This closing disclosure review guide walks you through the exact checks to make on your five-page Closing Disclosure before you sign, whether you’re closing on a VA, FHA, or conventional loan in Richmond. By the end, you’ll know what should match your Loan Estimate, what’s allowed to move, and what to flag with your loan officer if a number surprises you. Before you start, pull your most recent Loan Estimate and your Closing Disclosure (CD) side by side, along with your purchase contract.
Duane Buziak, NMLS #1110647, reviews CDs with borrowers across the Richmond market every week, and the same handful of line items cause most of the confusion. This guide walks through them in order.
- Step 1: Confirm You Received the CD on Time and Know the 3-Day Rule
- Step 2: Line Up the CD Against Your Loan Estimate Page by Page
- Step 3: Check the Loan Terms Match Your Program
- Step 4: Verify Closing Costs and Cash to Close With a Worked Example
- Step 5: Call Out Discrepancies to Your Loan Officer Before Signing
- Step 6: Know When a Revised CD Resets Your Closing Date
- Step 7: Prepare for Signing Day
Step 1: Confirm You Received the CD on Time and Know the 3-Day Rule
Under the TRID rules enforced by the Consumer Financial Protection Bureau, your lender must deliver the Closing Disclosure at least three business days before your scheduled closing. This isn’t a courtesy timeline, it’s a federal requirement, and it exists so you have real time to review the numbers rather than seeing them for the first time at the table.
Most borrowers receive the CD electronically through an e-sign portal or secure email, with a paper copy sometimes mailed as backup. Business days for this rule include Saturdays, but not Sundays or federal holidays. So if your CD lands on a Wednesday, your earliest closing date is the following Monday, not Saturday.
A common mistake is assuming that any change to the CD, or a late delivery, automatically pushes your closing date. It doesn’t. Only three specific triggers reset the three-day clock: an APR increase beyond allowed tolerance, a change in loan product (say, from a fixed rate to an adjustable rate), or the addition of a prepayment penalty that wasn’t there before. Everything else, including most fee corrections and updated proration figures, can typically be handled with a corrected CD that doesn’t move your closing date. Confirm with your loan officer which category any change falls into rather than assuming the worst, or assuming nothing changed at all.
Step 2: Line Up the CD Against Your Loan Estimate Page by Page
Start with the big four figures on page 1: loan amount, interest rate, monthly principal and interest, and estimated total monthly payment. These should be close to what you saw on your Loan Estimate. If your rate is higher than what was quoted and you didn’t extend or re-lock, that’s your first flag.
Page 3 of the CD has a section called Comparisons, and it’s the fastest cross-check in the entire document. It shows “In 5 Years” (how much principal you’ll have paid down and how much you’ll have paid in total), your Annual Percentage Rate, and your Total Interest Percentage. Compare these three figures directly against the same section on your Loan Estimate. A meaningful jump in APR without an explanation is worth a phone call before you sign anything.
Fee tolerances matter here too. Under TRID, most fees the lender itself controls, like origination charges, generally can’t increase at all from the Loan Estimate. Most third-party fees, such as title services you didn’t shop for yourself, are allowed to increase, but only up to a cumulative 10% across that category. Fees for services you shopped for on your own, along with recording fees and prepaid interest, aren’t subject to the same caps. If you see a lender fee that grew with no changed circumstance attached, or a third-party fee category that jumped more than 10% in total, write it down and raise it in Step 5.
Step 3: Check the Loan Terms Match Your Program
The CD should reflect the exact program you were quoted, and this is where mix-ups most often surface, particularly on VA and FHA files.
If you’re using a VA loan, confirm the funding fee percentage shown matches what you were told, based on your down payment amount and whether this is your first use of the benefit. Per VA.gov, funding fee percentages vary by these factors and are subject to periodic adjustment, so verify the current figure against your file rather than assuming last year’s rate still applies. Also confirm there’s no prepayment penalty listed anywhere on the disclosure. VA loans don’t carry one, and if you see one, that’s an immediate red flag.
If you’re using an FHA loan, check both the upfront mortgage insurance premium and the annual MIP percentage against your original quote. These figures are set by HUD and don’t fluctuate loan to loan the way conventional PMI can, so a mismatch here usually points to a data entry issue that needs correcting before you sign.
If you’re using a conventional loan, confirm your private mortgage insurance terms, monthly amount and cancellation terms, match what you were quoted, especially if your down payment or credit profile shifted between application and closing.
Across every program, recheck whether the rate is fixed or adjustable. It sounds obvious, but it’s the single most common program-mix-up on a CD. If anything looks off from your original quote, ask your loan officer to re-run the numbers before you sign. A soft-pull tool like NoTouch Credit Pull can confirm your qualifying terms haven’t shifted since application, without triggering a new hard credit inquiry that could complicate your file this close to closing.
Step 4: Verify Closing Costs and Cash to Close With a Worked Example
Page 2 of the CD breaks your closing costs into loan costs (Section A through C) and other costs (Section E through H), and Section K on page 3 totals what you owe as the borrower. That total feeds directly into the “Cash to Close” calculation in the box below it, which nets out your deposit, seller credits, and any lender credits you negotiated.
Worked example: Suppose you’re buying a home at the Richmond city-wide median price of roughly $365,000 as of 2026, per Virginia REALTORS data, using a 5% down conventional loan. Your down payment comes to about $18,250, leaving a loan amount near $346,750, comfortably under the 2026 conforming loan limit for the Richmond metro of $832,750. Closing costs on a purchase like this typically run in the $9,000 to $11,000 range, covering origination charges, appraisal, title work, recording fees, and prepaid items like homeowners insurance and property tax escrows.
Add the down payment and closing costs together and you land near $27,000 to $29,000 in cash to close, before subtracting anything you’ve already paid or negotiated. This is where a common mistake creeps in: buyers forget to net out earnest money already paid to the seller, or seller and lender credits already agreed to in the contract. If you put down $5,000 in earnest money and negotiated a $3,000 seller credit, your actual cash needed at closing could land closer to $19,000 to $21,000, not the higher gross figure. Trace the math from Section K down to the final Cash to Close box line by line, and make sure every credit and deposit you’re aware of actually appears there.
Step 5: Call Out Discrepancies to Your Loan Officer Before Signing
If something doesn’t match, don’t send a vague message saying the numbers “look higher.” Build a specific list: the exact line item, the amount on your Loan Estimate, and the amount on your CD. This gives your loan officer something concrete to research instead of a general concern to chase down.
Ask directly whether a changed circumstance explains each difference. Legitimate reasons include an appraisal that came in with unexpected repair requirements, a rate lock that expired and required an extension, or updated title fees from a title company quote that changed after your Loan Estimate was issued. If your loan officer cites a changed circumstance, ask for it in writing, ideally referencing the specific event and date.
If your lender can’t point to a changed circumstance and the increase falls outside the tolerance categories from Step 2, you may be entitled to a lender credit at closing to cover the difference. This is a real right under TRID, not a favor, and it’s worth escalating rather than letting a few hundred dollars slide because you’re eager to close on schedule. Get any promised credit reflected on the CD itself before you sign, not as a verbal assurance to “fix it later.”
Step 6: Know When a Revised CD Resets Your Closing Date
As covered in Step 1, only three changes trigger a new three-business-day waiting period: the APR moving outside its allowed tolerance, a switch in loan product, or a prepayment penalty being added where none existed before. If your revised CD falls into one of these categories, your closing date will move, and no amount of urgency changes that federal requirement.
Most other corrections, typos in a borrower’s name, an adjusted per diem interest calculation, a small proration date shift, don’t require a new waiting period. These can usually be corrected with a revised CD delivered at or shortly after closing, without touching your scheduled date.
Keep every version of the CD you receive, signed and dated, in a single folder. If a question comes up weeks or months after closing about a fee or credit, having the full paper trail of what changed and when makes resolving it far faster than trying to reconstruct the sequence from memory.
Step 7: Prepare for Signing Day
Bring a government-issued photo ID, confirmation of your certified funds or wire for cash to close, and a printed or saved copy of the final CD you already reviewed. Wiring instructions should always be confirmed by phone using a number you already have on file, never a number that arrives only by email, given how common wire fraud attempts have become around closing dates.
At the table, do one final side-by-side check: loan amount, interest rate, and cash to close should match the version you reviewed in the steps above. Nothing at signing should be a surprise if you’ve done the work in Steps 1 through 6. If a number has changed since your last review, pause and ask before signing, don’t assume it will get sorted out afterward.
If you’re refinancing rather than purchasing, remember that most refinance transactions on a primary residence, along with certain VA transactions, carry a separate right-of-rescission period after signing, typically three business days during which you can cancel without penalty. Ask your loan officer to confirm exactly which rescission rules, if any, apply to your specific file before you sign.
Program Terms to Cross-Check on Your CD
The table below shows the terms most likely to shift between programs, and where they typically show up on the disclosure.
| Item to Check | VA Loan | FHA Loan | Conventional Loan |
|---|---|---|---|
| Upfront fee/premium | VA funding fee (varies by down payment and prior use) | Upfront MIP (fixed percentage per HUD) | None (unless buying down rate with points) |
| Ongoing mortgage insurance | None | Annual MIP, often for life of loan depending on LTV | PMI, cancellable once equity threshold is met |
| Prepayment penalty | Not permitted, should read “no” | Not permitted, should read “no” | Rare, but confirm it reads “no” |
| Typical down payment on CD | Often $0-5% | Minimum 3.5% | 3-20%+ depending on program |
Closing Disclosure FAQ
How many days before closing must I receive the Closing Disclosure? Lenders must deliver the CD at least three business days before closing, per CFPB TRID rules.
Does Sunday count toward the three-business-day CD rule? No, Sundays and federal holidays don’t count, but Saturdays do.
What changes on a revised CD reset the three-day waiting period? Only an APR increase beyond tolerance, a change in loan product, or an added prepayment penalty trigger a new three-day clock.
How much can closing costs increase between the Loan Estimate and Closing Disclosure? Most lender fees can’t increase at all, while most third-party fees are capped at a cumulative 10% increase.
Where do I find my total cash to close on the Closing Disclosure? The Cash to Close box on page 3 nets Section K’s total borrower costs against your deposit and any credits.
Why did my mortgage insurance figure change from my quote? A shifted down payment, credit profile update, or loan program change can alter PMI or MIP figures on the final CD.
What should I do if a fee increased without explanation? Ask your loan officer for the specific changed circumstance in writing, or request a lender credit if none exists.
Do refinances have a rescission period after signing? Most refinances on a primary residence carry a three-business-day right-of-rescission period; confirm the specifics for your file.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend.
Once every figure on your Closing Disclosure matches what you expect, and any discrepancies are resolved in writing rather than left as a verbal promise, you’re in a strong position to sign with confidence. If you’d like a second set of eyes on your CD before your closing date, Richmond Home Loans can review it line by line with you.
Whether you’re a veteran ready to use your hard-earned benefits or a homebuyer exploring your financing options, your path to homeownership starts with expert guidance you can trust. Connect with Duane today for a personalized consultation and discover the mortgage solution tailored to your unique goals in the Stafford County and Richmond area.