The Truth-in-Lending disclosure document is Federally mandated mortgage disclosure which must be delivered to the borrower by law within 3 days of the loan application.

Truth-in-Lending Disclosure

Truth-in-Lending Disclosure contains a number of key terms of the loan applied for including the APR (Annual Percentage Rate), the note rate, discount fees, and other costs that you pay up front. Your mortgage note at closing will reflect the note rate not the APR.

Insider Usage

Mortgage industry folks refer to the Truth-in-Lending document as a “TIL” pronounced like ‘until’ without the ‘un’. When talking to industry folks use their vernacular to demonstrate a wider knowledge of the industry.

The other legally mandated mortgage disclosure is the Good Faith Estimate…click the link to learn more.

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