Escrow & Title
An Arizona buyer receives a Closing Disclosure (CD). Under TRID rules, the borrower must receive the CD at least:
A1 business day before closing
B3 business days before closing✓ Correct
C5 business days before closing
D7 calendar days before closing
Explanation
Under TRID (TILA-RESPA Integrated Disclosure) rules, the lender must deliver the Closing Disclosure to the borrower at least 3 business days before consummation of the mortgage loan.
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Key Terms to Know
Discount Points
Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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