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Mortgage lenders must issue a closing disclosure at least three business days before you close on your home loan– whether you’re refinancing your current home or purchasing a new one. Closing disclosures (also known as “CD”) are short documents that outline the final terms of your mortgage and make it easy to reference important numbers like your interest rate, your total monthly payment, and your closing costs. Armed with your closing disclosure, you can confidently come to your closing appointment as a fully informed homebuyer. 

 

Closing Disclosure 3-Day Rule 

By law, your lender must issue you and any co-borrowers the initial closing disclosures at least three business days prior to the scheduled closing date. This means that if you are issued an initial CD for a home mortgage on Tuesday, once acknowledged by all borrowers, and due to federal regulations, you may close on your home loan no earlier than Friday when the three-day waiting period expires. This waiting period is built into the closing disclosure timeline meant to give you enough time to fully review your final closing disclosure before you take this significant financial step. 

 

How Do I Sign My Closing Disclosure Form? 

Different lenders might have different requirements for obtaining your signature on any final disclosures for your home loan. At The Federal Savings Bank, most borrowers’ closing disclosures will be made available online for you to sign at your borrower portal, to save you the time and hassle of printing, mailing, or faxing your signed disclosures.  

In some circumstances, you may still be asked to physically sign your mortgage’s CD at the closing table. Your loan officer is able to tell you if this is going to be the case. 

 

Resources for Understanding Your Closing Disclosure Form 

A home lending specialist at The Federal Savings Bank is your very best resource for understanding closing disclosures. Contacting us at +1 877-788-2520 will let us match you with one of our exceptional loan officers, who will work tirelessly to help you achieve your home financing goals.  

If you’re not ready to speak to somebody yet, we’ve got your back. The Federal Savings Bank hosts a Learning Center for those who are looking to learn more about homeownership. For further information on the specifics of your closing disclosure, you can consult the Consumer Financial Protection Bureau. 

 

Subject to credit approval. Terms and conditions may apply. Property insurance is required on all loans secured by property. 

This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.