Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 8
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48the environmental condition of the home for your own safety.
You could also be financially liable for the clean-up of any
environmental hazards.
Sharing of Expenses
You need to negotiate with the seller about how expenses related to the
property such as taxes, water and sewer charges, condominium fees,
and utility bills, are to be divided on the date of settlement. Unless you
agree otherwise, you should only be responsible for the portion of these
expenses owed after the date of sale.
Affiliated Businesses
When you are shopping for your home and your mortgage, a settlement
service provider may refer you to its affiliated business.
Affiliated business
arrangements exist when several businesses are owned or controlled by a common
corporate parent. When a lender, real estate broker, builder, or others refer you to
an affiliated settlement service provider, RESPA requires that the referring party give
you an Affiliated Business Arrangement Disclosure. Except under certain
circumstances, you are generally not required to use the affiliate and are
free to shop for other service providers.
You should shop around to
determine that you are receiving the best service and rate.
Builders
If you are buying a newly constructed home, a builder may offer you an
incentive or “deal” if you select its affiliated mortgage company or other settlement
service business. You should shop and compare interest rates and other settlement
charges before entering a contractual agreement to use these affiliated companies.
V. Shopping for a Loan
Your choice of mortgage lender or broker, as well as type of loan itself, will
influence your settlement costs and your monthly mortgage payment. You may find a
listing of local lenders and mortgage brokers in the yellow pages and a listing of rates
in your local newspaper. You may also wish to search the internet for lenders and
brokers and their advertised rates. You can ask your family and friends about loan
originators they have used and recommend.
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