Your Edmonton Mortgage Broker will provide you with a copy of the HUD-1 Uniform State Final at least 24 hours before you sign the mortgage loan documents at closing. This document states the actual dollar amounts you will pay for the various charges and services related to the closing of your mortgage loan. Your closing costs can normally vary from 3% to 7% of the mortgage loan amount, so it is important that you keep these costs in mind and ask about them.
This statement includes a section that compares the Good Faith Estimate charges to the HUD-1 charges. The purpose of this section is to determine whether actual HUD-1 closing charges are within permissible limits as to how much certain charges may change in relation to the charges specified in the Good Faith Estimate. If the charges are excessively high , You will need to contact your loan agent for corrections.
The HUD-1 Uniform State also indicates the date and time of closure. In many cases, the closing takes place in a property title company or in an escrow office. The escrow agent is an impartial third party in the transaction, who will be able to answer general questions about the terms of your mortgage loan, but will not be able to provide legal advice.