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What Information Should Your Loan Officer Give You When Refinancing?

When refinancing your mortgage it may be possible that your loan officer is keeping information from you that could help you when shopping around for the best mortgage.

PRLog - Dec. 18, 2012 - MAPLE GROVE, Minn. -- Whether the purpose of refinancing is to take advantage of the Home Affordable Refinance Program, FHA Streamline or a cash out refinance, there is certain information that your loan officer should provide you with so you have the ability to shop around for a better refinance mortgage quote (http://www.newhomemortgagemn.com/refinance/refinance-mortgage-quote/).

By law, your loan officer is required to provide you with a Good Faith Estimate within 3 business days of submitting an application to refinance.  However, a good loan officer will also provide you with a copy of your application to review for any discrepancies and a copy of the Truth In Lending disclosure which lists your loans APR.  These items should be standard with each and every loan offer you receive.

HARP Refinance
Here is a list of items your loan officer should share with you after receiving findings back from either Fannie Mae or Freddie Mac for your HARP refinance...

1. Appraisal Waiver
2. Value Fannie or Freddie Gives for Your Property
3. Name of Private Mortgage Insurance Company if any
4. Private Mortgage Insurance Coverage Amount

FHA Streamline Refinance
Here is a list of items your loan officer should share with you after reviewing your file for a FHA Streamline refinance...

1. Current Payoff Balance (Your Loan Amount Can Not Exceed This Dollar Amount)
2. Mortgage Insurance Coverage Refund
3. New Mortgage Insurance Coverage (You May Qualify For Reduced Fees)

In addition to the items listed above, I go above and beyond by offering you

1. A Full Review Of Your Credit Report
2. A Free Comparable Sales Check if an Apprisal is Needed
3. A Full Review Of The Desktop Underwriting Findings
4. An Initial Fees Worksheet That Breaks Down All Costs of Refinancing

If you recieve a refinance mortgage quote (http://www.newhomemortgagemn.com/refinance/refinance-mort...) and don't recieve the minimum items listed above, chances are your loan officer is hiding something from you because they don't want you to shop around.  Granted, all loan officers believe they have the best mortgage rates and lowest closing costs avialable but only you can be sure you are recieving the best refinance by getting all the information you need to shop around.


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Contact Email:
***@newhomemortgagemn.com Email Verified
Source:Guardian Financial Inc
Location:Maple Grove - Minnesota - United States
Industry:Mortgage, Finance
Tags:refinance, Mortgage
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