A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.
Your lender should provide you with the Truth-in-Lending (TIL) Statement within three business days of your loan application. This document outlines the costs of your loan, and it is given to you so you can compare the costs with those of other lenders. Among the costs listed:
-- The annual percentage rate (APR), which is the cost of your mortgage compiled as a yearly rate. It may be higher than the interest rate stated in your mortgage because it includes points and other costs of credit.
-- The finance charge.
-- The amount financed.
-- The payment amount.
-- The total payments required.
The lender is required to give you the final version of your TIL Statement at or prior to the closing meeting because it is possible that the APR calculated at your loan application will change at closing.
[ Back To Real Estate Glossary ]
BUYING? SELLING? LEASING? INVESTING?
We will PROTECT you!
Savannah Multi-List Service is a large Internet real estate site with thousands of homes for sale and rent with photos and descriptions. All listings on www.neighborhoodrlty.com are pulled directly from the Savannah Multi-List Service. Any mortgage information supplied on www.neighborhoodrlty.com is subject to credit approval. Mortgage rates are not guaranteed and use of any particular lender is not required. For certain bonuses and promotions specific lenders and/or closing attorneys may be required; all interested parties should verify this information before submitting an offer on any property. For all new construction listings, the builder may at any time, and without prior notice or explanation, exercise creative construction and/or variance. All prices are subject to change. Status of properties not guaranteed. Please check status prior to submitting offer. All information provided on www.neighborhoodrlty.com is deemed reliable but is not guaranteed and should be independently verified. Neighborhood Realty is not responsible for or liable for misinformation, typographical errors, misprints, or other errors. Neighborhood Realty does not discriminate based on race or color, national origin, religion, sex, familial status or handicap.
Real Estate Websites by iHOUSEweb, Inc. ®