TRUTH-IN-LENDING FORM

In addition to the Good Faith Estimate , a Truth-In-Lending  Disclosure must be signed.  This form spells out some of the terms of the loan.  It discloses pre-payment penalties, late fees and more specifically the APR, ACTUAL AMOUNT FINANCED and the FINANCE COST.

APR (Annual Percentage Rate):  This is NOT the rate at which you will repay the loan, but is a figure based on the rate quoted at the application plus the costs of financing the loan (points, application fee, etc.).  The payments will be based on the rate quoted at the application.   See APR.

Amount Financed:  If approved, we will provide you with the entire loan amount applied for.  At closing, you will receive the entire amount, and at the same time, you will pay your financing costs (points, application fee, etc.).   This amount reflects the estimated out of pocket cost paid by you to obtain the loan.

Finance Cost:  This is the interest you will pay if you hold this loan to term.

For more information, please call DAN PALUMBO at 1-800-817-8743.

Licensed Mortgage Banker - New Jersey Department of Banking and Insurance; Licensed by the Pennsylvania Department of Banking; Virginia Licensed Mortgage Lender