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Understanding Your HUD-1 Statement
The Things You Need to Know about the HUD-1 Statement Form
The HUD-1 settlement statement accounts for all of the charges and credits that are incurred in obtaining a mortgage loan. It is a standard form used to itemize fees and services charged to the borrower by the mortgage lender or broker when someone is purchasing or refinancing real estate.The HUD-1 also shows detailed seller charges and credits too. The term HUD is an acronym for Housing and Urban Development. The HUD-1 form may also be referred to as a “settlement statement” or “closing statement”.
Another term or acronym used in conjunction with the HUD-1 is GFE which stands for “Good Faith Estimate”. The GFE is provided at the time of the initial loan application. The Good Faith Estimate is later shown again on the HUD-1 form and illustrates the amounts initially estimated by the lender. It is used to compare these initial estimated amounts with the final HUD figures.
ENTITLE DIRECT is Here to Help
At ENTITLE DIRECT, we believe our clients should enter their closing informed of the closing costs and be completely aware of the exact amount of funds needed to close the transaction.
To assist our customers, we provide a draft HUD-1 Settlement Statement that is constantly updated as new closing cost information becomes available. This provides our customers with the ability to remain completely informed of the progress during the transaction.
At the bottom of this page is a link to a blank HUD-1 Settlement Statement. We encourage you to call one of our Closing Specialists so you can better understand every aspect of this document. Buying or refinancing a home is likely the most important financial transaction you will have. At ENTITLE DIRECT, we will make sure you have all of the knowledge needed to ensure you understand every aspect of the transaction. Our Closing Specialist will be there every step of the way.