What is the 3-7-3 rule in mortgages?

The 3-7-3 rule is a federal law that gives homebuyers time to review their mortgage before closing. It sets clear waiting periods so you’re not rushed into signing. The rule requires that:

• The lender must send your Loan Estimate within three (3) days of your application.
• At least seven (7) business days must pass before you can close on your loan.
• You must receive your Closing Disclosure at least three (3) days before closing (and if major terms change, the three-day wait starts again).