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Truth in Lending Statement (TIL) Sample

Truth-In-Lending Form (TIL) Mortgage Loan Application Disclosure

Click here for sample Truth in Lending Statement (TIL)

The Truth in Lending Statement requires some further explanation.

Annual Percentage Rate (APR)

It is the yield to maturity on the Amount Financed when all components of the finance charges paid by you (for example, simple interest, origination fee, discount points, etc.) are considered. The simple interest rate is also indicated on Truth in Lending Disclosure Unless you have locked-in your interest rate, this simple interest rate may not be available to you when your loan is closed. The simple interest rate is the interest rate that will appear on your loan Note and will determine the amount of principal and interest portion of your mortgage payment.

Finance Charge

The Finance Charge represents the cost of credit as a dollar amount over the life of your loan. It includes all of the interest on your loan, certain charges imposed in connection with the extension of the credit, and any mortgage insurance premiums. It does not include any charges that would be payable in a comparable cash transaction (e.g., property taxes, recording fees,and settlement agent charges.

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