What Is a Closing Disclosure, and Why Is It Important
- By Jim Blackburn
- on
- 100 first time home buyer FAQs
1. The Closing Disclosure Lists All the Final Terms of Your Loan
The closing disclosure (CD) is a detailed summary that includes all the final terms of your mortgage, such as:
Monthly payments: What you’ll pay each month
Interest rate: The rate that will apply to your loan
Closing costs: Any fees due at closing, including lender fees, title insurance, and appraisal costs
This is the official summary of the mortgage deal you’ve agreed to, so make sure you understand every section.
2. You’ll Receive the Closing Disclosure at Least Three Days Before Closing
The CD is required by law to be provided to you at least three days before your closing date.
This three-day period is your opportunity to:
Review the terms carefully Ensure that the final loan amounts, fees, and interest rates are in line with your expectations Make sure nothing has changed from what you were originally quoted
Take this time seriously—this is the last opportunity to catch any discrepancies before signing the final documents.
3. If You Find Discrepancies, Contact Your Lender Immediately
If something doesn’t seem right or if you have any questions, it’s important to act quickly.
Double-check for:
Incorrect fees Changes in loan terms Anything that doesn’t align with your previous documents or discussionsReach out to your lender immediately to get clarification or resolve any issues before closing day.
Ready to Review Your Closing Disclosure? Let’s Make Sure Everything’s in Order
Download our free “Closing Disclosure Checklist” — includes key areas to review and questions to ask your lender before closing
Chat live now if you have questions or want help understanding your closing disclosure
Schedule a call with a Stairway Mortgage advisor to walk through your closing documents with confidence
At Stairway Mortgage, we help you navigate the final steps of homeownership—
so you’re fully prepared and confident on closing day.
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