{"id":4675,"date":"2020-02-19T13:24:11","date_gmt":"2020-02-19T18:24:11","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=4675"},"modified":"2025-05-21T14:09:18","modified_gmt":"2025-05-21T19:09:18","slug":"closing-disclosures","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/mortgage-101\/closing-disclosures","title":{"rendered":"Demystifying 3 Confusing Parts of Your Closing Disclosure"},"content":{"rendered":"\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p>It\u2019s just a few days before your home loan is scheduled to close.<\/p>\n\n\n\n<p>Your lender suddenly sends you their closing disclosure: a hefty document that highlights the terms of your loan and all the costs that come with it.<\/p>\n\n\n\n<p>At a quick glance, it all seems to check off. The closing date is accurate. The mortgage terms are what you expect. The projected payments seem straightforward and manageable. But as you look through it more carefully, you start to run into terminology and numbers that confuse you. What seemed like a simple document is suddenly a scary obstacle to closing your home loan.<\/p>\n\n\n\n<p>To help you overcome any confusion, we\u2019ve broken down the sections in closing disclosures that elicit many questions: prepaids and initial escrow payments, paid by others, and paid already by or on behalf of borrower.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator alignwide has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">1. \u201cPrepaids\u201d + \u201cInitial Escrow Payment at Closing\u201d<\/h2>\n\n\n\n<p>On page 2 of your closing disclosure, you\u2019ll see a few sections outlining additional costs you&#8217;ll need to pay before closing.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"811\" height=\"503\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2020\/02\/Screen-Shot-2022-08-18-at-11.40.45-AM.png\" alt=\"Sample closing disclosure - Prepaids and escrow payments at closing\" class=\"wp-image-6215\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2020\/02\/Screen-Shot-2022-08-18-at-11.40.45-AM.png 811w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2020\/02\/Screen-Shot-2022-08-18-at-11.40.45-AM-300x186.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2020\/02\/Screen-Shot-2022-08-18-at-11.40.45-AM-768x476.png 768w\" sizes=\"auto, (max-width: 811px) 100vw, 811px\" \/><figcaption class=\"wp-element-caption\">An example of how your prepaids and escrow payments at closing can look.<\/figcaption><\/figure>\n\n\n\n<p>It should include your homeowner\u2019s insurance, property taxes, and prepaid interest. All of the items listed are considered \u201cprepaid\u201d because you\u2019re paying a certain amount for each ahead of schedule. Why does the lender do this? To improve the chances you stay current on them, and thereby protect their first lien position (e.g., if taxes are not current, the city or town could take lien priority from the lender).&nbsp;<\/p>\n\n\n\n<p>Here\u2019s a closer look at each of these items:<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Prepaid interest <\/h2>\n\n\n\n<p>This is the interest on your mortgage that accrues from when you close through the end of that month. Your closing disclosure should clarify the fee by showing both the interest charge per day as well as the number of days included. The interest from subsequent monthly mortgage payments are paid in arrears. This means that whatever interest you\u2019re charged in a given month was accrued from the previous month.<\/p>\n\n\n\n<p>As an example, say your loan closes on February 13th. You would pay prepaid interest from Feb. 13th through the end of the month. Your first monthly mortgage payment would be on April 1st. This bill would account for the interest that accumulated in March.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Homeowner\u2019s insurance<\/h2>\n\n\n\n<p>This covers you for damage to your home, its contents and loss of use arising from fires, certain natural disasters and crime. Your lender will almost certainly require some type of homeowner\u2019s insurance as it protects you\u2014and them\u2014from unforeseen circumstances.<\/p>\n\n\n\n<p>You\u2019ll be expected to pay for the first 12 months of homeowner\u2019s insurance at closing. The lender also requires at least 2 months of funds (or \u2159 of your annual policy) in escrow at all times that could go into covering your insurance.&nbsp;<\/p>\n\n\n\n<p>Depending on when your loan closes, you may need another month of prepaid homeowner\u2019s insurance to ensure you collect enough to pay for the 2nd year on the anniversary of your closing date\u2014while maintaining the 2 months of funds needed in escrow.&nbsp;<\/p>\n\n\n\n<p>We recommend consulting with your mortgage loan officer or processor several weeks before closing to review how much you\u2019ll need to prepay for homeowner\u2019s insurance\u2014and whether that matches what\u2019s in your closing disclosure.<\/p>\n\n\n\n<p><em>Related article: <a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/what-does-homeowners-insurance-cover\" target=\"_blank\" rel=\"noreferrer noopener\">Homeowner&#8217;s Insurance: What is it and what does it cover?<\/a> <\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Property taxes <\/h2>\n\n\n\n<p>Your state\u2019s property tax schedule in conjunction with your close date informs how much you owe in prepaid property taxes\u2014versus how much the seller should pay. It\u2019s also worth noting that similar to homeowner\u2019s insurance, you\u2019ll always need to have at least \u2159 of your annual property tax charges in escrow.<\/p>\n\n\n\n<p>For example, say you\u2019re buying a home in New Jersey. The state collects property taxes every 4 months\u2014February, May, August, and November\u2014and on the first day of those months.&nbsp;<\/p>\n\n\n\n<p>Like our earlier example, let\u2019s assume your close date is February 13th. The seller is responsible for the amount that accumulates from the beginning of the tax year up to the closing date\u2014in other words, from January 1st through February 12th; while you the homebuyer will be responsible from February 13th through the end of April.&nbsp;<\/p>\n\n\n\n<p>What does this mean? You\u2019ll be responsible for putting your prorated tax amount (Feb 13th\u2014end of April) in prepaids as well as \u2159 of the value of your annual property tax in your newly formed escrow account. You may also need an additional month (potentially 2) of taxes collected for the May payment.<\/p>\n\n\n\n<p>To confirm the accuracy of the property tax amount outlined in your closing disclosure, we recommend researching your state\u2019s position on property taxes and consulting with your MLO or processor.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator alignwide has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u201cPaid by Others\u201d<\/h3>\n\n\n\n<p>To see what others pay, look at page 2 of the closing disclosure, in the column on the right.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"817\" height=\"531\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2020\/02\/Screen-Shot-2022-08-18-at-11.40.32-AM.png\" alt=\"Sample closing disclosure - loan costs breakdown\" class=\"wp-image-6216\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2020\/02\/Screen-Shot-2022-08-18-at-11.40.32-AM.png 817w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2020\/02\/Screen-Shot-2022-08-18-at-11.40.32-AM-300x195.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2020\/02\/Screen-Shot-2022-08-18-at-11.40.32-AM-768x499.png 768w\" sizes=\"auto, (max-width: 817px) 100vw, 817px\" \/><figcaption class=\"wp-element-caption\">A breakdown of loan costs on a closing disclosure.<\/figcaption><\/figure>\n\n\n\n<p>Though you\u2019ll likely be on the hook for most of your closing costs, the lender or broker will occasionally agree to cover some of these fees. For example, here at Morty, we waive your credit report and application fees. Take a quick look down the column to see if your lender or broker is still paying for the items they agreed to.&nbsp;<\/p>\n\n\n\n<p>Also, if the lender is giving you credits\u2014a payment that goes toward your closing costs in exchange for a higher rate\u2014you might see certain items move from borrower-paid to paid by other, up to the sum of the credit value.<\/p>\n\n\n\n<hr class=\"wp-block-separator alignwide has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u201cPaid Already by or on Behalf of Borrower at Closing\u201d<\/h3>\n\n\n\n<p>This section covers the items you can deduct from the total amount of cash needed to close. To find this section, look in the lower half of the 3rd page.<br><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"485\" height=\"305\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2020\/02\/Screen-Shot-2022-08-18-at-11.43.38-AM.png\" alt=\"Sample closing disclosure - paid by or on behalf of borrower\" class=\"wp-image-6214\" style=\"width:815px;height:undefinedpx\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2020\/02\/Screen-Shot-2022-08-18-at-11.43.38-AM.png 485w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2020\/02\/Screen-Shot-2022-08-18-at-11.43.38-AM-300x189.png 300w\" sizes=\"auto, (max-width: 485px) 100vw, 485px\" \/><figcaption class=\"wp-element-caption\">An example of a closing disclosure that shows what&#8217;s already paid by or on behalf of borrower at closing.<\/figcaption><\/figure>\n\n\n\n<p>You may find any of the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Deposit:<\/strong> Also known as an \u201cearnest money deposit\u201d, this is how much cash you put down as a security deposit when making an offer. It signals your commitment to buying the home as you may or may not get the money back if you fail to qualify for a loan or back out of the purchase. As long as the funds for the deposit can be verified by the institution that holds them, you can subtract the deposit from your cash to close. <br><\/li>\n\n\n\n<li><strong>Loan amount: <\/strong>This is<strong> <\/strong>simply the total amount of your loan. Since you aren\u2019t paying any of it back at the time of closing, it shouldn\u2019t be part of your cash to close.<br><\/li>\n\n\n\n<li><strong>Seller credits:<\/strong> These are funds the seller agrees to make toward your closing costs. You may or may not have them, as they\u2019re typically negotiated during the bidding process. If you do, make sure they\u2019re accounted for and subtracted from your cash to close.<br><\/li>\n\n\n\n<li><strong>Lender credits: <\/strong>This is when the lender allocates a certain amount of money to help finance your closing costs\u2014only now it\u2019s in exchange for a higher interest rate. If you have this credit, confirm that it\u2019s also subtracted from your cash to close.<br><\/li>\n\n\n\n<li><strong>Prorated property taxes: <\/strong>This allocates the annual property tax bill to the buyer and seller based on the amount of time each side owns the property. The seller pays from the beginning of the current tax cycle until closing, where the buyer then becomes responsible. In other words, the borrower is only accountable when they legally own the home. You should see the amount your seller is responsible for in the \u201cAdjustments and Other Credits\u201d section\u2014and it should be subtracted from your cash to close.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>As we mentioned before, since every state collects property taxes at different frequencies and times of the year, we recommend researching your state\u2019s policies and consulting with your MLO or processor before confirming the tax-related numbers in your closing disclosure.<\/p>\n\n\n\n<p>Now that you understand these more complicated fields in the closing disclosure, you should feel comfortable going back to yours and reviewing it with confidence!<br><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s just a few days before your home loan is scheduled to close. Your lender&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2189,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_lmt_disableupdate":"","_lmt_disable":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[6],"tags":[],"series":[],"class_list":["post-4675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-101"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Demystifying 3 Confusing Parts of Your Closing Disclosure | Morty<\/title>\n<meta name=\"description\" content=\"The closing disclosure is your final opportunity to review the terms of your loan before closing. 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