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Mortgage Glossary

Closing Disclosure

A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the closing disclosure define the seller's net proceeds and the buyer's net payment at closing.

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