First-time homebuyers save for down payments without factoring in thousands owed in upfront closing costs. Closing costs cover lender fees, third-party title charges, and prepaid escrow reserves.
CFPB rules require lenders to issue a Loan Estimate within three business days of receiving your application. Lenders must provide the final Closing Disclosure at least three business days before closing.
This mandatory three-day window gives buyers time to compare estimated costs against final Closing Disclosure figures. Reviewing line items catches unexpected fee increases before signing loan documents.
Comparing your Loan Estimate directly against your Closing Disclosure protects your cash reserves at closing.
What did your closing costs come to as a percentage of the price?
