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.
Whether the purpose of refinancing is to take advantage of the Home Affordable Refinance Program, FHA Streamline or a cash out refinance, there is certian information that your loan officer should provide you with so you have the ability to shop around for a better 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 discrepencies 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 recieve.
Here is a list of items your loan officer should share with you after recieving findings back from either Fannie Mae or Freddie Mac for your HARP refinance...
- Appraisal Waiver
- Value Fannie or Freddie Gives for Your Property
- Name of Private Mortgage Insurance Company if any
- 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...
- Current Payoff Balance (Your Loan Amount Can Not Exceed This Dollar Amount)
- Mortgage Insurance Coverage Refund
- 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
- A Full Review Of Your Credit Report
- A Free Comparable Sales Check if an Apprisal is Needed
- A Full Review Of The Desktop Underwriting Findings
- An Initial Fees Worksheet That Breaks Down All Costs of Refinancing
If you recieve a refinance mortgage quote 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.