Using the Good Faith Estimate When Refinancing (Video)
By: Rosemary Rugnetta | March 4th, 2013
The GFE is only one piece of a group of disclosures that must be given to a borrower when submitting a refinance application. Using the Good Faith Estimate when refinancing will help a borrower make a final decision about the mortgage and whether it is a benefit to move forward.
The Good Faith Estimate holds a tremendous amount of information about the mortgage that is being refinanced and its final costs to the homeowner. For this reason, each time something is changed during the mortgage process, new disclosures, including a new GFE, are given because there may be changes to the fees involved.
When refinancing, homeowners can use the GFE in order to compare multiple quotes and offers from lenders, as well as, compare different loan products and terms. This video will explain more about how to use the Good Faith Estimate when refinancing and the laws in place to protect the homeowner.
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