Mortgage Monday: Truth In Lending Act

Truth In Lending Act

What is the Truth in Lending Act, and how does it apply to me as a home purchaser?

The purpose of the Truth in Lending Act is to promote the informed use of consumer credit by requiring disclosure of its terms and costs. If the loan is on a consumer’s principal dwelling, there are restrictions and disclosures that need to be made and adhered to in strict conformity to the law.

To read more on the Truth in Lending Act visit the FDIC web page.

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