Within 3 business days after completing the loan application, the lender must provide you with a “Good Faith Estimate”, or a “MLDS” in California, of the anticipated closing costs. Within the same 3 days, you will receive the federally required ‘Truth-In-Lending Disclosure’ statement showing the monthly payment.
The total cost of the loan is stated as an Annual Percentage Rate (APR). The APR represents the closing costs as a percentage rate through a very complex formula that very few understand. Pay attention to the costs and the rate that you are quoted or locked into.
Do you have more questions about the mortgage refinancing loan application process? Click on a question below to get the answers you need to make informed, educated financial decisions.
- How Should I Approach the Process of Applying for a Loan to Refinance My Mortgage?
- What Documents Do I Need to Have Available to Apply for a Loan?
- What Do Mortgage Lenders Look for in Loan Applicants?
- What Mistakes Should I Avoid in the Loan Application Process?
- Does My Credit History Effect My Ability to Get A Mortgage Loan?
- Does My Income Effect My Ability to Get A Mortgage Loan?
- What Happens After I Submit My Application?
- How Should I Approach Making a Down Payment and the LTV Ratio?
- Why Is Locking In My Interest Rate So Important?
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