Settlement Statement Page 3
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3Comparison of Good Faith Estimate (GFE) and HUD-1 Charges
Good Faith Estimate
HUD-1
Charges That Cannot Increase
HUD-1 Line Number
Our origination charge
801
1,000.00
1,000.00
#
Your credit or charge (points) for the specific interest rate chosen
802
2,000.00
2,000.00
#
Your adjusted origination charges
803
3,000.00
3,000.00
#
Transfer taxes
1203
2,500.00
2,500.00
#
Charges That in Total Cannot Increase More Than 10%
Good Faith Estimate
HUD-1
Government recording charges
1201
180.00
180.00
#
Appraisal fee to
804
300.00
300.00
#
Credit report to
805
15.00
15.00
#
Tax service to
806
95.00
95.00
#
Flood Certification
807
5.00
5.00
#
Title services and lender's title insurance
1101
1,484.88
1,484.87
#
Owner's title insurance
1103
450.00
450.00
#
SURVEY
1307
526.00
526.00
#
3,055.88
3,055.87
Total
$
0.00
0.0000%
or
Increase between GFE and HUD-1 Charges
Charges That Can Change
Good Faith Estimate
HUD-1
Initial deposit for your escrow account
1001
1,345.16
1,345.16
#
Daily interest charges from
901
$27.6200/day
580.02
580.02
#
Homeowner's insurance
903
1,111.00
1,111.00
#
#
#
#
Loan Terms
Your initial loan amount is
$150,000.00
Your loan term is
30 years
Your initial interest rate is
5.5500%
Your initial monthly amount owed for principal, interest, and any mortgage
$856.40 includes
insurance is
X
Principal
X
Interest
Mortgage Insurance
Can your interest rate rise?
X
No.
Yes, it can rise to a maximum of
%. The first change
will be on
/ /
and can change again every
years after
/ /
. Every change
date, your interest rate can increase or decrease by
%. Over the life of the loan, your
interest rate is guaranteed to never be lower than
% or higher than
%.
Even if you make payments on time, can your loan balance rise?
X
No.
Yes, it can rise to a maximum of $
.
Even if you make payments on time, can your monthly amount owed for
X
No.
Yes, the first increase can be on
/ /
and the monthly
principal, interest, and mortgage insurance rise?
amount owed can rise to $
.
The maximum it can ever rise to is $
.
X
Does your loan have a prepayment penalty?
No.
Yes, your maximum prepayment penalty is $
.
Does your loan have a balloon payment?
X
No.
Yes, you have a balloon payment of $
due in
years on
/ /
.
Total monthly amount owed including escrow account payments
You do not have a monthly escrow payment for items, such as property taxes
and homeowner's insurance. You must pay these items directly yourself.
X
You have an additional monthly escrow payment of $422.80
that results in a total initial monthly amount owed of $1,279.92. This includes principal, interest, any
mortgage insurance and any items checked below:
X
X
Property taxes
Homeowner's insurance
Flood insurance
Note: If you have any questions about the Settlement Charges and Loan Terms listed on this form, please contact your lender.
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