Settlement Statement Page 3
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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
545.00
545.00
Your adjusted origination charges
# 803
545.00
545.00
Transfer taxes
#1203
745.00
692.70
Charges That in Total Cannot Increase More than 10%
Good Faith Estimate
HUD-1
Government recording charges
#1201
150.00
124.00
Appraisal fee
# 804
425.00
400.00
Credit report
# 805
40.00
40.00
Flood certification
# 807
19.00
19.00
Title services and lender's title insurance
#1101
1,500.00
1,396.00
Owner's title insurance to Mississippi Valley Title Insurance Company
#1103
200.00
184.20
Total
2,334.00
2,163.20
Increase between GFE and HUD-1 Charges
$
-170.80 or
-7.32%
Charges That Can Change
Good Faith Estimate
HUD-1
Initial deposit for your escrow account
#1001
1,274.32
1,003.69
Daily interest charges
# 901
$
16.980800/day
375.26
288.67
Homeowner's insurance
# 903
990.00
1,100.00
Loan Terms
Your initial loan amount is
$ 120,000.00
Your loan term is
30.00 years
4.0000 %
Your initial interest rate is
$ 572.90 includes
Your initial monthly amount owed for principal, interest and
any mortgage insurance is
Principal
X
Interest
X
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 ___ 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 _________%.
X
No
Yes, it can rise to a maximum of $_________.
Even if you make payments on time, can your loan balance rise?
Even if you make payments on time, can your monthly
X
No
Yes, the first increase can be on ________ and the 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 $334.59 that results
in a total initial monthly amount owed of $907.49. 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.
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