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.
It specifies the rate which will be charged in case of late payment.
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.