Current Mortgage Rates

Friday, March 19, 2010




Glossary of Terms

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Federal Truth-In-Lending Form

The federal truth-in-lending form is a document that the lender is required to provide before closing. This form discloses key terms of the mortgage and all the borrowing costs and fees that are involved. The federal truth-in-lending act is designed to protect consumers and provide a uniform manner of calculating and presenting the terms of mortgages so that consumers can compare interest rates and costs on other loans to find the best deal. Prior to the federal truth-in-lending disclosure form, borrowers were often taken advantage of because comparing one loan to another was virtually impossible. The federal truth-in-lending form is designed to help you make informed financial decisions.