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Does receiving a Closing Disclosure mean the loan is approved? The loan is approved prior to a lender issuing a Closing Disclosure. However, you'll want to make sure your credit, income and debt are in check during this timeframe until the transaction is finalized.

Receiving your Closing Disclosure basically indicates you're almost there, but not quite done with the mortgage process. Your loan officer may check your credit again before the mortgage closes. Any drastic changes in your reports could result in a delay of your closing date or worse.

When you apply for a mortgage loan, the lender is required to provide you with initial disclosures within three business days of application. Initial disclosures let you know what you can expect in terms of cost, monthly payments, and loan structure.

TILA disclosures include the number of payments, the monthly payment, late fees, whether a borrower can prepay the loan without penalty and other important terms. TILA disclosures is often provided as part of the loan contract, so the borrower may be given the entire contract for review when the TILA is requested.

A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

No, the closing disclosure is not the last step in the mortgage process. After receiving the closing disclosure, you will still need to sign the document and complete the closing process, which typically includes signing all the necessary paperwork and paying closing costs.

Your loan is approved, or deemed “clear to close,” before you receive the closing disclosure. Be aware, however, that if you make a major financial change (like quitting your job or opening a new line of credit) around this time, your lender could still deny your loan.