HUD1 statement

"What is HUD1 statement? When should I get one?"

A HUD 1 is issued to you at time of close. This document provides the complete breakdown of all fees, rates, and monies that are coming in and out during the transaction.

Your broker should receive a copy of the HUD at least 1 day prior to closing to ensure all of the final numbers are accurate. You should also be able to receive a copy of it so you have a chance to review it yourself before actually having to sign it.

Always keep copies of your HUD 1 and other loan paperwork indefinitely. You may need it later to clear up title problems or other issues. Be sure to give a copy of your HUD 1 to your accountant to determine if some of the fees are tax-deductible.

If there are any discrepancies on your HUD-1 Settlement Statement, call your mortgage professional immediately. If you are refinancing on your primary residence, you have 3 business days to address and correct any errors.

The HUD-1 Settlement Statement contains numbered, lined items that account for every dollar spent in the loan transaction. The numbers of the lined items should correspond with the numbers of the lined items on the Good Faith Estimate that was provided to you in the start of the loan application.

» DISCLAIMER: The information contained in this article on 'HUD1 statement' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.