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How do I know what closing/settlement costs I'm responsible for?
Seller's closing/settlement costs are defined on the HUD-1 Settlement Statement
When & how do I get a copy of my HUD-1 Settlement Statement?
What closing/settlement costs will I have to pay?
Am I going to be on Escrow?
What happens on closing/settlement day?
States in the eastern half of the US
Who will be present at closing/settlement?
What documents will I sign at closing/settlement?
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101 Contract Sales Price
102 Personal Property
103 Settlement Charges to Borrower
106-112 Adjustments for items paid by seller in advance
120 Gross Amount Due From Borrower
200 Amount Paid by or in Behalf of Borrower
201 Deposit or Earnest Money
202 Principal amount of new loan(s)
203 Existing loan(s) taken subject to
Adjustments for items unpaid by sellers
210 -219 City/Town/County Taxes, Assessments, & more
220 Total paid by/for Borrower
300 Cash at Settlement from/to Borrower
301 Gross amount due from borrower (line 120)
302 Less amounts paid by/for borrower (line 220)
303 Cash From or To Borrower
400 Gross Amount Due to Seller
401 Contract Sales Price
402 Personal Property
406-412 Adjustments for items paid by seller in advance
420 Gross Amount Due To Seller
500 Reductions in Amount Due to Seller
501 Excess Deposit (see instructions)
502 Settlement charges due to seller (line 1400)
503 Existing loan(s) taken subject to
504 & 505 Payoff of first & second mortgage loan
Adjustments for items unpaid by seller
510 -519 City/Town/County Taxes, Assessments, & more
520 Total Reduction Amount Due to Seller
600 Cash at Settlement to/from Seller
601 Gross amount due to seller (line 420)
602 Less reductions in amounts due seller (line 520)
603 Cash To or From Seller
700 Total Real Estate Broker Fees
701 & 702 Division of commission line 700
703 Commission paid at settlement
801 Our Origination Charge
802 Your credit or charge (points) for the specific interest rate chosen
803 Your adjusted origination charges
804 Appraisal Fee to
805 Credit Report to
806 Tax service to
807 Flood certification to
808 VA Funding Fee
901 Daily interest charges from
902 Mortgage insurance premium for
903 Homeowner's insurance for
1001 Initial Deposit for your escrow account
1002 Homeowner's insurance
1003 Mortgage Insurance
1004 Property Taxes
1007 Aggregate Adjustments
1101 Title services and lender's title insurance
1102 Settlement or closing fee
1103 Owner's title insurance
1104 Lender's title insurance
1105 Lender’s title policy limit $
1106 Owner’s title policy limit $
1107 Agent’s portion of the total title insurance premium to
1108 Underwriter’s portion of the total title insurance premium to
1201 Government recording charges
1202 Deed / Mortgage / Release
1203 Transfer taxes
1204-1205 City/County/State tax/stamps
1301-1305+ Required services that you can shop for
103 Settlement charges to borrower
502 Settlement charges to seller
Our origination charge
Your credit or charge (points) for the specific interest rate chosen
Your adjusted origination charges
Government recording charges
Initial deposit for your escrow account
Daily interest charges
Your initial loan amount is
Your loan term is
Your initial interest rate is
Your intial monthy amount owed for principal, interest, & any mortgage insurance is
Can your interest rate rise?
Even if you make payments on time, can your loan balance rise?
Even if you make payments on time, can your monthly amount
owed for principal, interest, & mortgage insurance rise?
Does your loan have a prepayment penalty?
Does your loan have a balloon payment?
Total monthly amount owed including escrow account payments