When you apply for a mortgage refinance or purchase loan, the mortgage lender is required by law to provide upfront disclosures. In the upfront disclosures package, you will find, among other disclosures, the GFE (Good Faith Estimate) and the TILA (Truth in Lending Act).
The GFE Disclosure provides an estimate of settlement charges, a summary of the loan terms, and escrow account information while the TILA Disclosure provides information regarding the APR (Annual Percentage Rate), Finance Charge, Amount Financed and Total of Payments. Both the GFE and the TILA disclosures help protect consumers by illustrating the complete terms of a mortgage refinance or purchase transaction.
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