Alabama Real Estate Practice Exam

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For FHA-insured loans, when can the closing costs be reviewed?

  1. On the day of closing

  2. One week before closing

  3. One day before closing

  4. After the closing

The correct answer is: One day before closing

Closing costs for FHA-insured loans can be reviewed one day before the closing. This is because borrowers have the right to receive a copy of the closing disclosure at least three business days before closing under the Consumer Financial Protection Bureau's "Know Before You Owe" rule. This gives borrowers the opportunity to review their closing costs and ask any questions before finalizing the loan. Options A, B, and D are not correct because they do not allow for this required review period.

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