Closing Disclosure for Buyers

You’ve shopped, chosen a property, negotiated, renegotiated, inspected, renegotiated, and arrived at closing! Congratulations! Once the detailed work of settling on a contract is finished, all you have left to do is work with your lender to ensure funding. After you’ve provided all necessary supporting documentation for the loan, one of the final steps (required by law) is that the lender has to provide you with a Closing Disclosure at least 3 days prior to the closing.

The Consumer Financial Protection Bureau has streamlined the Closing Disclosure that buyers receive prior to signing on a loan. The hope is that this new delivery of information will protect consumers and help them understand the details of the loans they are taking on. Take the 3 days provided to review the CD and compare with the loan estimate from your lender.

Check out this website for a full description of the disclosure. You can move between “check details” and “get definitions” to completely understand the CD. Expand the boxes along the right column to read more details:

http://www.consumerfinance.gov/owning-a-home/closing-disclosure/

As always, I welcome any questions you might have about your closing.