Loan amount: This number may have increased since your LE.But in general, home buyers can expect typical closing costs to amount to about 3% to 4% of the home’s sale price. If there are significant changes from your LE, ask your lender to explain why. Closing costs:These are fees paid to third parties (e.g., the appraiser and underwriter) to facilitate in the sale of this home.(Depending on the bank, funds may need to be wired to a corresponding bank, which can delay receipt also, some banks send out wires at only certain times of the day.) Typically, home buyers pay the remainder of the funds through a cashier’s check or a wire transfer. “Cash to close” amount: This is how much money you need to bring to the table to close the deal, including your down payment and closing costs (more on that next).Interest rate: If you locked in your rate, it should remain the same.Loan type: There are many types of loans, although conventional loans typically come with either a fixed interest rate or an ARM (or adjustable-rate mortgage for which rates remain the same for only a certain number of years.Loan term: That’s how long your home loan lasts, typically 15 or 30 years.Spelling of your name: Even minor misspellings can create big problems later.Here’s a list of things to triple-check on your CD and compare with your LE from the Consumer Financial Protection Bureau: In some cases, though, the closing may have to be postponed so that a new closing disclosure can be sent out with a new three-day review period. If you do spot problems, what then? Depending on what the underlying issue is, “changes can be made in a manner that does not disrupt the closing of the loan,” says Keith Gumbinger, vice president at HSH.com, a mortgage information website. Remember, you may have received your CD just three days before closing, so the clock is winding down fast. If any changes are significant enough or troubling to you, you’ll want to notify your lender and title or closing company immediately.
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In other words, it really pays to check this document carefully and ask your real estate agent for help. Think such errors aren’t common? A recent survey of real estate agents by the National Association of Realtors® found that half of agents have detected errors on CDs. That’s all par for the course, but you’ll want to keep an eye out for errors such as typos in names or numbers.
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The title company or attorneys involved may have nudged up their fees. Unless you locked in your mortgage interest rates, those rates may have changed. Many of the numbers and terms should match up (or close), but some may change because weeks or even months may have passed since you first applied for you loan. When checking items on your CD, you’ll want to compare what you see with what’s on your loan estimate.