 |
|
|
|
|
|
Settlement Statement (Hud-1)
The Good Faith Estimate and the Settlement Statement are essentially the same form just used at different times during the mortgage process. What you will notice is that the Settlement Statement and the Good Faith Estimate each have line items like items 800, 801, 802 and so on and they coincide with each other. You should be able to match up the line items on both forms at closing and they should accurately reflect one another. Remember, the Good Faith Estimate and an “estimate”, but the fees (educated guesses) should be pretty close to one another. At closing, the actual charges are reflected on the HUD-1 Settlement Statement. When dealing with a reputable lender, the GFE will be a close estimate of charges on the HUD-1.
One business day before the settlement, you have the right to inspect the Settlement Statement (HUD-1). This statement itemizes the services provided to you and the fees charged to you. This form is filled out by the settlement agent who will conduct the settlement. Be sure you have the name, address, and telephone number of the settlement agent if you wish to inspect this form. The fully completed HUD-1 Settlement Statement generally must be delivered or mailed to you at or before the settlement. In cases whre there is no settlement meeting, the escrow agent will mail you the HUD-1 after settlement, and you have the right to inspect it one day before settlement.
Total Settlement Charges: The sum of all fees in the borrower’s column entitled “paid from borrower’s fund at settlement” is placed here. This figure is then transferred to line 103 of section J, “Settlement charges to borrower” in the Summary of Borrower’s Transaction on page 1 of the HUD-1 Settlement Statement and added to the purchase price. The sum of all of the settlement fee paid by the seller are transferred to line 502 of Section K, Summary of Seller’s Transaction on page 1 of the HUD-1 Settlement Statement.
|
|
|
National Mortgage Lenders
|
|
|
Mortgage Purchase or Refinance . Found your dream house? Search hundreds of low rates and get free mortgage rate quotes. With 24-hour online tracking, E-LOAN guarantees the lowest cost loans and on time closing with no lender fees.
|
|
|
Guaranteed lowest cost Home Equity Loans . Lock in a great rate for the life of your home equity loan or borrow as you need it with a line of credit. E-LOAN makes it fast and easy so you can get your cash within five days. Apply today and get a decision in seconds.
The tips on this website should be considered food for thought only. Goodfaithestimate.biz is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
Terms and Conditions | Privacy Notice | Site Map
|
|