You’ve Received Your Closing Disclosure: Now What?
You’ve likely heard of the closing disclosure if you’re buying a home. This important document provides the details of your final mortgage loan terms and all the costs associated with the purchase. Once you’ve received your closing disclosure, you should do a few key things to ensure a smooth closing. This blog post will discuss what to do once you’ve received your closing disclosure.
Review the loan amount, interest rate, and monthly payments
When you receive your Closing Disclosure, the first thing to do is review the loan amount, interest rate, and monthly payments. This vital information should match what was provided in your original Loan Estimate. Confirming that all of this information is correct will determine how much you will pay each month and how long it will take to pay off your loan.
Make sure that the loan amount and interest rate are what you were expecting, and confirm that your monthly payment is accurately calculated based on the loan amount, interest rate, and term of the loan. If any of this information is incorrect, contact your loan officer immediately.
It’s also a good idea to double-check the loan term on your Closing Disclosure against the Loan Estimate to make sure you know when your loan will be paid off. If there are any discrepancies between the two documents, contact your loan officer immediately to resolve the issue.
Compare the terms of your loan to the terms in your original Loan Estimate
When reviewing your Closing Disclosure, it’s essential to take some time to compare the terms of your loan to the terms in your initial Loan Estimate. This will help you ensure that everything is accurate and that nothing has changed since you first applied for the loan.
Start by comparing the loan amount, interest rate, and monthly payments listed on the Closing Disclosure to the ones listed on your Loan Estimate. If any of these details have changed, make sure you understand why. If you don’t understand why they have changed, be sure to contact your loan officer and ask questions.
Next, review the estimated closing costs on both documents. Do they match? Is anything missing from either document? Make sure you ask your loan officer if you have any questions about the closing costs listed.
Finally, review the escrow information on both documents. This includes any deposits for prepaid taxes and insurance. Are the amounts listed the same? Are there any changes in the amounts due? Again, if you have any questions, contact your loan officer.
It’s important to take some time to carefully compare the terms of your loan to the terms in your original Loan Estimate. Doing so will help ensure that nothing has changed unexpectedly since you first applied for your loan.
If you have any questions, contact your loan officer
It’s important that you understand your Closing Disclosure before you sign. If you have any questions or concerns, be sure to reach out to your loan officer. They are the best resource to answer any questions or clear up any confusion you may have.
Your loan officer will be able to walk you through your Closing Disclosure and explain all the details. Ask them about any fees that you may not be familiar with, and make sure all the information is accurate.
Your loan officer can also help you understand the timing of when payments are due and what documents you need to provide for closing day. Having all this information will ensure everything runs smoothly and your closing goes off without a hitch.
Your loan officer is there to help ensure you feel comfortable with all aspects of the process. Don’t hesitate to reach out with any questions or concerns.
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