Hud-1 explained Form 2024

Hud-1 explained Form: What You Should Know

The form is intended to provide accurate values of all the amounts due under the contracts of sale. 1. Summary of Borrower's Transaction This form is furnished to give you a statement of actual settlement costs. 2. Amount Due This statement shows the amount you are responsible for paying to acquire title or to terminate the loan, which must be paid at least 10 days in advance of the sale of the property. 3. Interest rate, amount, and date. A. The interest rate is the annual interest rate or the annual percentage rate. This interest rate will be listed at the beginning of this statement. Interest Rate: (annual rate/year) B. The amount due on the loan is the total amount to be charged by the bank for the loan. This amount should never be negative, except in the event that you are to borrow money from the bank to pay for the closing costs. You will not, however, be obligated to pay what is called “premium,” which includes fees that are normally paid or will be paid by the bank as a result of your borrowing the money. However, you must pay your entire mortgage amount, including a prepayment penalty. Interest Rates B. A. Interest is computed at an annualized rate of 13.0 percent (for residential mortgages) or 10.00 percent (for nonresidential mortgages). The interest rate is expressed as a monthly rate, usually equal to a percentage of the principal. A fixed-rate mortgage will have the monthly payment adjusted monthly after a set date as a function of an interest rate (sometimes called an “index”). B. Interest is payable on both the monthly and the annual basis. A fixed-rate mortgage, for instance, will pay interest at an annual rate of 13.50 percent. Interest Rate: (annual rate/year) C. If there is not a purchase price deposit, this statement should be a copy of the current statement of the buyer. J. Buyer's Signature 1. If the buyer has no purchase price deposit included, this is his or her signature. 2. If the buyer has a purchase price deposit included, it is his or her signature. S. Date The date of the settlement statement. 3. Payment Method Date The date of the final payment of the amount due for the property. I. Property Address of the property. K. Amount of Property Value This is the total cost of the property at the time the mortgage was taken out.

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