When you are purchasing a home, you will get a HUD-1 generally a day or so prior to closing. Your mortgage company is required by law to give this to you 24 hours prior to closing, although sometimes an unfamiliar lender will not meet that deadline. (You have the right to put off the closing if you don’t feel comfortable with not getting 24 hours to review the HUD-1).
The HUD-1 statement is your settlement statement. It serves as your final accounting of all the costs associated with your home purchase. It is a standard form produced by the US Government Housing and Urban Development (HUD). You will want to save this statement for future reference and provide a copy to your tax accountant in the year you close your home.
Prior to getting a HUD-1 your lender should have provided you with a good faith estimate on the cost of buying your home. I will also provide you my estimate. You can compare these good faith estimates with your final HUD-1 settlement statement. The numbers should be fairly close, although the original is an estimate only. If there is a significant discrepancy you will want to consult with your lender prior to closing.
First up is a video produced by HUD that explains the closing process and the HUD-1 settlement statement.
Below is an excellent video produced by an out-of-state title company that explains the HUD-1 statement. While there are a few differences in Oklahoma, for the most part the information is applicable here.