13 Things Houston First Home Buyers Will Find On Their Final Closing Disclosure

What is a Closing Disclosure? The closing document is the final document you will receive from the loan officer before closing. The loan officer is legally required to provide you with the final details of the loan you have selected at the very least, 3 business days before closing.

Photo taken by Diana Walton- Houston First Time Home Buyer Specialist

 Once you receive your closing disclosure, you can, and should compare your closing disclosure with the loan estimate you received initially. Make sure to check for errors and always have the loan officer explain anything you do not fully understand.

 Check your closing disclosure to make sure the property address is correct. You should also make sure the interest rate, monthly payment, insurance and the terms of your loan are correct.

Why is the closing disclosure Important and what is included in the closing disclosure?

The disclosure is important because it provides you with the real costs of your mortgage loan. The Information you will find in the closing disclosure includes but not limited to:

• Closing date.

• Loan term.

• Loan purpose.

• Loan type

• Lender’s name.

• Seller’s name.

• Your name and current address.

• The property address.

• Interest rate

• Sale price

• Mortgage insurance

• Disbursement date

• Monthly principle and interest.

• Loan amount.

• Down payment amount

• Estimated property tax amount

• Escrow closing fee

• Closing cost amount

• Loan cost

• Seller’s contribution

• Other cost

• Summaries of transaction

 As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana