What is a Closing Disclosure?

A Closing Disclosure is a five-page form that provides the final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

The Closing Disclosure is a relatively new form.  For most types of mortgages, borrowers who applied for a loan on or after October 3, 2015, will receive the Closing Disclosure.

Your lender is required to give you the Closing Disclosure at least three (3) business days before you close on the mortgage loan. This three-day window allows you time to compare your final loan terms and costs to terms and costs estimated in the Loan Estimate that you previously received from the lender when you applied for the home loan. The three days also give you time to ask your lender any questions before you go to the closing table and officially purchase your home.

The Consumer Financial Protection Bureau has an interactive example Closing Disclosure.