Definition
A document you receive before finalizing a mortgage. It outlines your loan terms, projected payments, and all closing costs.
What to consider
- Review it carefully to ensure every fee is as expected.
- Use it as your final check before closing on a home.
- Ask questions about any details that seem off.
Real world scenarios
- Fran receives the closing disclosure three days before signing her mortgage, giving her time to confirm all details are correct.
- Victor finds a discrepancy between his closing disclosure and the initial loan estimate, prompting him to ask his lender for clarification.
- Analyzing the disclosure’s breakdown of taxes, insurance, and interest helps Jade plan her monthly housing budget.
Related terms
Related Playbooks
Get instant access to all our expert playbooks and 1-1 financial coaching when you join the Bolder Money community. Learn more here.
Real Estate & Homeownership
Quick Guide to Accurate Property Values: Real Estate & Vehicle Worth Calculator
