At last, you have closing date and you're holding your final settlement statement in your hands or looking at it on your laptop screen. So why are your eyes going crossed? Here are a couple things that you may be asking:
What are all These Numbers I'm Looking at?
The closing statement can be a little overwhelming, especially on a purchase transaction. Your loan originator would be happy to review this with you, but if you start with page 2, it can be helpful. This page breaks out all of the costs and prepaid items associated with your loan. You may see things that you paid for already marked POC (paid outside closing). The rest of the numbers should look similar to the Good Faith Estimate you were provided at the beginning of the process. Please note that numbers can change, and although we did our best to estimate the figures quite a few weeks ago, there are bound to be differences. Again, we are more than happy to explain things to you.
If I See a Mistake, How do I Get it Fixed?
From time to time, errors can be made on the HUD-1. If you see a credit or cost that you think may be wrong, call your loan originator and discuss it. There might be a simple explanation or fix if that is needed. If there’s something that needs corrected, we can call the title company and make the appropriate changes with them so everyone is happy with the HUD.