You’ll be required to pay your closing costs and down payment at the settlement. It’s important to know before closing date how much money you’ll need at closing.
Within three business days of receiving the loan application RESPA requires the lender to give you a Good Faith Estimate of closing costs, which lists the charges the buyer is likely to pay at settlement. This is only an estimate and the actual charges may differ. Go to our page Closing Costs to see a list of the costs and fees you can expect to pay at closing.
The HUD-1 Settlement Statement is a standard form that shows you the actual amount of money you’ll need to bring to closing. RESPA allows the borrower to request to see the HUD-1 Settlement Statement one day before the actual settlement.
Let the lender know that you will want to see the HUD-1 Settlement Statement before closing and question any amount that you do not understand. It is also advisable to review all the documents you will need to sign prior to the closing date.
