13 Things Houston First Home Buyers Will Find On Their Final Closing Disclosure
What is a Closing Disclosure? The closing document is the final document you will receive from the loan officer before closing. The loan officer is legally required to provide you with the final details of the loan you have selected at the very least, 3 business days before closing.
Once you receive your closing disclosure, you can, and should compare your closing disclosure with the loan estimate you received initially. Make sure to check for errors and always have the loan officer explain anything you do not fully understand.
Check your closing disclosure to make sure the property address is correct. You should also make sure the interest rate, monthly payment, insurance and the terms of your loan are correct.
Why is the closing disclosure Important and what is included in the closing disclosure?
The disclosure is important because it provides you with the real costs of your mortgage loan. The Information you will find in the closing disclosure includes but not limited to:
Closing date.
Loan term.
Loan purpose.
Product type
Loan type
Lender’s name.
Seller’s name.
Your name and current address.
The property address.
Interest rate
Sale price
Mortgage insurance
Disbursement date
Monthly principle and interest.
Loan amount.
Estimated property tax amount
Escrow closing fee
Closing cost amount
Loan cost
Other cost
Summaries of transaction
Always remember if there is something that you do not understand on the closing disclosure, you should speak with the loan officer and Realtor. We at First Home Houston is always looking out for your best real estate interest. As always, we thank you for stopping by. Until next time… Diana.
Image credit Diana for FirstHomeHouston.com
