Costs of Settlement on a House

Costs of Settlement on a House


A house is probably the single largest credit purchase for
most consumers--and one of the most complicated. The Real
Estate Settlement Procedures Act, like Truth in Lending, is a
disclosure law. The Act, administered by the Department of
Housing and Urban Development, requires the lender to give you,
in advance, certain information about the costs you will pay
when you close the loan.

This event is called settlement or closing, and the law
helps you shop for lower settlement costs. To find out more
about it, write to:

Deputy Assistant Secretary for Housing Attention:
RESPA Enforcement
U.S. Department of Housing and Urban
Development 451 Seventh Street, S.W. Room 5241
Washington, D.C. 20410

Should you need to phone:
(202) 708-4560

A Federal Reserve pamphlet, entitled "A Consumer's Guide
to Mortgage Closing Costs," also contains useful information
for consumers.