A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.
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Truth in Lending terms refer to the specific details that lenders must disclose to borrowers under the Truth in Lending Act. These include the annual percentage rate (APR), the total costs of the loan, payment schedules, and any fees or penalties associated with the loan. The goal is to ensure borrowers understand the true cost of borrowing before they commit to a loan.
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