Real Estate Law June 27, 2009

The Truth-in-Lending Act is designed to protect consumers from predatory lending practices by requiring advance disclosure of loan terms. The idea is to require lenders to inform consumers of the costs and terms of their loan in advance of closing so they will have an opportunity to shop for better loan terms and make informed credit decsions. The Good Faith Estimate provides an estimate of closing costs, including lender and broker-related fees, title fees, third party and government fees and the Truth-in-Lending Disclosure provides information on the cost of the loan (ie. APR).

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