Settlement Statement Page 3
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4
5Comparison 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
2,000.00
2,000.00
Your credit or charge (points) for the specific interest rate chosen
# 802
Your adjusted origination charges
# 803
2,000.00
2,000.00
Transfer taxes
#1203
Charges That in Total Cannot Increase More than 10%
Good Faith Estimate
HUD-1
Government recording charges
#1201
208.00
208.00
Appraisal fee
# 804
350.00
350.00
Credit report
# 805
4.66
4.66
Tax service
# 806
72.00
72.00
Flood certification
# 807
4.00
4.00
Title services and lender's title insurance
#1101
1,063.75
1,063.75
Total
1,702.41
1,702.41
Increase between GFE and HUD-1 Charges
$
0.00 or
0.00%
Charges That Can Change
Good Faith Estimate
HUD-1
Initial deposit for your escrow account
#1001
541.66
541.66
Daily interest charges
# 901
$
23.000000/day
345.00
345.00
Homeowner's insurance
# 903
1,000.00
1,000.00
Loan Terms
$ 200,000.00
Your initial loan amount is
30 years
Your loan term is
Your initial interest rate is
4.1250 %
$ 969.30 includes
Your initial monthly amount owed for principal, interest and
any mortgage insurance is
Principal
X
Interest
X
Mortgage Insurance
X
No
Yes, it can rise to a maximum of _________%. The first
Can your interest rate rise?
change will be on ________ and can change again every ___ months 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 $_________.
X
No
Yes, the first increase can be on ________ and the monthly
Even if you make payments on time, can your monthly
amount owed for principal, interest, and mortgage insurance rise?
amount owed can rise to $_________.
The maximum it can ever rise to is $_________.
Yes, your maximum prepayment penalty is $_________.
Does your loan have a prepayment penalty?
X
No
Does your loan have a balloon payment?
Yes, you have a balloon payment of $_________
X
No
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 $458.33 that results
in a total initial monthly amount owed of $1,427.63. This includes
principal, interest, any mortgage insurance and any items checked below:
X
Property taxes
X
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.
Page 3 of 3
HUD-1
(RICKMCPHERSONEXAMPLE.PFD/RICKMCPHERSONEXAMPLE/26)
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