Panama City Real Estate | Information for Buyers
HUD Information for Buyers
Panama City Real Estate | Panama City Beach Real Estate
The information provided on this page is subject to change without notice.
HUD-1 Settlement Statement
Your Settlement Costs
Specific Settlement Costs
HUD Settlement Charges deals with the settlement services which you may be required to get and pay for and which are itemized in Section L of the HUD-1 Settlement Statement.
When shopping for settlement services, you can use this section as a guide, noting the possible services required by various lenders and the different fees quoted by service providers.
Settlement costs can increase the cost of your loan, so shop and compare wisely.
700. Sales/Broker's Commission: This is the total dollar amount of the real estate broker’s sales commission, which is usually paid by the seller. This commission is typically a percentage of the selling price of the home.
L. SETTLEMENT CHARGES
|700. TOTAL SALES/BROKER’S COMMISSION based on price $ @ %=||PAID FROM BORROWER’S FUNDS AT SETTLEMENT||PAID FROM SELLER’S FUNDS AT SETTLEMENT|
|Division of Commission (line 700) as follows:|
|701. $ to|
|702. $ to|
|703. Commission paid at Settlement|
Items payable in connection with load | Loan Charges
800. Items Payable in Connection with Loan: These are the fees that lenders charge to process, approve and make the mortgage loan:
801. Loan Origination: This fee is usually known as a loan origination fee but sometimes is called a "point" or "points." It covers the lender's administrative costs in processing the loan. Often expressed as a percentage of the loan, the fee will vary among lenders. Generally, the buyer pays the fee, unless otherwise negotiated.
802. Loan Discount: Also often called "points" or "discount points," a loan discount is a one-time charge imposed by the lender or broker to lower the rate at which the lender or broker would otherwise offer the loan to you. Each "point" is equal to one percent of the mortgage amount. For example, if a lender charges two points on a $80,000 loan this amounts to a charge of $1,600.
803. Appraisal Fee: This charge pays for an appraisal report made by an appraiser.
804. Credit Report Fee: This fee covers the cost of a credit report, which shows your credit history. The lender uses the information in a credit report to help decide whether or not to approve your loan and how much money to lend you.
805. Lender's Inspection Fee: This charge covers inspections, often of newly constructed housing, made by employees of your lender or by an outside inspector. (Pest or other inspections made by companies other than the lender are discussed in line 1302.)
806. Mortgage Insurance Application Fee: This fee covers the processing of an application for mortgage insurance.
807. Assumption Fee: This is a fee which is charged when a buyer "assumes" or takes over the duty to pay the seller’s existing mortgage loan.
808. Mortgage Broker Fee: Fees paid to mortgage brokers would be listed here. A CLO fee would also be listed here.
|800. ITEMS PAYABLE IN CONNECTION WITH LOAN|
|801. Loan Origination Fee %|
|802. Loan Discount %|
|803. Appraisal Fee to|
|804. Credit Report to|
|805. Lender’s Inspection Fee|
|806. Mortgage Insurance Application Fee to|
|807. Assumption Fee|
|808. Mortgage Broker Fee|
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