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Closing Disclosure

Closing Disclosure

Serves as the final and official document that outlines all the important details about a selected mortgage loan. This five-page form provides borrowers with crucial information such as the interest rate, payment terms, closing costs, and any prepayment penalties. It also breaks down the amount of money the borrower will need to bring to the closing table, including the down payment, closing costs, and any prepaid expenses such as property taxes and insurance premiums. The closing disclosure is typically received by the borrower three days before closing to give them ample time to review and understand the terms of their mortgage. Overall, the closing disclosure is a critical document that ensures transparency and helps borrowers make informed decisions about their home financing options.

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