Escrow & Title
A West Virginia buyer receives a closing disclosure three business days before closing. If the buyer discovers an error in the loan amount, the buyer should:
AProceed to closing and fix it afterward
BNotify the lender immediately — material changes require a new disclosure and waiting period✓ Correct
CSign the disclosure noting the discrepancy
DCancel the purchase contract
Explanation
Under TRID, certain material changes (APR increase, loan product change, prepayment penalty addition) require a new Closing Disclosure and a new 3-business-day waiting period. The buyer should notify the lender immediately to correct any errors before the scheduled closing.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Closing CostsFees 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.
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