Real Estate Word of the Day: Closing Disclosure
The Closing Disclosure (CD) is a five-page form that provides 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). This document is critical because it ensures transparency, allowing you to review all the terms and costs associated with your loan before you sign on the dotted line.
The CD is designed to give you a clear and accurate picture of your loan details. It ensures that there are no surprises at the closing table. By law, you must receive your Closing Disclosure at least three business days before your closing. This gives you time to review the terms and make sure everything matches your expectations.
Looking to buy or sell your home on Staten Island? For all your real estate needs, look no further than Tom Crimmins Realty! Give us a call at (718) 370-3200, and we can provide you with professionally-trained agents who are flexible to all that you’re looking for!
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