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F. Name and Address of Lender: The name and address of the lending institution goes in this box.  This is the financial institution or mortgage company that is making you the loan to purchase this house.

G. Property Location: The address of the new home goes here.  Normally, the property location and the borrowers address will be the same, but if an investor is purchasing a home to rent rather than live in, the addresses will be different.

H. Settlement Agent: The Settlement Agent is the person closing the loan for you.  Typically, this is a closing name.

           

Place of Settlement:

This is the address of the location where the closing is taking place.  It is normally the address of the Settlement Agent or could be a bank or mortgage company address, if the closing is taking place at the financial institution or mortgage company office location.

I. Settlement Date: This is the actual date of the closing.

J. Summary of Borrower’s Transaction: Just as the statement says, the left side of the settlement statement of “J” is always the “buyer’s” or “borrower’s” side of the statement.

100) Gross Amount Due from Borrower:


101) Contract Sales Price:  

This is actual selling price of the home.  It is the amount you agreed to pay for the home.


102) Personal Property:

It there is a value added to the purchase of a home for personal property, that was not included in the contract price, that amount would be shown here.


103) Settlement Charges to Borrower (line 1400):

The amount on this line is a transferred amount from line 1400 on Page 2 of the Settlement Statement.  We will discuss later how this amount is totaled.



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Table of Contents | Homebuyer Course Start Page | Find A Realtor | Budgeting To Buy a Home | Neighborhoods | Find Your First House | Inspect Before You Buy | Shop For a Mortgage Loan | Mortgage Home Loan Process | Credit Score and Credit Report | Home Mortgage Loan Closing | Being a Home Owner


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