topic Re: Are "pre-closing package" and "closing disclosure" the same? in Mortgage Loans

Are "pre-closing package" and "closing disclosure" the same?

Samy13 — Sat, 02 Mar 2024 21:03:43 GMT

Hiya!

I am set to close on the 6th and am in that terrible waiting period for the "clear to close". I received a document on the 27th saved by the lender as "pre-closing package" but tittled as "closing disclosure" and it has the closing attorney listed as well. (This is the only document and is 6 pages compared to the Loan Estimate that was part of 73.) Just wondering if there will be another "Final disclosure" or is this one it? (following on the lenders portal, it looks like I'm in the "clear to close" step with UW)

Thanks in advance. Just nervous.

Re: Are "pre-closing package" and "closing disclosure" the same?

ShanetheMortgageMan — Sat, 02 Mar 2024 20:52:34 GMT

You received an Initial Closing Disclosure and you are required to sign it at least 3 days prior to being able to sign the Final Closing Disclosure, which is part of the final loan documents signed with the notary. In order to close on the 6th, you'd need to sign it no later than today since the 3 days that count will be Sat/Mon/Tues, allowing you to sign documents on Wednesday the 6th.

The Initial Closing Disclosure is a preview of the final figures, based on the information the lender had at the time it was sent to you, so it won't match exactly to the Final Closing Disclosure but it'll be close.

Re: Are "pre-closing package" and "closing disclosure" the same?

Samy13 — Sat, 02 Mar 2024 20:59:46 GMT

Hi Shane!

Thanks so much for explaining this!
After I signed it, I asked my realtor about when I would need to wire the closing funds and she had told me to wait until we got the final disclosure.

I'll still be on eggshells until Wednesday!

Re: Are "pre-closing package" and "closing disclosure" the same?

LimaBean1 — Mon, 04 Mar 2024 04:02:35 GMT

Why would you ask the realtor about wiring the funds? Usually you will get instructions from the lender/closing attorney.