Best place to get a Loan?

[Bill Lundberg]

Originally Posted by chiefs1okie

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.

There is a box on every TIL labeled "Amount Financed". I get what you're saying though and you're both right to a certain extent. There are varying degrees of "Best Deal". Someone can give you a lower interest rate and charge you a point in origination and their APR may look lower, but you will pay an extra 1 percent of your loan amount in closing costs. Is that the best deal for you just because you got the lower rate? Maybe, maybe not, it depends on your situation, the effect on your monthly payment and how long you intend to be in the house.

Sample TIL attached.