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How the Truth in Lending Act Protects You When You Take Out a Mortgage

March 24, 2016 by Michael Addison

If you're planning to get a mortgage, it's critical that you know your rights under the law. The Truth in Lending Act (TILA) is a piece of federal legislation that governs how mortgage lenders can and cannot operate their businesses. So how does the Truth in Lending Act protect you, and what are your rights under this legislation? Here's what you need to know. Your Lender Must Give You A Timely Loan Estimate A Loan Estimate (previously known as a Good Faith Estimate) is a document your lender provides you that details information about what kind of a mortgage you've applied for. Your Loan Estimate includes terms such as your estimated monthly payment, your estimated interest rate, and … [Read more...]

Filed Under: Home Buyer Tips Tagged With: Home Buyer Tips, Mortgage Tips, The Truth In Lending Act

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