Escrow & Title
Vermont's 'closing disclosure' (CD) must be provided to the buyer at least:
A7 business days before closing
B3 business days before closing✓ Correct
C1 business day before closing
DAt the closing table
Explanation
TRID rules require the lender to provide the Closing Disclosure to the buyer at least 3 business days before the consummation (closing) of the loan transaction, allowing time to review the final numbers.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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.
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