What You’ll Learn in This Episode:

• What is the Closing Disclosure? A five-page document detailing all final loan costs and terms.
• Why It Matters: Transparency, accuracy, and confidence for buyers before signing.
• Key Sections to Review: Loan terms, projected payments, closing costs, and cash to close.
• When Buyers Receive It: At least three business days before closing, per TRID regulations.
• How Realtors Can Help: Reviewing for errors, explaining changes, and ensuring a smooth transaction.

Key Takeaways:

• The Closing Disclosure ensures there are no financial surprises on closing day. It outlines loan details, closing costs, and the exact amount buyers need to bring.
• Errors happen. Encourage clients to review the CD immediately and contact their lender if something looks off.
• Loan estimates vs. Closing Disclosures. The loan estimate provides early estimates, but the CD reflects finalized numbers.
• Buyers can request more time to review the CD, but delaying it may push back closing.

Real-Life Stories & Insights:

• A buyer once caught a $500 error in recording fees. Because they reviewed the CD early, it was fixed before closing, saving them time and money.
• Many buyers don’t realize they can compare the CD to their loan estimate to spot major discrepancies.

How Realtors Can Help Clients Navigate the CD:

• Compare the CD to the loan estimate. Look for changes in loan terms or unexpected fees and help clients understand why adjustments were made.
• Ask questions. If something doesn’t look right, reach out to the lender or title company for clarification.
• Remind clients to bring the CD to closing. Having it on hand can help resolve any last-minute questions.

The Closing Disclosure is More Than Just Numbers

It is the final step before homeownership, ensuring buyers fully understand what they are agreeing to before signing. By helping your clients navigate this document, you’re not just facilitating a transaction—you’re building trust and delivering a seamless experience.