Not Getting a Good Faith Estimate
Not getting a good faith estimate from the lender is another big mistake you cannot afford to make when refinancing a home in Arizona. Let me explain why…
So you’ve completed your AZ mortgage application and submitted it to the lender of your choice. Usually within a couple business days after getting your loan application, the lender will provide you with an estimate of the amount of money they will lend you and all the costs of setting up this new AZ Refi. This is called the “Good Faith Estimate.
The reason this is so important is because it helps you to look for hidden costs. Not all lenders (in my opinion and experience) always provide you with all the details of the loan when they are trying to sell you their service. The Good Faith Estimate (sometimes referred to as the GFE) has to, by law, provide you with all the costs and will therefore help you avoid paying extra fees, which you’ve committed to, but weren’t aware of.
Another reason this is so important is that if you are comparing different AZ Refinance companies, having the GFE’s allows you to do a true like for like comparison to make sure you are getting the best AZ Refi deal.
So don’t make the mistake of not getting this. If one is not provided automatically, make sure you ask for it.
