What to Know: Reviewing Documents

You have three business days to review your Closing Disclosure. Use your three days wisely. Now is the time to review your documents, ask questions, and ensure you understand what you are signing up for. 

It's not uncommon for some of the individual closing costs to have changed by small amounts compared to your Loan Estimate. By law, some fees cannot increase at all unless you have asked CFCU for a change in your loan or your financial information has changed. Other fees are limited to a 10 percent increase, and another group of fees are not limited in how much they can change. 

You may want to hire a real estate attorney to review the documents. For example, if you're buying with another person, you'll want to make sure that the deed is structured to give you the type of ownership you want. If you are an active duty service member, you can go to your installation's legal office to get your contracts reviewed for free. 

If any of the basic loan terms are not what you are expecting, ask questions. Double check the loan amount, loan type, loan term, interest rate, monthly payment amount, whether there is a prepayment penalty, whether you are paying points or receiving credits, and other key details. Compare the Annual Percentage Rate (APR) on the Closing Disclosure to the APR listed on your Loan Estimate. This is an easy way to see if your costs have increased. Ask lots of questions. Do not sign any documents at closing until you have doubled-checked that the documents you are being asked to sign are correct.