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Closing tommorrow, just got HUD-1 form. Where the heck is my closing costs?

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mikes1984
New Member

Closing tommorrow, just got HUD-1 form. Where the heck is my closing costs?

Loan processor just emailed me the HUD-1 form and said my settlement costs are on the form.. Uhh, there are like a million different figures here.. Anyone familiar with this form can help me where on earth are the closing costs I need to have a check for?
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Mike_B03
Valued Contributor

Re: Closing tommorrow, just got HUD-1 form. Where the heck is my closing costs?

This page may be helpful...

 

http://www.drodio.com/expert-advice/what-is-the-hud-1-and-how-do-i-read-it

 

I've never seen a HUD-1 in person but looks like on the back side, line 1400 that says "Total Settlement Charges: Paid from Borrowers Funds at Settlement" is the amount you have to pay? That's how I am understanding it.

Message 2 of 3
StartingOver10
Moderator Emerita

Re: Closing tommorrow, just got HUD-1 form. Where the heck is my closing costs?

Actually, if you are looking at the HUD 1 you have, or should have 3 pages.

 

The first page is a summary of the purchase with the buyer (called borrower on the HUD1) on the left side. The total amount you are to bring or wire to the closing is at the bottom of page one on line 303.

The detail for your charges to close is on page 2, middle column labeled "borrower" at the bottom.

All your credits are on page one.

 

The third page is the comparison analysis between your GFE and actual closing costs.

 

EDIT to add info:  When you look at page 2, it can be confusing. All the line item descriptions are on the left for both buyer and seller. The buyer (borrower) charges are in the middle column and the seller charges are on the right.

 

For ease of reading, each line is numbered and grouped into a series (700's, 800's, 900's, 1000's and 1100's, 1200's and 1300's). Each group represents charges from the various parts of the transaction. For example, the lender charges are in the 800's and the items in the 900's are required to be paid in advance like homeowners ins. The reserves (also called impounds or escrows) are in the 1000's. Title charges and attorney fees are in the 1100's. Government fees and taxes are in the 1200's. Any other charge is in the 1300's. Everything is totalled on line 1400 and brought forward to page one. That figure is then listed in line 103 as "settlement charges" and added to your purchase price.

 

On page one, the 100's series are charges to you to purchase and in the 200's are all of the credits for the entire purchase. The last line: 303 is the net amount you either bring to closing or what you get back if your credits are more than the charges.

 

Ask your LO or title agent or Realtor to go over everything with you so you understand each and every charge before you go to closing.'

 

Have fun tomorrow! Its a big day Smiley Happy Congratulations!

 

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