Which one of these documents itemizes the closing costs and explains the terms of your loan?

A loan is a type of debt that a person or another organization takes on. The borrower receives a sum of money from the lender, which is typically a corporate or government.

The documents that itemizes the closing costs and explains the terms of your loan is "Closing Disclosure"

Closing Disclosure is a document that provides the last facts about the loan that a business has chosen. The loan conditions, expected monthly payments, as well as how much the person will spend in fees and other required expenditures in order to obtain the closing costs are all included in the closing disclosure. The loan documentation are prepared once the lender receives the signed Closing Disclosure from the borrowers.

To know more about Closing Disclosure, refer to the link:

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Closing disclosure

Explanation:

Closing Disclosure is a form which gives the final details about the loan an economic entity has chosen. Closing disclosure is made up of the loan terms, the projected monthly payments, and also on how much the person will pay in fees and every other necessary costs in order for the person to get the closing costs.

Once the signed Closing disclosure has been received by the lender from the borrowers, then preparation on the loan documents begin.

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