Closing Disclosure
The five-page final-numbers document a lender must deliver to the borrower at least three business days before closing.
The Closing Disclosure (CD) is the federal-required snapshot of the entire transaction: loan terms, payment breakdown, total closing costs, cash to close, lender and seller credits, and a side-by-side comparison against the original Loan Estimate.
By rule, the CD must be in the borrower's hands at least three business days before consummation. If certain key terms change after delivery, APR moves significantly, the loan product changes, or a prepayment penalty is added, the three-day clock restarts.
Read the CD carefully and call your loan officer with any discrepancies the day you receive it. Most fixable errors are mundane (a typo in a name, a transposed digit in a tax proration); catching them at CD review rather than at the signing table avoids costly delays.
Related terms
Other terms you'll see alongside Closing Disclosure
The standardized three-page disclosure a lender must provide within three business days of a complete loan application.
A blended figure that combines the note rate with most upfront loan costs to express the true yearly cost of borrowing.
The total amount of money the borrower must bring to the closing table in certified funds.
The collection of fees and prepaid items, separate from the down payment, that a borrower pays at closing.
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