when you authorized your lender to pull credit sometimes the names come up in various ways are you that same person we're going to ask you to certify that you are by acknowledging the aka also known as the name affidavit and with both refinancing and purchasing you filled out a loan application with your loan professional you're going to reaffirm all of the information from this voluminous document at the day of closing acknowledging that you are still working for the same employer or that your business is still operating if you're refinancing you have a document called the notice of your right to cancel the right of rescission is what this is also known as as a consumer in massachusetts if you're refinancing your primary residence you have three full business days to cancel the transaction if it's not what you expected it to be so the date of closing is a monday you have tuesday wednesday thursday the loan would take effect on friday now bear in mind saturday is a business day so if you close on thursday it would be friday saturday monday the loan would actually fund and disperse take effect on tuesday when you're doing a purchase with a mortgage in massachusetts the closing attorney is required to certify title so you'll see this document the attorney's certification of title this is a summary of the title exam and what was revealed on that title and also with a purchase you get a plot plan this is a tape measurement of your property boundaries is your shed potentially encroaching on someone else's property or is somebody's garage encroaching on yours these and everything else will be seen on the mortgage plot plan now we caution this is a tape measurement if you're doing substantial work we always encourage investing in a true instrument survey folks i hope this helped i hope this makes for a smoother closing when you sit down with all of these documents and we appreciate you watching if you haven't yet please subscribe to our youtube channel right here at styleslaw for this and all of the other videos we've created thank you and be well you