Definitions for "Truth in lending"
Statutes which provide that accurate and understandable cost of credit information be provided to a credit customer.
A federal law that requires disclosure of total finance charges and the annual percentage rate for credit in order that borrowers may be able to shop for credit.
The Lender's requirement, usally within three days of loan application to disclose to you the ìannual percentage rateî. The APR reflects the cost of your mortgage loan as a yearly rate .This rate is generally higher than the note rate as it includes most loan costs.