Thread: Life Best place to get a Loan?
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Old 01-20-2010, 11:53 AM   #3
chiefs1okie chiefs1okie is offline
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Join Date: Nov 2003
Location: Tahlequah, Oklahoma
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Quote:
Originally Posted by Great Expectations View Post
Actually the Truth-in-lending (TIL) statement takes the fees from the GFE and gets you the annual percentage rate (interest rate adjusted to reflect extra fees associated with the loan). This allows you to compare apples to apples when deciding on a mortgage and not try to wade through all the BS.
We could argue this back and forth forever, fact is the TIL does not break down the amount financed to let the consumer know where he could negotiate better fees, costs, or originations etc. etc. A TIL is a snapshot of the total amount financed period. Payment, term, % rate, and total of payments over the term.
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