What this document can tell you
Review a mortgage Closing Disclosure against the selected Loan Estimate before signing and transferring funds.
Your reading route
Reconcile the loan terms first
Confirm loan amount, interest rate, monthly principal and interest, prepayment penalty, balloon payment and adjustable-rate features. Check projected taxes, insurance, mortgage insurance and escrow. A familiar monthly total can still hide a changed term or new payment risk. Next step: Choose and preserve the original offer.
Trace every changed cost
Compare origination charges, points, lender credits, services, taxes, prepaids and escrow funding with the selected estimate. Some amounts can change for valid reasons and rules differ by category. Ask for a written explanation and corrected document when something is wrong. Next step: Check rate and APR meaning.
Protect cash to close
Reconcile down payment, deposits, seller credits, financed costs and other adjustments. Independently verify wiring details by calling a known number for the settlement provider; do not trust last-minute email changes. Ask when and how to report an error before signing. Next step: Protect documents and wire details.
Follow one detail through the document
The final disclosure shows a higher cash-to-close figure. The rate and lender charges match, but prepaid taxes changed after the closing date moved. The borrower confirms the date and calculation instead of treating every difference as a lender price change.
Document review checklist
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Primary sources
Questions about the document
When should I receive the Closing Disclosure?
For many covered mortgages, borrowers must receive it at least three business days before consummation, subject to the applicable rules and circumstances.
Does every change restart the review period?
No. Certain significant changes do; others may be disclosed without a new three-business-day period. Ask the lender or settlement professional how the rule applies.
Finish the review
- Compare with latest Loan Estimate
- Confirm rate and loan term
- Review projected payment
- Explain every changed fee
This page is general education, not individual financial, investment, insurance, mortgage, legal or tax advice.