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ANSWERS TO FREQUENTLY ASKED QUESTIONSABOUT TRUTH-IN-LENDING
Q: What is a Truth-in-Lending disclosure and why do I receive it?
A: The disclosure is designed to give you information about the costs of your loan so that you may compare these costs with those of other loans programs and lenders.
Q: What is the Annual Percentage Rate?
A: The Annual Percentage Rate (APR) is the cost of your credit, expressed as an annual rate. Because you may be paying a loan discount "Point(s)", and other 'prepaid finance charges' at closing, the APR disclosed is often higher than the interest rate on your loan. This APR can be compared to the APR on other loan programs to give you a consistent means of comparing rates and costs with other loan programs and lenders.
Q: Why is the Annual Percentage Rate different from the interest rate for which I applied?
A: The APR is computed from the Amount Financed and based on what your proposed payments will be on the actual loan amount. For example: in a $50,000 loan with $2,000 in Prepaid Finance Charges, your Amount Financed will be $48,000. Based on a 30-year loan term and a fixed interest rate of 12.000%, the monthly payments will be $514.31 (principal and interest only) and the APR will be 12.554%. While the monthly principal and interest payment is based on the entire loan balance of $50,000, the APR is based on the Amount Financed, and is slightly higher than your interest rate.
Q: What is the Finance Charge?
A: The Finance Charge is the cost of credit, expressed in dollars. It is the total amount of interest calculated at the interest rate, plus any Prepaid Finance Charges and any required mortgage insurance premiums charged over the life of the loan term.
Q: What is the Amount Financed?
A: The Amount Financed is the loan amount applied for, minus the Prepaid Finance Charges. Prepaid Finance Charges include items paid at or before settlement, such as loan origination points, discount points (fees), interim interest, or mortgage insurance premiums. The Amount Financed is lower than the amount you applied for because it represents a NET figure. If you applied for a $50,000 loan and the Prepaid Finance Charges was $2,000, the Amount Financed would be $48,000.
Q: Does this mean I will get a smaller loan amount than I applied for?
A: No. You will receive credit for the full amount of the credit you are approved. In the example above, the loan amount would be $50,000, not $48,000.
Q: What is the Total of Payments?
A: This figure represents the total amount you will have paid if you make your minimum monthly payments, when due, for the entire term of the loan. This includes principal, interest, and any mortgage insurance premiums. This does NOT however, include payments for real estate taxes or homeowners insurance.
Q: What is the Payment Schedule?
A: These figures represent the number and dollar amount of your individual monthly payments for the entire term of the loan. This includes principal, interest, and any mortgage insurance premiums. This does NOT however, include payments for real estate taxes or homeowners insurance.
Q: My disclosure says that if I pay the loan off early. I will not be entitled to a refund of part of the Finance Charge. What does this mean?
A: This means that you will be charged interest for the period of time in which you used the funds loaned to you. The Finance Charges disclosed is the Finance Charges for the entire life of the loan. If you pay off your loan prior to your Maturity Date, you will only be charged interest to the date in which you pay off the loan.
Q: Why am I receiving a Truth-in-Lending Disclosure from my Loan Originator and a lender?
A: Since your Loan Originator is taking your mortgage loan application, they are required by Federal Regulation to provide an Initial, or Preliminary, Truth-in-Lending Disclosure based on the initial loan terms you have requested.Since your loan application was submitted to a lender for consideration, and the lender will be the named lender on your Note, the lender is also required to provide you with a Prelinlinary Truth-in-Lending Disclosure.
Q: Why are the Annual Percentage Rate (APR), Finance Charge, Amount Financed, and Total of Payments different on each of my Truth-in-Lending Disclosures?
A: The Truth-in-Lending Disclosure you received from your Originator is based on specific loan terms and fees as disclosed to you when you submitted· your loan application. The fees and charges in connection with your mortgage loan application will be disclosed to you in the Good Faith Estimate (GFE), which was also provided to you by your Originator. Since the Truth-in-Lending Disclosure provided to you by your Originator is based on the specific loan term and fees as they described to you, their disclosure is more accurate. Since lender has not yet received your loan, they are not fully aware of the specific charges you may or may not be required to pay. The Truth-in-Lending Disclosure you received from a lender is only based on fees and charges generally charged on a mortgage loan with a lender. These fees and charges may or may not be charged in connection with your mortgage loan, or the amount may be different.
Q: What is a Truth-in-Lending disclosure and why do I receive it?
A: The disclosure is designed to give you information about the costs of your loan so that you may compare these costs with those of other loans programs and lenders.
Q: What is the Annual Percentage Rate?
A: The Annual Percentage Rate (APR) is the cost of your credit, expressed as an annual rate. Because you may be paying a loan discount "Point(s)", and other 'prepaid finance charges' at closing, the APR disclosed is often higher than the interest rate on your loan. This APR can be compared to the APR on other loan programs to give you a consistent means of comparing rates and costs with other loan programs and lenders.
Q: Why is the Annual Percentage Rate different from the interest rate for which I applied?
A: The APR is computed from the Amount Financed and based on what your proposed payments will be on the actual loan amount. For example: in a $50,000 loan with $2,000 in Prepaid Finance Charges, your Amount Financed will be $48,000. Based on a 30-year loan term and a fixed interest rate of 12.000%, the monthly payments will be $514.31 (principal and interest only) and the APR will be 12.554%. While the monthly principal and interest payment is based on the entire loan balance of $50,000, the APR is based on the Amount Financed, and is slightly higher than your interest rate.
Q: What is the Finance Charge?
A: The Finance Charge is the cost of credit, expressed in dollars. It is the total amount of interest calculated at the interest rate, plus any Prepaid Finance Charges and any required mortgage insurance premiums charged over the life of the loan term.
Q: What is the Amount Financed?
A: The Amount Financed is the loan amount applied for, minus the Prepaid Finance Charges. Prepaid Finance Charges include items paid at or before settlement, such as loan origination points, discount points (fees), interim interest, or mortgage insurance premiums. The Amount Financed is lower than the amount you applied for because it represents a NET figure. If you applied for a $50,000 loan and the Prepaid Finance Charges was $2,000, the Amount Financed would be $48,000.
Q: Does this mean I will get a smaller loan amount than I applied for?
A: No. You will receive credit for the full amount of the credit you are approved. In the example above, the loan amount would be $50,000, not $48,000.
Q: What is the Total of Payments?
A: This figure represents the total amount you will have paid if you make your minimum monthly payments, when due, for the entire term of the loan. This includes principal, interest, and any mortgage insurance premiums. This does NOT however, include payments for real estate taxes or homeowners insurance.
Q: What is the Payment Schedule?
A: These figures represent the number and dollar amount of your individual monthly payments for the entire term of the loan. This includes principal, interest, and any mortgage insurance premiums. This does NOT however, include payments for real estate taxes or homeowners insurance.
Q: My disclosure says that if I pay the loan off early. I will not be entitled to a refund of part of the Finance Charge. What does this mean?
A: This means that you will be charged interest for the period of time in which you used the funds loaned to you. The Finance Charges disclosed is the Finance Charges for the entire life of the loan. If you pay off your loan prior to your Maturity Date, you will only be charged interest to the date in which you pay off the loan.
Q: Why am I receiving a Truth-in-Lending Disclosure from my Loan Originator and a lender?
A: Since your Loan Originator is taking your mortgage loan application, they are required by Federal Regulation to provide an Initial, or Preliminary, Truth-in-Lending Disclosure based on the initial loan terms you have requested.Since your loan application was submitted to a lender for consideration, and the lender will be the named lender on your Note, the lender is also required to provide you with a Prelinlinary Truth-in-Lending Disclosure.
Q: Why are the Annual Percentage Rate (APR), Finance Charge, Amount Financed, and Total of Payments different on each of my Truth-in-Lending Disclosures?
A: The Truth-in-Lending Disclosure you received from your Originator is based on specific loan terms and fees as disclosed to you when you submitted· your loan application. The fees and charges in connection with your mortgage loan application will be disclosed to you in the Good Faith Estimate (GFE), which was also provided to you by your Originator. Since the Truth-in-Lending Disclosure provided to you by your Originator is based on the specific loan term and fees as they described to you, their disclosure is more accurate. Since lender has not yet received your loan, they are not fully aware of the specific charges you may or may not be required to pay. The Truth-in-Lending Disclosure you received from a lender is only based on fees and charges generally charged on a mortgage loan with a lender. These fees and charges may or may not be charged in connection with your mortgage loan, or the amount may be different.
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