Which document provides the final terms and costs associated with a mortgage loan?

The Closing Disclosure is the document that outlines the final terms and costs associated with a mortgage loan. At the closing of the loan, this document provides borrowers with a detailed breakdown of all the closing costs, loan terms, and other financial details necessary to complete the transaction.

It is required by law to be provided to borrowers at least three business days before closing, allowing them ample time to review the information. This document serves as a critical resource as it ensures transparency and provides borrowers with a clear understanding of their financial obligations before committing to the mortgage.

In contrast, the Loan Estimate is an early disclosure that offers a summary of the expected terms and costs when applying for a mortgage, but it may vary slightly from the final figures. The Good Faith Estimate is an older document that also provided loan details but has largely been replaced by the Loan Estimate. The Mortgage Note, on the other hand, is the legal document that outlines the borrower's promise to repay the loan but does not detail the associated costs or terms in the same comprehensive manner as the Closing Disclosure.