What is a Closing Disclosure and Why is it Important?
The closing disclosure is a 5-page form that provides the final details on the loan you have selected. It outlines the final loan terms, monthly payments, fees, and any additional closing costs. The closing disclosure must be received by the borrower at least three business days before the mortgage closing, which means you’re one step closer to the closing!
It is essential to review your closing disclosure to make sure all of the information presented is correct. Some critical items to look at are:
- Your personal information (first name, last name, address, etc.)
- Loan terms (program, rate, etc.)
- Monthly mortgage payment
- Closing costs
What Happens after the Closing Disclosure is Signed?
Once you sign the closing disclosure, the lender will gather all of the closing documents and prepare them for the closing. Then, you will go to your scheduled closing and sign all the final paperwork to finalize your mortgage! After the closing, the mortgage will fund and you will have full access to your new home.
Still have questions about your closing disclosure or the mortgage closing process? Get in touch!