Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 21
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48VIII. Your Settlement and HUD-1
You have determined what you can afford, found the right house and shopped
for the best loan for you. After all the hard work, it is time to go to settlement, but
don’t forget to bring your GFE to compare with the charges listed on the HUD-1
Settlement Statement. It is a good idea to review your HUD-1 before your settlement.
Let your settlement agent and lender know that you want to receive a completed
HUD-1 at least one day prior to your settlement.
Settlement
Your settlement may be conducted by your lender or your title insurance
company, an escrow company, your attorney or the seller’s attorney. Regardless of
who performs the settlement, there will be many important documents that you will
need to sign. Make sure you carefully read and understand all the documents before
you sign them. Do not be afraid to ask the lender any questions you have about your
loan documents.
HUD-1 Settlement Statement
The HUD-1 Settlement Statement (HUD-1) is a form that lists all charges and
credits to the borrower and seller in a transaction. You have the right under RESPA to
inspect the HUD-1 Settlement Statement before settlement occurs. When you receive
a copy of the HUD-1, compare it to your GFE. Ask the lender questions about any
changes in fees between your GFE and the HUD-1. Your lender must reimburse you if
a closing cost tolerance was violated.
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