What Is Closing Disclosure?

A Closing Disclosure is a 5-page document your lender must deliver at least 3 business days before your closing date. It lists your final loan terms, monthly payment, interest rate, and every closing cost down to the dollar. You should compare it carefully against your Loan Estimate to catch any unexpected changes.

For example, if your Loan Estimate showed $9,200 in closing costs and your Closing Disclosure shows $9,850, you can identify exactly which fees changed on page 2. Common differences include adjusted property taxes, updated per-diem interest, or final title insurance premiums. If your interest rate, loan product, or a prepayment penalty is added, the lender must issue a new Closing Disclosure and restart the 3-day waiting period.

Key Facts

• Delivery deadline: At least 3 business days before your scheduled closing
• Pages: 5 standardized pages covering loan terms, costs, cash to close, and a summary
• Compare to Loan Estimate: Page-by-page comparison ensures no surprise fee increases
• 3-day reset triggers: Changes to APR (above 0.125%), loan product, or addition of a prepayment penalty
• Cash to close: Page 1 shows the exact amount you need to bring to closing
• Permanently retained: Keep your Closing Disclosure for your records for the life of the loan

Frequently Asked Questions

What should I look for on my Closing Disclosure?

Compare your interest rate, monthly payment, and total closing costs against your Loan Estimate. Check that your loan amount, loan type, and rate lock terms match what you agreed to. Flag any new fees or significant increases with your loan officer before closing day.

What happens if I find an error on my Closing Disclosure?

Contact your loan officer or closing agent immediately. Minor corrections can often be made before or at closing. If the error involves your APR, loan product, or addition of a prepayment penalty, the lender must issue a corrected Closing Disclosure and you get another 3-day review period.

Can I waive the 3-day waiting period?

Only in a bona fide personal financial emergency—such as an imminent foreclosure. You must provide a written, dated statement describing the emergency. In normal purchases, the 3-day waiting period cannot be waived.