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2015 Understanding the New Integrated Disclosure Rules Webinar Part 3: Closing Disclosure June 24, 2015 2:30 p.m. 4:30 p.m. The Integrated Disclosure rules are monumental. This comprehensive webinar

How to fill out part 3 closing disclosure

How to fill out part 3 closing disclosure:

1. Start by reviewing the Loan Estimate document you received earlier. This will help you understand the terms and costs associated with your loan.
2. Open the Closing Disclosure form and locate part 3, which is titled "Calculating Cash to Close." This section outlines the total amount of money you will need to bring to the closing table.
3. Review the "Loan Terms" subsection, which provides a summary of the loan amount, interest rate, and loan term. Ensure that the information matches what you agreed upon with your lender.
4. Move on to the "Projected Payments" subsection. Here, you will find details about your monthly principal and interest payment, as well as any potential changes in the payment amount over time (if applicable).
5. In the "Costs at Closing" subsection, you will find a breakdown of the closing costs and fees associated with your loan. Take note of each item, including lender fees, third-party fees, and prepaid items such as property taxes and insurance.
6. The "Closing Costs Financed" subsection indicates whether any of the closing costs are being rolled into your loan. Verify that this information aligns with what you agreed upon.
7. Further down in part 3, you will come across the "Cash Needed to Close" subsection. This section lists the total amount of money required from you at closing, including any down payment, earnest money, and any other funds owed.

Who needs part 3 closing disclosure:

1. Home buyers: Part 3 of the closing disclosure is crucial for home buyers as it provides a comprehensive overview of the costs associated with their loan. It allows buyers to understand the amount of money they need to bring to the closing table.
2. Lenders: Lenders need part 3 of the closing disclosure to accurately communicate the loan terms, projected payments, and closing costs to the borrowers. This ensures transparency and helps lenders comply with regulatory requirements.
3. Real estate agents: Real estate agents also benefit from having access to part 3 of the closing disclosure. It allows them to assist their clients in understanding the financial implications of the loan and ensures a smooth closing process.

Remember, it is essential to carefully review and understand part 3 of the closing disclosure before the closing date to avoid any surprises and ensure a successful real estate transaction.

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What is part 3 closing disclosure?

Part 3 closing disclosure is a document that outlines the final terms and costs of a mortgage loan.

Who is required to file part 3 closing disclosure?

Lenders are required to file part 3 closing disclosure.

How to fill out part 3 closing disclosure?

Part 3 closing disclosure can be filled out by providing accurate information about the loan terms and costs.

What is the purpose of part 3 closing disclosure?

The purpose of part 3 closing disclosure is to ensure transparency in the mortgage loan process.

What information must be reported on part 3 closing disclosure?

Information such as loan terms, closing costs, and other fees must be reported on part 3 closing disclosure.