Finance
In a Utah real estate closing, the HUD-1 Settlement Statement (or Closing Disclosure) is used to:
AEstablish the property's appraised value
BItemize all financial transactions between buyer, seller, and lender at closing✓ Correct
CRegister the property with HUD
DDocument the property inspection results
Explanation
The Closing Disclosure (formerly HUD-1 Settlement Statement) is a detailed financial accounting of the transaction, showing all debits and credits to buyer and seller, loan terms, and closing costs. It must be provided 3 business days before closing.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
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