Short answer: read it closely, and do it early. If you are buying in Bakersfield, Shafter, Delano, Tehachapi or Visalia, your Closing Disclosure is the last full look at your loan terms and costs before you sign.

When do I get the Closing Disclosure?

By law, you must receive it at least three business days before closing. Those days are for catching problems. Not every loan type gets one, such as reverse mortgages and home equity lines of credit, which have their own disclosures.

Who sends it?

It may come from your lender or from the closing agent, such as the title company, escrow officer or attorney. About a week before closing, ask who will send it and how: email, mail or an online download.

What should I check?

Compare it line by line with your most recent Loan Estimate. The CFPB suggests checking:

• The spelling of your name
• Loan term, purpose, product and loan type
• Loan amount
• Interest rate
• Whether there is a prepayment penalty or a balloon payment
• Estimated total monthly payment
• Taxes, insurance and assessments that are not in escrow
• Closing costs
• Cash to close

What if something looks different?

Ask why. If something does not match what you expected, raise it with your lender right away, while there is still time to sort it out.

Other documents to ask for early

Ask the lender or closing agent to send your other closing documents at the same time, such as the promissory note and the mortgage, so you can read them before the signing table.

Buying in Kern or Tulare County? Call or text me at 661-903-3183 and we can go over the closing process together.

Alex Daredia | Broker Associate | Watson Realty | CA DRE #02035436