Mortgage glossary
Closing Disclosure
Definition: The Closing Disclosure is a standardized five-page federal form showing a mortgage's final terms, projected payments, and every closing cost, delivered at least three business days before closing.
The Closing Disclosure mirrors the layout of the Loan Estimate so borrowers can compare the two line by line. Certain fees cannot increase at all, others can increase only within a set tolerance, and a few can change freely.
Review it carefully when it arrives: the loan amount, rate, loan type, cash to close, and whether there is a prepayment penalty. Certain changes, such as a higher APR beyond allowed limits or a different loan product, trigger a new three business day waiting period. Wire instructions should always be confirmed by phone with your title company.
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Reviewed by Kyle Richardson, NMLS #863464. General information, not advice for your specific situation. All glossary terms
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