Understanding the HUD-1 Settlement Statement

Written by: FirstAm Editor on Mon, Jul 21, 2014

Understanding HUD top image

NOTE: This post was written before the CFPB's Integrated Mortgage Disclousre changes with TRID. The HUD-1 is now only used in very select types of transactions. Visit  http://www.firstam.com/ownership/transaction-disclosures/ for information about the new dsiclosures. 

If you’re looking to buy a home this summer, you’re not alone. In fact, warm weather, long daylight hours and school-free schedules make summertime the most popular time of year to buy a home. But before you head off to that open house, it’s helpful to become familiar with the forms and disclosures associated with your transaction.

The HUD-1 Settlement Statement is a standardized government form that you’ll receive at the close of your transaction. The HUD-1 is important because it outlines all the details of your transaction – and lets you know how much money you’ll be paying and/or receiving at closing. Although this form will be changing in 2015, as a current buyer it’s helpful to become familiar with the HUD-1 in its current form, as it may help you better understand your transaction. 

  

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Tags: Homebuyer and Seller Education

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