What is the “Loan Estimate” and “Closing Disclosure”?

Updated March 13, 2023.

These are forms that the Federal Government requires be given to you by your lender in connection with your mortgage loan. They are intended to disclose to you the true costs and expenses that you incur in financing the purchase of your home.These forms are prepared by the buyer’s lender and will list most of the amounts paid and received by the buyer, the seller and the lender in connection with a real estate transfer. However, you are obligated only with respect to the figures and information stated on your note and mortgage documents, regardless of what is stated on the Loan Estimate or Closing Disclosure. Buyers will receive the Loan Estimate after applying for their loan, and in most cases they will receive their final Closing Disclosure three days before closing. Prior to 2015, the information in these forms was found in the Good Faith Estimate, Truth in Lending Statement, and HUD Statement.

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