The Real Estate Settlement Procedures Act (RESPA) contains information regarding the settlement or closing costs you are likely to face. Within 3-days from the time of your mortgage application, your lender is required to provide you a "good faith estimate of settlement costs" (GFE) based on their understanding of your purchase contract. This estimate will indicate how much cash you will need at closing to cover prorated taxes, first month's interest, and other settlement costs.
RESPA requires lenders to give you an information booklet about settlement costs, written by the U.S. Department of Housing & Urban Development which address how to negotiate a sales contract, ways to work with professionals like attorneys, real estate agents, lenders, etc, and your given rights as a home buyer. It gives an example of the Uniform Settlement Statement used at your closing. You are entitled to see a copy of the statement 1-business day prior to closing indicating your final costs.
Company NMLS: 2540
CO: 2540 ● CT: MB-2540 ● FL: MBR2409
GA: 2540 ● MA: MB-2540 ● SC: 2540
201 S Biscayne Blvd 28th Floor
Miami, FL 33131
Phone: (800) 649-2420
MA- AS A BROKER, WE DO NOT MAKE, BUT ARRANGE LOANS
CT- MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR A MORTGAGE CORRESPONDENT LENDER