Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 17
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48Page 3 of the GFE
Page 3 of the GFE contains important instructions and information that will help
you shop for the best loan for you.
Understanding which charges can change at settlement
There are three different categories of charges that you will pay at closing:
charges that cannot increase at settlement; charges that cannot increase in total
more than 10%; and charges that can increase at settlement. You can use this as a
guide to understand which charges can or cannot change. Compare your GFE to the
actual charges listed on the HUD-1 Settlement Statement to ensure that your lender
is not charging you more than permitted.
Written list of settlement service providers
A written list will be given to you with your GFE that includes all settlement
services that you are required to have, and that you are allowed to shop for. You may
select a provider from this list or you can choose your own qualified provider. If you
choose a name from the written list provided, that charge is within the 10% tolerance
category. If you select your own service provider, the 10% tolerance will not apply.
Even though you may find a better deal by selecting your own provider, you
should choose the provider carefully as those charges could increase at settlement. If
your loan originator fails to provide a list of settlement service providers, the 10%
tolerance automatically applies.
17
ADVERTISEMENT
0 votes
Related Articles
Related forms
Hud Policy For Information Technology Strategic Planning Handbook - U.s. Department Of Housing And Urban Development - 2011
Legal
Hud Policy For Information Technology Management Handbook - U.s. Department Of Housing And Urban Development - 2011
Legal
Form Hud-2537 - Mortgagee's Application For Partial Settlement - Multifamily Mortgage - Office Of Housing Federal Housing Commissioner - U.s. Department Of Housing And Urban Development
Legal
Form Hud-302 - Hud Manufactured Home Monthly Production Report - Office Of Manufactured Housing Programs - U.s. Department Of Housing And Urban Development
Legal
Form Hud-21019 - Hud Headquarters Library Retained Loan Request - U.s. Department Of Housing And Urban Development
Legal
Form Hud-56001-mh - Credit Application For Manufactured (mobile) Home - U.s. Department Of Housing And Urban Development
Legal
Form Hud-40201 - Youthbuild Program Reports Part 10 Actual Costs (final Report) Form - U.s. Department Of Housing And Urban Development
Legal
Related Categories
Parent category: Legal