Question:

With a mortgage refinance Good Faith Estimate helps or not?

Answer:

When refinancing good faith estimate will be needed to shop the best mortgage refinance loan. You could use the loan APR but the refinance good faith estimate will help you get better idea what costs may be. To find the best refinance collect GFEs from different lenders until you are satisfied with the costs.

The refinance good faith estimate fees are likely to differ from the final fees. To avoid too much discrepancy, ask for preliminary HUD-1 statement when the closing date approaches. There still will be differences compared to the final HUD-1 statement, but not as big as on the good faith estimate.

The Good Faith Estimate and Truth In Lending disclosure statement should be sent to you within three business days after submitting your refinance application.

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