UPDATE: Sadly when First American Title decided to absorb their brands in the greater Seattle area, including The Talon Group, they decided to remove many of the great videos Talon created leaving voids in several of my blog post. My apologies!
EDITORS NOTE: Although the HUD-1 Settlement Statment was modified in 2010 with the Good Faith Estimate, this video still is a good review of what to expect at your closing appointment.
The Talon Group has created another video. This one explains how to read your estimated HUD-1 Settlement Statement. This is the document that includes all of your costs, fees and credits involved with your real estate transaction.
Ideally, your Good Faith Estimate should correlate closely with your estimated HUD-1 Settlement Statement. I encourage borrowers to bring their good faith estimate with them to closing and (even better) request a copy of your estimated HUD at least 24 hours prior to your appointment at the escrow company. In order for your closer to be able to do this, the lender will need to provide them documents in a timely manner…and there's nothing wrong with that!
Watch for a new HUD and Good Faith Estimate that was just approved and will be in effect January 2010.