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John P. Sharp, Premium Real Estate Broker with Skyline Properties, Inc.

(425) 230-2525

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  • Home
  • Selling
    • Selling
    • Step 1: Preview Your Home
    • Step 2: Prepare Your Home
    • Step 3: List Your Home
    • Step 4: Recieve Offers
    • Step 5: Accept Best Offer
    • Step 6: Contingencies
    • Step 7: Review Title
    • Step 8: Appraisal
    • Step 9: Escrow
    • Step 10: Closing
  • Purchasing
    • Purchasing
    • Step 1: Get Preapproved
    • Step 2: Write Your Needs
    • Step 3: See Homes
    • Step 4: What to Look For
    • Step 5: Know Your Home
    • Step 6: Make Your Offer
    • Step 7: Appraisal
    • Step 8: Title
    • Step 9: Disclosures
    • Step 10: Closing Day
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    • Home
    • Selling
      • Selling
      • Step 1: Preview Your Home
      • Step 2: Prepare Your Home
      • Step 3: List Your Home
      • Step 4: Recieve Offers
      • Step 5: Accept Best Offer
      • Step 6: Contingencies
      • Step 7: Review Title
      • Step 8: Appraisal
      • Step 9: Escrow
      • Step 10: Closing
    • Purchasing
      • Purchasing
      • Step 1: Get Preapproved
      • Step 2: Write Your Needs
      • Step 3: See Homes
      • Step 4: What to Look For
      • Step 5: Know Your Home
      • Step 6: Make Your Offer
      • Step 7: Appraisal
      • Step 8: Title
      • Step 9: Disclosures
      • Step 10: Closing Day
    • Services
    • Contact Us
    • About
      • About
      • Privacy Policy
      • Terms of Use

(425) 230-2525

John P. Sharp, Premium Real Estate Broker with Skyline Properties, Inc.

Signed in as:

filler@godaddy.com

  • Home
  • Selling
    • Selling
    • Step 1: Preview Your Home
    • Step 2: Prepare Your Home
    • Step 3: List Your Home
    • Step 4: Recieve Offers
    • Step 5: Accept Best Offer
    • Step 6: Contingencies
    • Step 7: Review Title
    • Step 8: Appraisal
    • Step 9: Escrow
    • Step 10: Closing
  • Purchasing
    • Purchasing
    • Step 1: Get Preapproved
    • Step 2: Write Your Needs
    • Step 3: See Homes
    • Step 4: What to Look For
    • Step 5: Know Your Home
    • Step 6: Make Your Offer
    • Step 7: Appraisal
    • Step 8: Title
    • Step 9: Disclosures
    • Step 10: Closing Day
  • Services
  • Contact Us
  • About
    • About
    • Privacy Policy
    • Terms of Use

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A person is at a desk with paperwork, coffee, laptop, calculator, glasses, and charts and graphs.

Purchasing Guide - Closing Disclosure

Step 9: Disclosure

This is the most important step in buying your home.  Three days before closing, you will receive a Closing Disclosure.  It is a five-page document outlining the terms and details of your purchase.  Upon receipt, you have three days to sign your closing documents. This will be your closing day. 


The disclosure form includes: 

  • The loan term, amount, interest rate, monthly principal and interest.  You may have a prepayment penalty.  Depending on your loan, a balloon payment may be detailed. 
  • Your projected payments consisting of principal, interest, mortgage insurance (for less than 20% down on a home), and escrow used for insurance and taxes.  Your monthly payment will be estimated.  HOA fees may be included. 
  • Your closing costs are broken down and itemized. You can expect closing costs to be from 2% to 5% of your loan amount.  
  • Your loan costs consist of a possible loan origination fee of approximately 1% of your loan, any mortgage points owed to reduce your interest, the application fee, the underwriting fee, lender service fees, and service fees you ordered. 
  • There may be other costs, such as transfer taxes and recording fees, prepaid costs and premiums, initial escrow payment at closing, and miscellaneous fees related to an HOA, home inspection, home warranty, real estate commissions, and title insurance. 
  • Your cash-to-close amount is your down payment plus total closing costs and will be due on closing day. 
  • A side-by-side view of your costs versus the seller's costs. The summaries of transactions outlines who pays for what. 
  • Loan disclosures detail the policies of the loan during its lifetime.  It may explain whether your loan is assumable, has the option for the lender to demand the full price at any time, what happens with partial or late payments, and whether your loan is allowed to negatively amortize. The lender will also declare they have the right to take and sell your home if you fail to make payments.  If you are using an escrow account to facilitate your loan, that will be described as well.  
  • Your loan calculations will describe how much your loan will cost over its life, including finance charges, interest rates, and total interest percentage. 
  • Finally, your contact information will be reviewed and you will need to sign that you received the disclosure form. 


Compare your loan estimate you received shortly after you applied for the loan with the Closing Disclosure form.  If there are errors or drastic changes, you will want to contact the lender to remedy the differences.  If successful, you will receive another disclosure.  At that time, if you understand and accept the information, then you will sign it.  Once signed, the details of the closing disclosure cannot be changed.  

We are here to help you.

Ready to start the home-buying process?  Schedule an initial consultation with John P. Sharp today.  Let's discuss your real estate goals and how we can help you achieve them.   

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tip!

Do buyers pay for their real estate broker's commission?  In most cases, the seller pays for the commission of your agent.  However, there are some homeowners who will only pay 2.5% of the sales price to your agent, and some may offer nothing at all.  In this case, you are responsible for paying any commission the seller does not cover.  This should be outlined in your exclusive buyer's agreement you signed when you started working with your agent.  A great broker like John P. Sharp will make sure you are informed of the costs associated with buying a home. There's one more step in the Purchasing Guide. 

Step 10: Closing Day
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John P. Sharp, Premium Real Estate Broker with Skyline Properties, Inc.

19515 North Creek Parkway, STE 214, Bothell, Washington 98011, United States

Call us today at 425-230-2525

Copyright © 2021 John P. Sharp

Premium Real Estate Broker with Skyline Properties, Inc.  

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