Where To Get Hud 1 Statement

What is where to get hud 1 statement?

When it comes to obtaining a HUD-1 statement, it is important to know where to find it. The HUD-1 statement, also known as the Closing Disclosure, is a document provided by the US Department of Housing and Urban Development (HUD). It is a standardized form that details the financial aspects of a real estate transaction, including the loan terms, closing costs, and other important information. To get a HUD-1 statement, you can visit the HUD website, contact your lender or closing agent, or consult a real estate professional who can guide you through the process.

What are the types of where to get hud 1 statement?

There are two main types of HUD-1 statements that you can obtain. The first one is the initial HUD-1 statement, which is typically provided to the borrower before closing on a property. This document gives you a detailed breakdown of the estimated closing costs and other financial obligations associated with the transaction. The second type is the final HUD-1 statement, which is provided at the closing of the real estate transaction. It reflects the actual costs incurred and any adjustments made during the closing process. Both types of HUD-1 statements are crucial in understanding and managing the financial aspects of a real estate transaction.

Initial HUD-1 statement
Final HUD-1 statement

How to complete where to get hud 1 statement

Completing a HUD-1 statement requires attention to detail and accurate information. Here is a step-by-step guide to help you complete this important document:

01
Gather all relevant financial information related to the real estate transaction.
02
Refer to the loan estimate and other documents provided by your lender for accurate figures.
03
Fill in the necessary sections of the HUD-1 statement, ensuring all information is correct and up-to-date.
04
Double-check all calculations and verify that all costs and fees are accurately reflected.
05
Review the completed HUD-1 statement with your lender, closing agent, or real estate professional to ensure its accuracy.
06
Sign and date the HUD-1 statement at the closing of the real estate transaction.

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Questions & answers

The HUD-1 lists all costs related to closing the transaction. Federal law requires the form to be used as a standard real estate settlement form in reverse mortgage and mortgage refinance transactions. Most buyers and sellers review the form with a real estate agent, attorney, or settlement agent.
In such case, the completed HUD-1 or HUD-1A shall be mailed or delivered to the borrower, seller, and lender (if the lender is not the settlement agent) as soon as practicable after settlement.
The settlement agent shall complete the HUD-1 to itemize all charges imposed upon the Borrower and the Seller by the loan originator and all sales commissions, whether to be paid at settlement or outside of settlement, and any other charges which either the Borrower or the Seller will pay at settlement.
A settlement agent, or closing agent, will prepare a HUD-1 settlement statement at the closing of a real estate loan. The final version will explicitly state all costs involved with the real estate loan and to whom the individual charges and fees will be paid to.
The settlement statement can be provided to the homebuyer and seller by the mortgage lender, settlement agent, title company or a real estate attorney. If you got your mortgage prior to October 2015, you received a HUD-1 settlement statement.
A HUD-1 or HUD-1A Settlement Statement is prepared by a creditor or, more typically, by the settlement agent who conducts the closing on the creditor's behalf.