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Question:

4. When will I find out how much money I need to bring to closing?

A. One week before closing.
B. Three days before closing
C. 24-hours before closing

Answer:

The answer is C. Under the federal law called The Real Estate Settlement Procedures Act or RESPA, consumers who ask are entitled to see the information available on the HUD-1 settlement statement 24-hours in advance of closing. However, the lender must approve the information on the settlement statement and may not give that approval until right before the closing. Therefore, the information is not always available 24-hours in advance. As soon as the title company receives the approved HUD-1 form from the lender, they will share it with you.

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