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Points Explained |
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What are morgage points and when, if ever, does it make sense to pay them? |
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Learn More |
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Fees Explained |
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What are the 'real' costs of my Morgage? This will help explain exactly where your money is going -
and where it shouldn't be going...
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Learn More 
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Morgage Glossary |
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Become an informed borrower by familiarizing yourself with common terms used throughout the morgage process...
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About The Morgage Truth in Lending Act
The Morgage Truth in Lending Act of 1968 is a federal law that serves to protect consumers in loan transaction by requiring the disclosure of important costs and terms of a loan transaction. It is a statute within the Consumer Credit Protection Act and the regulations therefrom are often referred to as 'Regulation Z'.
The intention of the 'Morgage TILA' is to create a standardized method of comparing loans as well as disclosing and quantifying the total costs. It further gives consumers additional rights such as the right to cancel a signed loan on your home as long as it's within 3 days of signing the documents ('Morgage Right of Rescission') as well as providing means for the fair & timely resolution of many credit disputes. Additionally it sets limits on the cost and interest rates morgage lenders may charge.
Here are some key features:
Requires initial disclosures (such as the Good Faith Estimate) and periodic statements be provided to consumers
Right to Rescind within 3 days of signing a loan on your Primary Residence
Imposes advertising restrictions on Lenders (such as prohibiting lenders from claiming tax benefits with a certain type of loan)
Requires the disclosure of the 'Annual Percentage Rate' as well as determining the calculation from which the 'APR' will be derived
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