What is a HUD-1?
The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement. In transactions that do not include a seller, such as a refinance loan, the settlement ...
- Mortgages
Mortgages
It’s simple: You want to own a home. But we know the finances can be much more complicated than that. From adjustable rate mortgages to home equity lines of credit, ask CFPB your questions about mortgages. Find a question by searching, or by browsing this complete list. Select topics on the side to narrow your results.
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What is the most important thing for me to do when I get my closing papers?
Carefully review all documents that you receive at or before the closing to make sure that the terms of your mortgage have not changed. For example, compare the closing cost items listed on your Good Faith Estimate (GFE) to those ...
What happens if I walk away at closing on my first home instead of accepting the loan? Do I have to sign the documents at the closing of my first home purchase?
You do not have to sign anything unless you are satisfied with the terms. You should never sign anything if you do not understand the terms or if you cannot pay back the loan.If you are borrowing money to buy ...
Can I change my mind after I sign the loan documents for my second mortgage or refinance? What is the "right of rescission" or “three-day cooling off period?”
Even after you sign your mortgage documents, you may be able to change your mind. With most refinance mortgages, the right of rescission gives you three extra days to reconsider whether you want to use your home to guarantee repayment ...
How long do I have to rescind? When does the right of rescission start?
Unless you waive your right of rescission, you have until midnight of the third business day after the transaction to cancel the contract. The first day after all three of the following events occur counts as day one:You sign the ...
What are daily interest charges?
Daily interest charges show the charge due at settlement for any daily interest that will accrue on your loan for the period between the date of settlement and the first day of the period covered by the first scheduled mortgage ...
What is a “closing”? What happens at the closing?
The “closing,” also called “settlement,” is when all the parties sign the documents and you become legally obligated under the terms of the transaction. If you are purchasing a home with loan proceeds, the closing of your loan (the time ...
Do I need an attorney at the closing?
Depending on what state you live in, you may not be required to have an attorney at the closing. However, it may be a good idea to have an attorney represent you at closing or at least be available to ...
What papers should I get at or before loan closing?
At closing, or before you go to closing, you should receive: A HUD-1 Settlement statement, which should show all of the costs of your loan, as well as who will be receiving payments from the loan. You will receive the ...
What do I do if the terms of the loan are not what I was promised?
You do not have to sign anything at closing unless you are satisfied with the terms. If you are borrowing money to buy a home, you likely have a contract with the seller. That contract may limit the amount of ...
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