What does “total of payments” mean when getting a mortgage?
This number tells you the total amount of money you will have paid over the life of your mortgage. The “total of payments” is found on page 5 of the Closing Disclosure form in the “Loan Calculations” section. This total ...
What does “amount financed” mean when getting a mortgage loan?
The amount financed is the money you are borrowing from the lender, minus most of the upfront fees the lender is charging you. The amount financed is shown on page 5 of your Closing Disclosure under "Loan Calculations." For example, ...
What is a Truth-in-Lending disclosure for an auto loan?
The federal Truth-in-Lending Act (TILA) requires lenders and dealers to provide you with certain disclosures – before you sign your contract – that explain your auto loan’s costs and terms. When you’re purchasing a car or vehicle, TILA requires that ...
If you never received the Truth-in-Lending disclosure or the Notice of Right to Rescind from the lender and you were entitled to receive one, you may still be able to rescind your mortgage loan. However, you must take action during ...
How long do I have to rescind? When does the right of rescission start?
If you are buying a home with a mortgage, you do not have a right to cancel the loan once the closing documents are signed. If you are refinancing a mortgage, you have until midnight of the third business day ...
What is the most important thing for me to do when I get my closing papers?
Carefully review all documents that you receive before the closing to make sure that all the terms match what you are expecting and that you understand what you are going to be asked to sign. The CFPB has resources to ...
What documents should I receive before closing on a mortgage loan?
Before closing on a mortgage, you can expect to receive documents required by state and federal law and contractual documents. You can expect to receive various types of documents: Documents required by federal law These documents inform you of the ...
What is a Truth-in-Lending disclosure for certain mortgage loans?
A Truth-in-Lending Disclosure Statement provides information about the costs of your loan. For most mortgage loans where you are giving your home as collateral you will receive a form called the Loan Estimate instead of the initial Truth-in-Lending ...
