Learn What Your Mortgage Documents Mean Before You Sign

Buying a home is probably the largest financial transaction you will ever make. If you are like most people, you will sign most — if not all — of your mortgage documents without really reading or understanding them.

Mortgage documents are complex, with heavy legalese and financial terms. They are not written for the average layperson.

At Gregory R. Shettle, LLC, we believe you should know and understand what you are agreeing to before you sign.

Know Before You Owe

Buying a home is a huge financial commitment. Most people who buy property take out loans to do so.

The Consumer Financial Protection Bureau (CFPB) is a government agency tasked with supervising lenders, developing rules to regulate the mortgage industry and educating consumers about mortgages.

Federal laws require the CFPB to provide buyers with two disclosures — the loan estimate and the closing disclosure — before closing. The loan estimate contains information about your loan. The closing disclosure includes all of your loan terms and closing costs.

"Know before you owe" disclosures are meant to protect homebuyers. But they don't do anyone any good if they aren't read and understood. That is where we come in.

Attorney Greg Shettle will sit down with you, review your mortgage documents and explain them to you in terms you understand. When you leave our office, you will know:

  • The total cost of your loan, taking into account your standard mortgage rate, mortgage points, origination fees and closing costs
  • Your estimated monthly payments
  • Your estimated escrow
  • The amount of cash you will need to close
  • The risks associated with your loan

Contact Gregory R. Shettle, LLC

If you are taking out a mortgage to purchase or refinance property, contact our office. We will make sure you understand your financial rights and obligations laid out in your loan. Call us at 860-430-1200 to schedule a consultation.

Located in Glastonbury, we provide mortgage education services to clients throughout central Connecticut.