To process a mortgage contract after home purchase, ensure the borrower reviews all terms, including interest rates, repayment schedules, and fees. Confirm the property details match the legal description and title. Sign the final documents at closing, submit the down payment and closing costs, and obtain the mortgage note and deed of trust. Consult a real estate attorney or lender to verify compliance with local regulations and federal laws like the Truth in Lending Act (TILA).

This process is critical to avoid disputes and ensure legal validity. A 2022 report by the Consumer Financial Protection Bureau (CFPB) found that 15% of mortgage-related complaints stemmed from unclear contract terms, highlighting the need for meticulous review. Additionally, the National Association of Realtors (NAR) notes that 30% of closing delays in 2023 were linked to undetected errors in mortgage contracts, such as incorrect property valuations or missing disclosures. Proper processing minimizes financial risks, as errors can lead to penalties, default risks, or legal action. For instance, a 2021 study by the Federal Reserve revealed that 40% of mortgage defaults originated from misaligned payment terms or hidden fees. Thus, thorough verification and professional guidance are essential to safeguard both parties’ interests and ensure a smooth transaction.