Settlement Statement Page 3
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1
2
3
4Comparison 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
550.00
550.00
Your adjusted origination charges
# 803
550.00
550.00
Transfer taxes
#1203
910.00
910.00
Charges That in Total Cannot Increase More than 10%
Good Faith Estimate
HUD-1
Government recording charges
#1201
225.00
149.00
Appraisal fee
# 804
460.00
400.00
Credit report
# 805
58.00
64.00
Tax service
# 806
93.00
93.00
Flood certification
# 807
18.00
18.00
Total
854.00
724.00
Increase between GFE and HUD-1 Charges
$
-130.00 or
-15.22%
Charges That Can Change
Good Faith Estimate
HUD-1
Initial deposit for your escrow account
#1001
2,604.96
500.06
Daily interest charges
# 901
$
10.112000/day
50.56
50.56
Homeowner's insurance
# 903
360.00
567.00
Title services and lender's title insurance
#1101
1,351.00
1,232.50
Owner's Title Insurance
#1103
20.00
11.00
Loan Terms
Your initial loan amount is
$ 88,250.00
Your loan term is
30.00 years
4.1250 %
Your initial interest rate is
Your initial monthly amount owed for principal, interest and
$ 427.70 includes
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 $_________.
Does your loan have a prepayment penalty?
Yes, your maximum prepayment penalty is $_________.
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 $250.03 that results
in a total initial monthly amount owed of $677.73. 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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