If you’re getting a mortgage to purchase a home, your lender must provide you with the final loan numbers at least three days prior to the closing.

These numbers will be contained on a document called the Closing Disclosure (CD).

The typical CD will show you the following:

  1. the amount of the loan
  2. the interest rate
  3. the estimated monthly payment
  4. the closing costs
  5. the amount of money you’ll need to put down on the day of the closing

Providing these numbers at least three days before the closing helps ensure transparency.

However, it can also cause delays.

If any of the key terms of your loan change during the three day disclosure period a new CD will need to be issued requiring another three-day delay.

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