What must a Closing Disclosure include and when must it be provided?

What must a Closing Disclosure include and when must it be provided?

• A. Final loan terms and closing costs; must be provided at least three business days before closing.
• B. Estimated loan terms and payments; provided three days after application.
• C. Appraisal value and property taxes; provided at closing.
• D. Credit score and debt-to-income ratio; provided after closing.

Answer: (A)

The Closing Disclosure is the final, detailed statement of your loan terms and the closing costs. It must be provided to you at least three business days before your loan closing. This three-day window gives you time to review the exact terms, compare them with what was estimated earlier, and ask any questions before you’re committed. The document should reflect final numbers—the final interest rate, monthly payment, loan amount, and all closing costs. Other options miss the point because they refer to items that aren’t the main content of the Closing Disclosure. Estimated terms or payments appear on the Loan Estimate, not the Closing Disclosure. Appraisal value and property taxes are not the primary focus of the Closing Disclosure, and credit scores or debt-to-income ratios are underwriting details not presented as post-signing terms.

The Closing Disclosure is the final, detailed statement of your loan terms and the closing costs. It must be provided to you at least three business days before your loan closing. This three-day window gives you time to review the exact terms, compare them with what was estimated earlier, and ask any questions before you’re committed. The document should reflect final numbers—the final interest rate, monthly payment, loan amount, and all closing costs.

Other options miss the point because they refer to items that aren’t the main content of the Closing Disclosure. Estimated terms or payments appear on the Loan Estimate, not the Closing Disclosure. Appraisal value and property taxes are not the primary focus of the Closing Disclosure, and credit scores or debt-to-income ratios are underwriting details not presented as post-signing terms.