Settlement costs or fees represent a complete account of all the expenses you incur to purchase a property. Examples include loan application fees, points, title fees, appraisal fee, home inspection fees, credit reports, prepaid mortgage interest, property tax apportionment and escrow reserves.
A settlement statement is a document that summarizes all of the fees and charges that a borrower and lender face during the settlement process of a loan transaction. The HUD-1 settlement statement ( also known as a Closing Statement) is the document you sign when you close on a mortgage.
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A settlement statement is a document that summarizes all of the fees and charges that a borrower and lender face during the settlement process of a loan transaction.
A. settlement statement (hud-1) previous edition are obsolete Page 1 of 3 HUD-1 B. Type of Loan J. Summary of Borrower’s Transaction 100. Gross Amount Due from Borrower C. Note: 400. Gross Amount Due to Seller This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown.
Good Faith Estimate versus Settlement Statement or HUD-1, a form that lists. The GFE may be provided by a mortgage broker or the lender.
HUD Form 1 or Disclosure/Settlement Statement: This paper covers the actual settlement costs and amounts, and should be explained by the closing broker or agent. The deed: This piece of paper is your proof that ownership of the home has been transferred to your name.
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Example HUD-1 document, the form that outlines final mortgage terms.. Please note that the HUD-1 Statement was replaced by the Closing Disclosure. The first two pages of the HUD-1 outline the transaction terms and settlement costs.
Settlement statement What is a settlement statement? A settlement statement is a document given to borrowers at closing that itemizes services and fees charged to the borrower by the lender or broker.
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