Which One Of These Documents Itemizes The Closing Costs And Explains The Terms Of Your Loan?

 The document that itemizes the closing costs and explains the terms of your loan is typically called the "Closing Disclosure" (CD).

The Closing Disclosure is a five-page form that provides detailed information about the loan terms, closing costs, and other financial details related to a mortgage loan. It is provided to the borrower by the lender at least three business days before the scheduled closing date.

The Closing Disclosure includes:

  1. Loan Terms: This section outlines the key terms of the loan, including the loan amount, interest rate, monthly payment amount, and any prepayment penalties or balloon payments.

  2. Projected Payments: The CD itemizes the monthly payments over the life of the loan, including principal and interest, mortgage insurance, property taxes, and homeowner's insurance.

  3. Closing Costs: The document lists all closing costs associated with the loan, such as origination fees, appraisal fees, title insurance, recording fees, and prepaid items like property taxes and homeowner's insurance.

  4. Cash to Close: This section summarizes the total amount of money the borrower needs to bring to the closing table, including the down payment, closing costs, and any other fees or adjustments.

  5. Loan Estimate Comparison: The Closing Disclosure includes a comparison table that shows the loan terms and costs from the Loan Estimate (LE) provided at the beginning of the loan application process. This allows borrowers to see if there are any significant changes to the terms or costs since the initial estimate.

The Closing Disclosure is a critical document that borrowers should review carefully before closing to ensure that all terms and costs are accurate and in line with their expectations. If there are any discrepancies or questions, borrowers should address them with their lender or settlement agent before the closing date.

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