Form To Sort Out Your Doubts about Free HUD 1 Settlement Form Template
Finding a Property
Finding a property in an urban area!! Need to fill a Free HUD 1 Settlement Form Template to complete the formalities regarding the loan, rent, costs involved in purchasing of property, etc.
Basically, HUD 1 Settlement Form Template was a form by USA Housing Urban Department which covers various formalities regarding property purchasing in an urban area in the USA.
This form is to be filled out by the broker who conducts settlement. There is a term GFE i.e. good faith estimate which is a reasonable estimate by the lender in the form and borrower has the right to compare the GFE & HUD-1 settlement.
In this article, the complete HUD-1 form is described in detail which will help you to understand the particular of the form.
- This form contains total three pages
- The First page contains following particulars
- Type of loan
- On the left side- detail of borrower of the loan
- On the right side- detail of seller
- Covers various charges applicable on the both parties
- Estimates of the loan amount taken by the borrower
- Disclosure of this page is mandatory, so there is no confidentiality
- The Second page covers settlement charges with following particulars
- Broker fees
- Charges related to the loan like credit, interest rate, tax charge,
- Charges to be paid in advance by the lender
- Deposits which are reserved with the lender like property taxes, Mortgage insurance premium,
- charges like stamp duty, taxes, etc.
- Additional charges
- Comparison of Good Faith Estimate and HUD-1 charges
- Charges which can vary
- The Third page covers all details regarding loan terms
- Loan amount
- Prepayment penalties
- Interest rate variations
In this way, it was all about the Free HUD 1 Settlement Form Template which is to be used by the brokers while settling any deal between lender and borrower.