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Find Your LenderResources » What is the Truth in Lending disclosure
The annual percentage rate (APR) and total finance charges incurred over the life of the loan are disclosed in the truth in lending document. You will also find the total amount financed and the total of all payments for the loan in this disclosure. It is designed to protect consumers in their credit decisions by disclosing all key terms of the loan.
Some of the less obvious features of the truth in lending disclosure statement tell you if there is an adjustable rate, the type of insurance required for the transaction, if the loan is assumable, and if there is a pre-payment penalty for paying the loan off early. Along with the good faith estimate, you will want to pay close attention to this disclosure.
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