2018-04-17
What Is a Closing Disclosure Form? A New Mortgage Document Home Buyers Must Chec
 
By Daniel Bortz / Apr 3, 2018

 

What is a closing disclosure form? Put simply, it’s a form outlining the terms and costs of your mortgage – and one of the most important pieces of paperwork to check before you close on a home.

Lenders must provide borrowers with a closing disclosure (also called a CD) at least three business days before closing – that day when all the remaining paperwork is signed and you get the keys to your new home. You can also see the CD as the official follow-up to a more preliminary document you received when you first applied for your loan, called the loan estimate, or LE (also known as a good-faith estimate).

 
Things to check on your CD and compare with your LE:
 
 ·        Spelling of your name.

·        Loan term.

·        Loan type.

·        Interest rate.

·        Cash to close amount.

·        Closing costs.

·        Loan amount and Estimated Total Monthly Payment.

 

If you have questions, ask your loan officer or real estate agent for explanations. This extra dose of care is well worth it.

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