What information does the Closing Disclosure include?

The Closing Disclosure is a vital document in the mortgage loan process, and it serves to give borrowers a clear understanding of the terms of their loan, the associated costs of closing, and an overview of the transaction. This document outlines the final details of the mortgage, including the interest rate, monthly payments, and other costs such as loan fees, taxes, and insurance. By providing this comprehensive summary, the Closing Disclosure helps ensure transparency, allowing borrowers to review and confirm their understanding of the loan's financial implications before closing on the property. This level of clarity is essential for informed decision-making and aligns with regulations aimed at protecting consumers in the real estate transaction process.