Closing Cost Guarantee: Actual Closing Costs will not exceed Estimated Closing Costs by more than $99, or We Pay the Difference!
Good Faith Estimate (GFE):
The GFE contains more than just estimates of closing costs. It also lists estimates for prepaid expenses, monthly payment, and cash to close. Estimates of closing costs and prepaid expense amounts can be cross referenced directly to the HUD-1 Settlement Statement, where the actual costs are recorded. Cross referencing the two documents is accomplished using the "line numbers" found on the HUD-1 Settlement Statement. The placement of some items may vary by section, depending on the lender choosen.


ESTIMATED CLOSING COSTS:

(Loan Fees: A list of possible types you could find under the 800# section of the HUD-1 Settlement Statement. Actual fees charged will vary by lender.)

Application Fee:

Appraisal Fee:

Assumption Fee:

Broker Fee:

Commitment Fee (Lender):

Courier (Broker):

Credit Report Fee:

Escrow Waiver:

Flood Certification Fee:

Lender's Inspection Fee:

Loan Discount:

Origination Fee:

Processing Fee:

Real Estate Tax Service Fee:

Servicing Release Premium:

Underwriting Fee:

Yield Spread Premium:

(Title Charges: A list of charges you could find under the 1100# section of the HUD-1. Actual fees charged will vary by lender and closing attorney.)

Settlement or Closing Fee:

Abstract or Title Search:

Title Examination Fee:

Title Insurance Binder:

Document Preparation:

Notary Fees:

Attorney's Fees Lender):

Attorney's Fees (Borrower):

Title Insurance (Lender coverage):

Title Insurance (Owner coverage):

(Government Recording & Transfer Charges: A list of recording fees, taxes, and stamps you could find under the 1200# section of the HUD-1.)

Recording Fees (Deed/Mortgage/Releases):

City/County Tax/Stamps (Deed/Mortgage):

State Tax/Stamps (Transfer):

State Tax/Stamps (Intangible):

Goergia Residential Mortgage Fee:

(Additional Settlement Charges: A list of miscellaneous items necessary to close the loan you could find under the 1300# section of the HUD-1.)

Survey/Plot:

Pest Inspection:

Courier (Closing Attorney):

Funds Wire:

Home Inspection (Borrower):


ESTIMATED PREPAID EXPENSES:

(Paid In Advance: A list of items required to be prepaid at the closing you could find under the 900# section of the HUD-1.)

Prepaid Interest:

Mortgage Insurance Premium:

First Year Hazard Insurance:

First Year Flood Insurance:

(Reserves: A list of items required to be escrowed at the closing you could find under the 1000# section of the HUD-1.)

Hazard Insurance:

Mortgage Insurance:

Property Taxes:

Annual Assessments:

Flood Insurance:


ESTIMATED MONTHLY PAYMENT:

Principal & Interest:

Hazard Insurance:

Mortgage Insurance:

Property Taxes:

Flood Insurance:


ESTIMATED CASH TO CLOSE:

Borrower's Estimated Closing Costs + Estimated Prepaids + Down Payment = Total Estimated Cash Required to Close

Less any credits for amounts already paid: Appraisal Fee + Credit Report Fee + Earnest Money = Net Estimated Cash Required to Close

Plus any Borrower Cash Reserves (i.e.,Monthly Payments) Required by the Lender = Estimated Cash Required for Approval.
Settlement Statement (HUD-1):
SECTIONS A THROUGH I:
These sections are biographical in nature (i.e., names, dates, places, etc.).


SECTION J. SUMMARY OF BORROWER'S TRANSACTION:

SECTION J/100, GROSS AMOUNT DUE FROM BORROWER:
This section summarizes the "USE" of the borrower's money; how much money the borrower needs for this transaction; how much this transaction will cost. In addition to the items preprinted on the HUD-1, you would find the payoff of the old mortgage, plus courier fees, in a refinance situation. Also, any Homeowner's Association initiation fees and prorations of seller prepaid dues are included here.


SECTION J/200, AMOUNTS PAID BY OR IN BEHALF OF BORROWER:
This section


SECTION J/300, CASH AT SETTLEMENT FROM/TO BORROWER:



SECTION K. SUMMARY OF SELLER'S TRANSACTION:

SECTION K/400, GROSS AMOUNT DUE TO SELLER:



SECTION K/500, REDUCTIONS IN AMOUNT DUE TO SELLER:



SECTION K/600, CASH AT SETTLEMENT TO/FROM SELLER:



SECTION L. SETTLEMENT CHARGES:
The charges appear under either the Borrower or Seller columns, depending on who is paying for the particular charge.

SECTION L/700, TOTAL SALES/BROKER'S COMMISSION:
Supporting detail section for Section


SECTION L/800, ITEMS PAYABLE IN CONNECTION WITH LOAN:
Please refer to the GFE, above, for an explanation of these detail amounts.

SECTION L/900, ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE:
Please refer to the GFE, above, for an explanation of these detail amounts.

SECTION L/1000, RESERVES DEPOSITED WITH LENDER:
Please refer to the GFE, above, for an explanation of these detail amounts.

SECTION L/1100, TITLE CHARGES:
Please refer to the GFE, above, for an explanation of these detail amounts.

SECTION L/1200, GOVERNMENT RECORDING AND TRANSFER CHARGES:
Please refer to the GFE, above, for an explanation of these detail amounts.

SECTION L/1300, ADDITIONAL SETTLEMENT CHARGES:
Please refer to the GFE, above, for an explanation of these detail amounts.

SECTION L/1400, TOTAL SETTLEMENT CHARGES:
The total of the Borrower's detailed Settlement Charges are entered in Section J/100. The total of the Seller's detailed Settlement Charges are entered in Section K/500.



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