Question

Jerrica is set to close on the property she's buying on Friday. Because of other delays in the closing date, Jerrica's interest rate as of the day of closing will increase by 1/4 of a percent. What impact does this have on the closing?
A. A new Closing Disclosure must be issued, so the closing date must be moved back.
B. A new Loan Estimate must be issued, so the closing date must be moved back.
C. Jerrica will not be able to close until she re-applies for her loan.
D. The closing date will remain the same, but Jerrica will need to bring additional funds to the closing.

Answer 1

Answer: A. A new Closing Disclosure must be issued, so the closing date must be moved back

Explanation:

Due to the delay in closing date, a disclosure must be issued if not it would affect her payment plans.