HUD or HUD1, defined

HUD or HUD1: When you refinance your mortgage, you will hear the term “HUD” or “HUD one” (HUD1) used. The HUD is just an itemized list of your closing costs (all expenses incurred on your new mortgage loan). Before new legislation was passed in 2010, the borrower needed to check their HUD1 carefully to be sure all of the fees and rates were exactly as originally quoted. It was common for mortgage companies to give borrowers a “closing cost” surprise and the borrower would not find out about it until they were at the closing table. Our competition, American Mortgage...