HUD-1 Statement - Summary of Borrower's Costs (Section 800 - 1000) Lender fees, Items Paid in Advance & Escrows
800. Items Payable in Connection with Loan - Amount correspond for the GFE (good faith estimate) and can not be greater or the lender is obligated to provide a credit to "cure" the disparity
801. Our origination charge $ (from GFE#1) - This is the fee associated with getting a mortgage from your broker or lender. It is the amount before any adjustments are made for your interest rate.
802. Your creditor charge (points) for the specific interest rate chosen $ (from GFE#2) - Depending on your loans’ interest rate, your origination charge may have increased or decreased.
803. Your adjusted origination charges (from GFE A) - This is your final origination fee, after adjustments have been made to your interest rate.
804. Appraisal fee to (from GFE#3) - Your lender will need to determine how much your house is worth, so they can confirm it’s worth the purchase price. The fee to have the home’s appraisal conducted will be included in this line item.
805. Credit report to (from GFE#3) - Lenders run a credit-check to review your financial history. This fee is associated with running that report.
806. Tax service to (from GFE#3) - Lenders may hire a tax service to ensure property taxes are paid on time by the homebuyer. It’s a form of protection for the lender or broker.
807. Flood certification (from GFE#3) - It’s important to determine if your new house is sitting in a flood zone, so this service fee is paid to determine your house isn’t at risk.
808. Other Fees
900. Items Required by Lender to Be Paid in Advance - As part of your closing costs, there may be some monthly or annual payments that must be paid in advance.
901. Daily interest charges from to @$ /day (from GFE#10) - The interest you owe on your loan in between your closing date and your first mortgage payment is listed here.
902. Mortgage insurance premium for months to (from GFE#3) - If your down payment is less than 20% of your home’s purchase price, you’ll typically be required to have mortgage insurance. If it applies, your monthly mortgage payment would be listed here.
903. Homeowner’s insurance for years to (from GFE#11) - Typically, you’ll be required to purchase one year’s worth of homeowner’s insurance when you buy a home. This is something you’ll purchase on your own.904. Other Fees
1000. Reserves Deposited with Lender - An escrow account is a reserve that can be used to cover any unexpected increase in your monthly tax or insurance payments. Your lender holds these reserves until your home is paid off.
1001. Initial deposit for your escrow account (from GFE#9) - This is the sum all of the items listed below. The items below are determined by multiplying each monthly payment by the number of months of reserves the lender would like to have in your escrow account.
1002. Homeowner’s insurance months @ $ per month $ - This section will total the homeowner’s insurance portion of your deposit, by multiplying your monthly payment by the total number of months you’ll be required to pay in advance
1003. Mortgage insurance months@$ per month $ - This section will total the mortgage insurance portion of your deposit, by multiplying your monthly payment by the total number of months you’ll be required to pay in advance.
1004. Property taxes months@$ per month $ - This section will total the property tax part of your deposit, by multiplying your monthly payment by the total number of months you’ll be required to pay in advance.
1005 - 1006 - Other fees
1007. Aggregate Adjustment - This will highlight any adjustments that need to be made in order for the total of the above items to equal the amount on line 1001.
Comments(0)