Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 3
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
48I.
Introduction
The Real Estate Settlement Procedures Act (RESPA) requires lenders and
mortgage brokers to give you this booklet within three days of applying for a
mortgage loan.
RESPA is a federal law that helps protect consumers from unfair
practices by settlement service providers during the home-buying and loan process.
Buying a home is an important financial decision that should be considered
carefully. This booklet will help you become familiar with the various stages of the
home-buying process, including deciding whether you are ready to buy a home, and
providing factors to consider in determining how much you can afford to spend. You
will learn about the sales agreement, how to use a Good Faith Estimate to shop for
the best loan for you, required settlement services to close your loan, and the HUD-1
Settlement Statement that you will receive at closing.
This booklet will help you become familiar with how interest rates, points,
balloon payments, and prepayment penalties can affect your monthly mortgage
payments. In addition, there is important information about your loan after
settlement, including how to resolve loan servicing problems with your lender, and
steps you can take to avoid foreclosure. After you have purchased your home, this
booklet will help you identify issues to consider before getting a home equity loan or
refinancing your mortgage. Finally, contact information is provided to answer any
questions you may have after reading this booklet. There is also a Glossary of Terms
in the booklet’s Appendix.
Using this booklet as your guide will help you avoid the pitfalls and help you
achieve the joys of home ownership.
3
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