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Document explained step by step
Net tangible benefit
A comparison used to document how a refinance may provide a clear benefit to the borrower.
When it appears
For certain refinances, depending on the program or applicable law.
What it is used for
Explains the financial reason for the change, such as payment, term, or loan structure.
What to review
Stated benefit, costs, new term, and how long it may take to recover costs.