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What Are Settlement Costs?

April 26, 2017costs lending loan Loans mortgage mortgages Refinance refinancing

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What Are Settlement Costs?

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There are settlement services which you may be required to get and pay for and which are itemized in Section L of the HUD-1 Settlement Statement. You also will find a sample of the HUD-1 form to help you to understand the settlement transaction. When shopping for settlement services, you can use this section as a guide, noting on it the possible services required by various lenders and the different fees quoted by service providers. Settlement costs can increase the cost of your loan, so compare carefully. 700. Sales/Broker’s Commission: This is the total dollar amount of the real estate broker s sales commission, which is usually paid by the seller. This commission is typically a percentage of the selling price of the home.