Understanding Your Closing Disclosure

June 2, 2016 12:00 am

close up picture of man hand signing contract

There are many moving pieces when Fairway Independent Mortgage is finalizing everything for your home loan. I will prepare you for everything you need to know along the way and answer any questions that you may have. The closer we are to the closing date (and the more exciting your big move becomes), my team will be working hard to make sure that you have everything you need for a smooth close.

Three business days before your scheduled closing, I will provide you with your INITIAL Closing Disclosure documentation, also called the CD. The CD is a five-page document that will provide the facts about your loan in detail, including the fees, and key terms associated with the closing. The numbers in the initial CD may change before your closing if anything still needs to be updated, but you will receive a Final CD with those changes. Before October 3, 2015, this information was given as a HUD-1 Settlement Statement, along with two other forms. These forms have now been combined into the current Closing Disclosure.

You can view a sample Closing Disclosure online. Before receiving your own Closing Disclosure, it may be helpful to become acclimated with the new format. The Consumer Financial Protection Bureau houses an interactive sample here.

My job is to ready you in every way that I can. I am happy to review your Closing Disclosure and explain it all to you, and am here to help you understand any terms or fees associated with your loan. Please call me today with any questions!