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Closing_Disclosure_123_Maple_St.pdf

You're buying a $485,000 home with $14,200 in closing costs — some of these fees are negotiable and one rate lock expires in 8 days.
This is your closing disclosure for a $485,000 home purchase with a 30-year fixed mortgage at 6.875%. The good news: your rate is locked and the monthly payment is clear. The things to watch: $14,200 in closing costs (some negotiable), a title insurance fee that's higher than average, and your rate lock expires March 23rd — 8 days from now.
medium risk

Key takeaways:

  • Contract type: Mortgage Closing Disclosure / Home Purchase Agreement
  • Parties: First National Bank, Jordan & Casey Miller
  • Effective: March 15, 2026
  • $485,000 purchase price, $96,500 down payment (20%), $388,500 loan, 6.875% fixed rate, $2,552/month payment, closes March 20.
Who's responsible for what?
Here's a breakdown of responsibilities for both parties

Your responsibilities

Bring $110,700 to closing (down payment + closing costs)

low
Page 1, Summary

Maintain homeowner's insurance before closing date

medium
Section 4, Insurance

Complete final walkthrough within 24 hours of closing

low
Purchase Agreement Section 8

Wire closing funds by 10am on closing day — no personal checks

high
Closing Instructions

Client responsibilities

Deliver clear title with no liens or encumbrances

low
Section 6, Title

Complete all agreed repairs before closing

medium
Addendum A

Provide home warranty documentation at closing

low
Addendum B

Vacate property by 5pm on closing day

low
Purchase Agreement Section 11
Risk breakdown
Issues identified in your contract, sorted by priority

Rate lock expires in 8 days — don't let closing slip

high riskOther

Your 6.875% rate is locked until March 23rd. If closing gets delayed for any reason — title issues, last-minute document requests, wire transfer problems — you could lose your rate and face a higher one. With rates volatile right now, this is real money at stake.

Page 1, Rate Lock Section

Owner's title insurance is optional but you really want it

medium riskOther

The $1,850 owner's title insurance is listed as optional but skipping it is a mistake. It protects you if someone later claims ownership of your home — unpaid contractor liens, estate disputes, forgery in the chain of title. One-time fee, lifetime protection.

Section B, Services You Can Shop For

$3,200 in lender fees worth negotiating before closing

medium riskPayment

The loan origination fee ($1,500) and underwriting fee ($1,700) total $3,200. These are lender profit, not third-party costs, and are often negotiable — especially if you have good credit. Many lenders will reduce or waive these for qualified buyers.

Section A, Origination Charges

Escrow account starts with 3 months of taxes and insurance

medium riskPayment

You'll need to prepay $4,800 into escrow at closing (3 months property tax + 2 months insurance). This is standard but catches many buyers off guard — it's part of that $14,200 closing cost total.

Section G, Initial Escrow Payment

Seller's repair credit should appear on this document

low riskOther

If you negotiated any repair credits or seller concessions, they must appear on the closing disclosure. Double-check that any verbal agreements made during negotiation are reflected here before you sign.

Section L, Paid Already
Top 5 things to consider
Our recommendations for improving this contract
1

Call your lender today about the rate lock

high priority

Your rate lock expires March 23rd and you close March 20th — that's only a 3-day buffer. Call your lender today and confirm there are no outstanding conditions that could delay closing. Ask specifically: 'Is everything clear to close?' Don't assume.

Page 1, Rate Lock
2

Try to negotiate the lender fees down

high priority

Call your loan officer before closing and ask: 'Is there any flexibility on the origination and underwriting fees?' If you have a credit score above 740 or are a returning customer, you have leverage. Even getting $500 off is worth a 5-minute call.

Section A
3

Do your final walkthrough the morning of closing

high priority

Schedule your final walkthrough for the morning of closing day, not the day before. You want to see the property in its final condition — all agreed repairs done, seller's belongings out, and nothing damaged during the move-out.

Purchase Agreement Section 8
4

Wire your closing funds the day before

high priority

Don't wire on closing day — wire the day before. Wire transfers can take hours and if there's any delay, you could miss your closing window. Confirm the exact wire instructions directly with your title company by phone (wire fraud is common — never trust emailed wire instructions).

Closing Instructions
5

Keep the owner's title insurance

medium priority

At $1,850 it's a one-time cost that protects your $485,000 investment for as long as you own the home. Title disputes are rare but when they happen they're devastating. This is not the line item to cut.

Section B

Ask specific questions

Sample Conversation

After analyzing your contract, you can ask any question and get a direct answer. Here's an example:

Hi! I've reviewed your closing disclosure for 123 Maple St. Overall this looks like a standard closing, but there are a few things worth your attention — especially that rate lock expiring in 8 days. Ask me anything!

Are there any hidden fees I should know about?

Nothing truly 'hidden' — but a few fees that catch buyers off guard:
The escrow prepayment ($4,812) — you're funding 3 months of property taxes and 2 months of insurance upfront at closing. This is standard but it's a big chunk of your closing costs that people often forget to budget for.
Lender fees ($3,200) — the origination fee ($1,500) and underwriting fee ($1,700) are lender profit, not third-party costs. These are negotiable before closing — worth a quick call to your loan officer.
Owner's title insurance ($1,850) — listed as 'optional' which makes people skip it. Don't. It's a one-time fee that protects your $485,000 investment for life.
Your total closing costs are $14,200 on top of your $96,500 down payment — so have $110,700 ready to wire.

What happens if I back out before closing?

It depends on why you're backing out and what contingencies are still active.
If you're still within a contingency period (inspection, financing, or appraisal), you can typically back out and get your earnest money back. Check your purchase agreement for specific deadlines.
If all contingencies have been removed, backing out means you'll likely lose your earnest money deposit. Based on this disclosure, that appears to be $9,700.
If the seller is at fault — they haven't completed agreed repairs, title issues arise, or they can't deliver clear title — you can back out and get your earnest money back, and may be able to sue for additional damages.
One important note: your rate lock expires March 23rd — if you're having second thoughts, make that decision before then so you're not losing your locked rate on top of everything else.

This is a sample conversation

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