What is "Truth in Lending" (TIL)?

It's required that mortgage lenders provide you with a Truth in Lending (TIL) Statement containing information on your loan’s annual percentage rate, finance charges, the amount financed, and the total payments required.

The TIL Statement may also contain information on security interest, late fees, prepayment provisions, and if the mortgage is assumable. If you have an adjustable rate loan, the statement may outline the limits on the adjustments, annual and lifetime caps, and give an example of what your next year’s payment may be depending on interest rates. For adjustable rate loans the total payments figure is estimated as a worst-case scenario. The figure reflects the payments you would make if your loan adjusted upward to the maximum rate allowed by annual and lifetime caps, and then stayed at that rate for the loan duration.

All loan approvals are conditional, not guaranteed and subject to lender review of all information. Loan is conditionally approved when lender has issued approval in writing, but until all conditions are met, loan cannot be funded. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. In California, This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025; NMLS # 135622. For state licensing information outside of California, click here. C2 Financial Corporation is approved to originate VA and FHA loans, and has the ability to broker such loans to VA and FHA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.

What is "Truth in Lending" (TIL)?

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