You have determined what down payment you can afford, shopped for the best loan, and found the right home. Now it’s time to close your loan, but first you should fully understand the relevance of HUD-1 statements for mortgages in KC.
A HUD-1 statement itemizes the loan services you receive and the fees for those services. By doing so, a HUD-1 statement helps to provide a picture of the closing loan transaction and provides a complete list of incoming and outgoing funds to you and your lender. Any person who is buying, selling or refinancing a home will receive one. Lenders are required to disclose HUD-1 statements for all federally-related mortgages in KC.
This important form is filled out by the person who will conduct the settlement. The actual settlement will be conducted by one of the following:
In addition, there will be many documents that you will need to sign at closing. Once you have received a copy of the HUD-1, compare it to your good faith estimate.
There will be a variety of charges on your settlement statement, such as:
Make sure to carefully read and understand all papers before you sign them. Do not hesitate to ask your lender any questions you may have about your loan documents. Typically homebuyers seeking mortgages in KC will also have their settlement agent and real estate agent review it to make sure any errors are detected. You can request to see your statement up to one day prior to your settlement.
Putting a home into a trust may seem like an option reserved for older homeowners who have paid off their mortgage and have accumulated an estate, including assets such as a home, motor vehicles, various investments, boats, rental properties, furniture and even a vacation home. However, having a home that’s owned outright is not necessary […]
The start of a new year is often seen as the time to make major changes in life. While many people resolve to start hitting the gym, losing weight, reading more, or making a career change, others may decide to buy a new home in the coming months. That’s a great goal, one that can […]
Buying a home is one of the most exciting events in a person’s life. A new home can mean a new direction, a major step forward, the beginning of a family or just a fun opportunity to live in a new state, city or neighborhood. It’s also a complex task that involves several important steps. […]
