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Step 20: Review Your Closing Disclosure

Compare the Closing Disclosure with your Loan Estimate at least 3 business days before closing.

The Closing Disclosure (CD) is a five-page form with your final loan terms and costs. Under federal TRID rules, you must receive it at least 3 business days before you sign.

Compare it with your Loan Estimate

Put your latest Loan Estimate next to the CD and check:

  • Loan amount, rate, and whether it's fixed or adjustable
  • Monthly principal and interest, mortgage insurance and escrow payment
  • Closing costs, line by line
  • Seller credits, lender credits and your earnest money credit
  • Cash to close

Some fees can't go up at all from the Loan Estimate, some can rise up to 10% in total, and some (like prepaid interest) can change freely. Ask the lender to explain any increase.

Changes that restart the 3-day clock

A new 3-business-day wait is required if:

  • The APR rises by more than 0.125% on a fixed loan (0.25% on adjustable)
  • The loan product changes, such as fixed to adjustable
  • A prepayment penalty is added

Most other corrections can be made without delaying closing.

Getting your funds ready

Escrow will confirm your final cash to close. You'll usually send it by wire. Before wiring, call escrow at a verified number to confirm the instructions. The escrow company may also send a settlement statement showing both sides of the transaction.

Next: the final walkthrough.

Your next move, by loan program

  • Conventional: Check that the mortgage insurance amount matches what you expected for your down payment. Review my loan
  • FHA: Check the upfront MIP (1.75%) added to the loan amount and the monthly MIP in the payment. Review my loan
  • VA: Check the funding fee or the exemption, and that only VA-allowable fees are charged to you. Review my loan
  • USDA: Check the 1% guarantee fee financed into the loan and the monthly annual fee. Review my loan
  • Jumbo: Check for any second appraisal fee and the escrow account setup. Some jumbo loans let you waive escrows. Review my loan
  • Investor: Check any prepayment penalty terms and that the lender credits and points match your lock. Review my loan