Closing Disclosure
The federal form showing final loan terms and closing costs, generally due at least three business days before consummation.
Quick flashcard
What does Closing Disclosure mean on the Texas real estate exam?
Answer: The federal form showing final loan terms and closing costs, generally due at least three business days before consummation.
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Closing Disclosure definition
The Closing Disclosure is a five-page federal form that states the final terms of a covered mortgage loan and the closing costs. The consumer generally must receive it at least three business days before consummation so there is time to compare it with the earlier Loan Estimate.
The Loan Estimate comes early, within three business days of application. The Closing Disclosure comes at the end, before consummation.
Source basis
Definition checked against the official sources below on .
On the exam
Exam trap
Tested in
Real Estate Math (7 of 80 National)
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Try 5 free questionsThis definition is Texas real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.