HUD-1 Form

The HUD-1 form is a document that is used to disclose all closing costs associated with a real estate transaction. It is completed by the settlement agent and is given to both the buyer and seller at the closing table. The HUD-1 form includes information such as the purchase price of the property, the amount of the down payment, the interest rate on the mortgage, the monthly mortgage payment, and all of the closing costs.

The HUD-1 form is an important document because it provides both the buyer and seller with a clear picture of all of the costs associated with the transaction. It is important to read the HUD-1 form carefully and to ask questions if anything is unclear.

Here is a more detailed explanation of the information that is included on the HUD-1 form:

• Purchase price: This is the amount of money that the buyer is paying for the property.
• Down payment: This is the amount of money that the buyer is putting down as a down payment on the property.
• Mortgage amount: This is the amount of money that the buyer is borrowing from the lender to finance the purchase of the property.
• Interest rate: This is the interest rate that the buyer will pay on the mortgage loan.
• Monthly mortgage payment: This is the amount of money that the buyer will pay each month on the mortgage loan.
• Closing costs: These are the fees that are associated with the closing of the real estate transaction. Closing costs typically include things like title insurance, appraisal fees, and attorney fees.

The HUD-1 form is a valuable tool for both buyers and sellers. It provides a clear and concise overview of all of the costs associated with a real estate transaction. By reading the HUD-1 form carefully, both parties can make sure that they understand all of the costs involved before they move forward with the transaction.