what is a settlement statement for a mortgage

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What Is a Settlement Statement in Home Buying? Up until October 3, 2015, the Consumer Financial Protection Bureau required HUD-1 Settlement Statements to be provided to every buyer and seller when a real estate transaction was taking place, as well as to borrowers who were going through the refinancing process.

The HUD-1 Settlement Statement is a breakdown of the expenses home sellers and homebuyers incur in a real estate sale. The settlement statement gives both parties a full picture of the expenses.

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Answer: The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance. The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance.

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HUD 1 Settlement Statement The Mortgage Insider – The HUD-1 Settlement Statement (also known as a Closing Statement) is the document you sign when you close on a mortgage. Unlike the application, the HUD-1 is final so all the terms, costs, etc. will not change.

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What Is a "Settlement Statement?". Settlement charges: which includes the total fees paid to the real estate broker, fees paid to the mortgage lender (such as the origination fee, appraisal fee, credit report and flood determination fee), prepaid costs (such as mortgage interest, mortgage insurance and homeowner’s insurance),

When you refinance your home mortgage, Instructions for a HUD-1. require your lender to furnish you with a HUD-1 Settlement Statement at least 24 hours prior.

The settlement date and the closing date are both terms used in the real estate world to refer to the final date when you sign the final papers in the property purchase process. Both terms can be used interchangeably. At this final closing date you will sign the finalized documents for the purchase.

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