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When do I need to re-disclose on a closing disclosure?

Envite Realty Raleigh Real Estate Contractor

The 3 changes to the loan that will require a re-disclosure of the CD are: 

1- Change in the APR- If the APR changes by more than 1/8 of 1%, a re-disclosure of the CD will be required. 

2- Change in the loan type- If the lender changes the loan type from conventional to FHA, for example, it will require a re-disclosure of the CD.

3- A prepayment penalty is added- If the lender adds a prepayment penalty (against the law for loan amounts $150,000 or less), then it will require a re-disclosure of the CD.

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