Verify final loan terms, projected payments, fees, credits, cash to close, and transaction details.
Confirm loan terms
The Closing Disclosure presents final or near-final mortgage and closing information before consummation, subject to applicable timing and correction rules.
Review projected payment
Confirm the loan amount, interest rate, term, prepayment features, balloon terms, and whether the rate is fixed or adjustable.
Reconcile costs
Review principal and interest, mortgage insurance, estimated escrow, and any payment changes. A fixed rate does not freeze taxes or insurance.
Verify cash to close
Compare charges and credits with the Loan Estimate and later revisions. Some differences are permitted; others may require explanation or cure.
Resolve discrepancies
Verify the amount and secure delivery instructions for cash to close through a trusted, independently confirmed contact. Wire fraud is a serious closing risk.
Questions to ask before acting
- What assumptions could materially change the result?
- How much cash will remain after closing?
- What happens if taxes, insurance, repairs, or income change?
- Which terms should be confirmed in writing?
Bottom line
Use this guide as a framework for better questions and more complete comparisons. Actual eligibility, pricing, legal rights, and transaction requirements depend on the borrower, property, lender, program, contract, and location.