by 
The Curious Bag
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When a borrower refinances his home, he is required to fill out a variety of paperwork and disclosures. The type and the amount of disclosures vary based upon the type of mortgage purchased.
Significance
With a conventional loan, a borrower fills out an average of 20 pages of disclosures. For a government loan, such as a VA, FHA or USDA loan, a borrower fills out more than 40 pages of disclosures.
Function
A borrower fills out refinancing and mortgage disclosures to help him understand the complexities of the mortgage he is purchasing.
Types
Mortgage disclosures include a Good Faith Estimate, a Truth in Lending Disclosure and a copy of the Equal Credit Opportunity Act.
Time Frame
Initial disclosures must be given to the borrower within three days of application. Any changes to the initial disclosures must be given to the borrower three days prior to closing.
Considerations
Many borrowers simply sign mortgage and refinance disclosures without reading them first. A borrower should read everything prior to signing to ensure that he is not getting into the wrong deal.
Source:
FederalReserve.gov: A Consumer's Guide to Mortgage Refinancing
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