What documents should I receive before closing on a mortgage?

Short answer

Before closing, federal rules generally require a after you apply and a you must receive no later than three business days ahead of closing. You will also receive contractual papers such as the promissory note and the mortgage or security instrument. Reverse mortgages, HELOCs, and some other products use different disclosures.

Full explanation

The Loan Estimate is the early federal form that shows key terms and estimated closing costs. The CFPB says the lender sends it within three business days after receiving your application. The Closing Disclosure shows the final terms, final closing costs, and who pays and receives money at closing, and it must reach you at least three business days before closing. You should also receive an Initial Escrow Statement listing the taxes, insurance, and other charges the lender expects to pay from escrow in the first year.

For a refinance, HELOC, or other loan that is not used to buy the home, you should receive a Notice of the Right to Rescind. That notice explains a short cooling-off window after the lender meets stated conditions and includes a cancellation form. If required notices or Truth-in-Lending information are missing, the CFPB says a longer cancelation period can apply; that situation is outside this page. Ask the lender for a full document set when the Closing Disclosure arrives so you have time to read the promissory note, the mortgage or security instrument, and any state, local, or lender add-ons.

A Loan Estimate and Closing Disclosure are not used for a reverse mortgage, a HELOC, a manufactured-housing or mobile-home loan that is not secured by real estate, or certain homebuyer-assistance subordinate loans. Those products use Truth-in-Lending disclosures. A reverse mortgage also uses a Good Faith Estimate and a HUD-1 Settlement Statement.

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