How do I read a closing disclosure?
An example of an AI chatbot conversation about understanding a closing disclosure document.
What is a closing disclosure?
A closing disclosure is a document that outlines the final terms of your mortgage loan, including costs and fees.
What should I look for in a closing disclosure?
You should check the loan terms, interest rate, monthly payment, and all closing costs to ensure they match your expectations.
Are there any hidden fees I should be aware of?
Yes, look for any fees labeled as 'prepaid' or 'escrow' and ensure they are clearly explained in the document.
How can I dispute any discrepancies I find?
If you find discrepancies, contact your lender immediately to discuss and resolve any issues before closing.
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