Understanding the Settlement Statement (HUD 1)
The HUD 1 will be sent to you several days before closing. The HUD is a summary of the real estate transaction with charges and credits to the buyer and seller. We will look a the buyers "side", which are the figures on the left side of each page. Start with page two This page shows all the lender charges, including items paid in connection with the loan. It will show any items you paid in advance to the lender, which would include mortgage insurance, daily interest and homeowners insurance. Page two also shows your reserves for taxes and mortgage insurance. Fees paid to the law firm for the closing and owners title insurance and lenders title insurance. Government fees, transfer taxes and recording fees are last. Add all these charges together and they make up line 103 on page one.!
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For more information, call Linda Bodine at 302-727-3737 (cell).
Ask me about the difference between and virtual floor plan and a virtual tour!
Linda Bodine, Realtor
Remax Realty Group
317 Rehoboth Avenue
Rehoboth Beach, DE 19971