The Closing Disclosure is a five-page form that finalizes the details of a mortgage loan. The lender issues the form to the borrower at least three days before closing a mortgage loan. You can find a great example here.
You should review your closing disclosure carefully and make sure that the information matches your Loan Estimate, the form you received after you applied for you mortgage.
- The first page will outline the basic information of your mortgage. This page will include your name, the address of the home you are buying, your monthly payments, and your interest rate.
- The second page gives you the details of your closing costs.
- The third page will give you the overall details of the transaction. This includes an explanation of the cash you’ll need to close.
- The forth page will disclose important details of your mortgage loan.
- The fifth and final page includes mortgage calculations and the contact information of important parties related to the transaction.
If you have any questions about your Closing Disclosure, make sure you contact your lender or real estate agent before you head to the closing table.
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