A Closing Disclosure (CD) is a five-page federal form that details the final terms and costs of a real estate loan. Lenders are required to give it to you at least three business days before closing.
The CD is one of the most important documents in a real estate closing. It locks in the final numbers for your loan — your interest rate, monthly payment, and every fee you'll pay. You should compare it carefully against the Loan Estimate you received when you applied, and ask your lender to explain any differences before you sign.
The three-day rule: Federal law (TRID) requires lenders to give you at least 3 business days to review the CD before closing. This waiting period is mandatory — use it.
Six sections cover every aspect of your loan — from rates to contacts.
The loan amount, interest rate, monthly principal & interest, and whether those figures can increase after closing.
A breakdown of your estimated total monthly payment, including principal, interest, mortgage insurance, and escrow.
Itemized closing costs (lender fees, third-party fees, prepaid items) and the total cash you need to bring to closing.
Key terms like whether the loan has a prepayment penalty, balloon payment, or negative amortization feature.
Details for your lender, mortgage broker, real estate agents, and settlement agent.
Total interest paid over the loan life, finance charge, and the annual percentage rate (APR).
Application
You apply for the loan
Loan Estimate
Lender sends initial cost estimate
Underwriting
Lender reviews your financials
Closing Disclosure
You receive the CD — review carefully
Closing
Sign documents and get your keys
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