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We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.

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What is a demand feature? What does it mean if the demand feature is checked off on my Closing Disclosure?

Answer:

The Closing Disclosure has a statement that reads "Your loan has a demand feature," which is checked "yes" or "no." A demand feature permits the lender to require early repayment of the loan.

If the demand feature is checked "yes," the lender can require that you immediately pay the entire loan balance (principal and interest) at any time. The lender can make this demand on you for any reason or for no reason. Be sure to check your Closing Disclosure and promissory note for any demand features. Think carefully about whether you want to agree to a demand feature.

Note: You won't receive a Closing Disclosure if you applied for a mortgage prior to October 3, 2015, or if you're applying for a reverse mortgage. For those loans, you will receive two forms — a HUD-1 Settlement Statement and a final Truth in Lending Disclosure — instead of the Closing Disclosure. If you are applying for a HELOC, a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance programs, you will not receive a HUD-1 or a Closing Disclosure, but you should receive a Truth-in-Lending disclosure.

Familiarize yourself with some of the key documents you will be signing so that you know what to look for when you get them.

If you have a problem with your mortgage, you should talk with your lender immediately. You can also submit a complaint to the CFPB online  or by calling (855) 411-CFPB (2372).

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