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How will I know how much my closing or settlement fees will be before the actual closing date?
When you applied for your loan, if you have one, you would have been given the Good Faith Estimate no later than three business days after your loan application was received. This would have given you an "estimate" of your closing costs. One business day before your actual closing, you are allowed to review a copy of your HUD-1 Settlement Statement. This is the actual, final statement of the settlement fees you will incur at closing. The HUD-1 statement will list these various fees, depending on your individual transaction: the sales commission, the loan origination fee, the loan discount points, the appraisal fee, the credit report fee, the assumption fee, any prepaid interest, the mortgage insurance premium, the first year's homeowner's insurance premium, the mortgage insurance escrow account, if any, the recording fee, the transfer tax, the property survey fee, the term it report fee, any homeowner's association fees, and any other fees specific to your particular purchase. If you do not have a loan, the closing agent will give you a settlement or closing statement to review prior to closing.
Copyright © 2009 Sandy Gadow. This article may not be resold, reprinted, resyndicated or redistributed without the written permission from Escrow Publishing Company.
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