Enhance security of mortgage with printable truth in lending form
Whenever people are thinking of moving to a new house, the thought of a huge investment enters their mind because buying a new house requires a lot of money. For getting a house loan, an asset needs to be kept as a mortgage. A free printable truth in lending form can prove to be extremely helpful to these people.
A truth in lending form is basically a form in a letter format which gives information about the cost of credit. It contains the details of mortgage payment and financing.
This form needs to specify the following details:
- Applicant and lender’s details:
The name and address of the applicant needs to be mentioned. Also, the lending party, which can be an organization or an individual, also needs to mention its details.
- Date and place of signing of the form:
It contains the venue where the form has been signed along with the date.
- Details of the amount:
This includes the amount which has been financed and its charge, percent rate, the sale price and the down payment amount.
- Payment schedule:
It mentions about the total number of payment and the amount which is due.
- Penalty:
It specifies the rate which will be charged in case of late payment.
- Signature:
The form needs to be signed by both the lender and the borrower.
A truth in lending disclosure is given twice: initially when a person is applying for a mortgage loan; the second and the final disclosure is given before closing. When you customize a free printable truth in lending form, be sure to include the annual percentage rate in it.
