Reviewing the HUD Settlement Statement. Once the title company has received your final loan documents they will prepare a 2-page document called the HUD-1 settlement statement which is a concise breakdown of credits and debits to both the buyer and seller. Everything will be disclosed on this government form. This will also have the final dollar figure of what you are required to bring to closing to purchase the home less your Good Faith deposit which will be noted. Unfortunately, even with modern technology, this document is not always ready far in advance of the scheduled closing time. If there is an error, the lender will not provide the final approval and a delay could occur. Since you will most likely be making arrangements with you employer to attend closing, I recommend making arrangements for a wire of funds to the title company or going to the bank for a certified cashiers check for $500-$1,000 more than you anticipate. The title company will cut you a check back at closing for the overage if any. Once the settlement statement has been approved and is ready it will be emailed. Your lender and I are both available to review this document with you to make sure everything is correct and as you expected.

Tags: Buyer Resources, Buying Guide

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