A closing disclosure is a document that provides detailed information about a mortgage loan. It outlines the final terms of the loan, including the interest rate, monthly payments, and closing costs. This document is essential for borrowers to understand their financial obligations before finalizing the purchase of a home. Borrowers receive the closing disclosure at least three days before the closing meeting, allowing them time to review the terms. It ensures transparency and helps prevent any surprises at the closing table. Understanding the closing disclosure is crucial for making informed decisions about the home-buying process.