Closing Disclosure Form - California

Closing Disclosure Form is a legal document that was released by the California Department of Financial Protection and Innovation - a government authority operating within California.

FAQ

Q: What is a Closing Disclosure form?A: A Closing Disclosure form is a document provided to homebuyers by the lender before closing on a real estate transaction.

Q: Why is a Closing Disclosure form important?A: The Closing Disclosure form provides important details about the terms of the loan, closing costs, and other fees associated with buying a home.

Q: When do I receive the Closing Disclosure form?A: According to federal law, you should receive the Closing Disclosure form at least three business days before the scheduled closing date.

Q: What information does the Closing Disclosure form contain?A: The Closing Disclosure form includes information about the loan amount, interest rate, monthly payments, closing costs, and any other fees or charges related to the loan.

Q: Can the Closing Disclosure form change?A: Yes, the Closing Disclosure form can change if there are significant changes to the loan terms or if the lender discovers errors in the information provided.

Q: Who provides the Closing Disclosure form?A: The lender is responsible for providing the Closing Disclosure form to the homebuyer.

Q: Can I review the Closing Disclosure form before closing?A: Yes, you have the right to review the Closing Disclosure form at least three business days before closing and compare it to the Loan Estimate form to ensure that there are no significant changes.

Q: What should I do if I find errors in the Closing Disclosure form?A: If you find errors in the Closing Disclosure form, you should contact your lender immediately to address the issues.

Q: What happens at the closing?A: At the closing, you will review and sign the Closing Disclosure form, pay any remaining closing costs, and officially take ownership of the property.

Q: Is the Closing Disclosure form the same as the HUD-1 form?A: No, the Closing Disclosure form replaced the HUD-1 form for most types of real estate transactions as of October 3, 2015.