What is a closing disclosure?

What is a closing disclosure?

A closing disclosure is a document that outlines the final terms and costs of a mortgage loan. It provides details about the loan, including the interest rate, monthly payments, and closing costs.

Why is the closing disclosure important?

It's important because it ensures that borrowers understand the terms of their loan and the costs involved before finalizing the transaction. It helps prevent any surprises at closing.

When do I receive the closing disclosure?

You should receive the closing disclosure at least three business days before your closing date. This gives you time to review the document and ask any questions.

Can I negotiate the fees listed in the closing disclosure?

Yes, you can negotiate some of the fees listed in the closing disclosure. It's a good idea to discuss any concerns with your lender or real estate agent.

What should I check for in the closing disclosure?

You should check for accuracy in loan terms, fees, and any discrepancies compared to your loan estimate. Make sure everything aligns with what you discussed.