A practical guide to reviewing your Closing Disclosure

Use the review period to resolve questions

For covered loans, the lender must ensure that you receive the Closing Disclosure at least three business days before consummation. Let the lender confirm the applicable date and delivery requirements. Receiving the disclosure does not mean you should ignore an unanswered question or that every other closing condition is complete. Regulation Z, section 1026.19(f).

Ask for other documents in advance as well, including the note and mortgage when available. Keep a short list that identifies the page, line item and question. Send it through the team's approved communication channel and ask who will answer each item. That is easier to resolve than a general message saying the numbers look wrong.

Begin with the loan, then the monthly payment

On page 1, check borrower and property information, loan amount, interest rate, term and loan type. Review whether the rate or payment can change and whether the form identifies a prepayment penalty or balloon payment. Compare these items with the most recent Loan Estimate and your agreed financing. CFPB Closing Disclosure explainer.

Look beyond principal and interest to the projected total payment. Identify taxes, insurance or assessments that are not included in escrow and must be budgeted separately. If a figure is unexpected, ask the lender to explain the basis. The closing team can coordinate the question, but the loan's terms require a lender answer.

Compare the charges by category

Use page 2 to review loan costs and other costs. Identify origination charges, third-party services, government charges, prepaids and initial escrow funding. Compare each relevant amount with the earlier disclosure, any provider quote and any payment already made. Mark an unfamiliar provider name or a charge you cannot connect to a service.

Do not assume every difference is either prohibited or harmless. Rules governing changed estimates depend on the charge and circumstances. Ask for the reason, the supporting calculation and any needed correction. Our Rhode Island closing-cost guide helps organize local categories without substituting an online estimate for your actual figures.

Reconcile the money needed at closing

Page3 explains the cash-to-close calculation, including the down payment, closing costs, deposit, credits and other adjustments. Check that a deposit already paid appears correctly and that agreed credits were included. Closing costs and cash to close are different figures; neither should be guessed from the other.

For a separate explanation and a clearly hypothetical calculation, read cash to close versus closing costs. Once the amount is confirmed, verify the payment method and instructions through a trusted contact. The disclosure's total is not, by itself, authorization to use wiring details received in an unexpected message.

Review the remaining pages and revised versions

Read the payment, servicing and other loan disclosures on pages 4 and 5, and save the contact details. Ask when the first payment is due and where reliable payment instructions will come from. Keep the final disclosure with the documents you sign so you can refer to the actual transaction later.

Not every correction restarts the review period. Regulation Z identifies particular changes that require a new three-business-day period: an inaccurate APR under the rule, a changed loan product, or an added prepayment penalty. Other corrections still require an updated disclosure. Ask the lender to confirm the effect on your date rather than calculating it from a rumor. Current disclosure rule.

If you are preparing for a purchase closing, raise unresolved differences before the appointment. The goal is a document you can explain back in plain language: what you are borrowing, what you will pay, and what funds you need to complete the transaction.