What is a Closing Disclosure
on a New Jersey home purchase?
The Closing Disclosure is the five-page form that shows the final terms and costs of your mortgage. On most home loans, your lender sends it at least three business days before closing.
- The Closing Disclosure is a five-page form with the final details of your mortgage
- It shows the loan terms, your projected monthly payments and your closing costs
- On most home loans, your lender sends the Closing Disclosure at least three business days before you close
Term. Written by The JK Realty Group.
A Closing Disclosure is a five-page form with the final details of the mortgage you chose. It lists the loan terms, your projected monthly payments and the fees and other costs of getting the loan, known as closing costs. Your lender sends it at least three business days before you close, and most buyers using a mortgage to buy a home will get one.
Use those three days to compare the final terms and costs with the Loan Estimate your lender gave you earlier, and to ask questions before you sit down at the closing table. The Consumer Financial Protection Bureau suggests asking your lender why whenever a number looks different from what you expected.
For example, say a buyer in Burlington County gets the Closing Disclosure on a Monday for a closing later that week. They set it beside the Loan Estimate and see the cash they need to bring to closing is higher than they planned. They call the lender that day and ask what changed, before closing day comes.
Questions about the rate, the monthly payment and the costs on the form go to your lender. Questions about what a closing document means for you legally go to a licensed New Jersey attorney. Your agent can help you keep the closing date, the final walkthrough and the move on track.
What to know
Those three days are your time to compare the final numbers with your Loan Estimate and ask your lender about anything that changed. We can help you fit the final walkthrough and the move around them.
Getting close to closing day? Ask us how the last week before closing usually goes.
Related: Buyer's Agent in South Jersey Selling Your Home in South Jersey
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Add The JK Realty Group as a preferred source on GoogleThe example is made up to show how a Closing Disclosure is used. It is not about any real buyer or loan. General information, not advice about any specific property. The JK Realty Group, brokered with OMNI Real Estate Professionals. Equal Housing Opportunity. See our Terms of Use for how we source and credit these posts.
