What does the "Closing Disclosure Report" outline?

The "Closing Disclosure Report" outlines the final terms of a mortgage, including all associated costs and fees. This critical document is provided to borrowers at least three days before closing, allowing them to review the terms of the loan they are about to finalize. It includes details such as the loan amount, interest rate, monthly payments, and an itemized list of closing costs, which can help the borrower understand the full financial commitment they are making.

The report ensures transparency and gives buyers the opportunity to compare the final terms with the estimates they received earlier in the process, typically through the Loan Estimate. This comparison helps ensure that borrowers are fully informed of what they will be responsible for financially as they proceed to close on their property.