Escrow & Title
In Connecticut, the 'closing disclosure' provided to the buyer at closing reflects:
AOnly the broker's commission
BAll final loan terms, closing costs, and settlement charges✓ Correct
CThe seller's net proceeds only
DThe property's appraised value
Explanation
The Closing Disclosure (under TRID) itemizes all final loan terms, interest rate, monthly payment, closing costs, and cash to close—allowing the buyer to verify everything matches the Loan Estimate.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Math Concepts
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