Truth-in-Lending Act (TILA)
Also called Consumer Credit Protection Act of 1969 or Regulation Z. A federal statute protecting buyers. The key provision is that both the dollar amount of finance charges and the annual percentage rate (APR) must be disclosed before extending credit. The finance charge includes a disclosure of the following: interest, finder and origination fees, discount points, service charges, credit report fees and other charges paid by the consumer directly or incident which are imposed as an incident to the extension of credit. The regulation also applies to all advertising seeking to promote credit. This advertising is required to include specific information. The intent of Congress was to assist consumers with their credit decisions by providing them with specific required disclosure and does not attempt to establish minimum or maximum interest rates or other charges.
Popular Real Estate Terms
An organized group of ethical behavior guidelines governing the day-to-day activities of a profession or organization. ...
Individual or business transferring a right or benefit to another person or business. ...
Founded in 1942 and located in Washington DC, the NAHB has 155,000 members with 824 local groups. Its membership consists of single, multifamily and commercial home builders. The NAHB ...
Frame surrounding a door or window to block adverse weather. It may be made of wood, metal, or other material. The frame may be fixed or moveable. ...
A public area, or plaza with a series of walkways permitting pedestrians easy access to shops, stores and restaurants. Modern malls are often enclosed enabling all weather access. Malls are ...
An acronym stating the real estate is the I.D.E.A.L. investment. Each if the five letters in IDEAL stands for an advantage to real estate as an investment. "I" stands for interest ...
Under a FHA-insured mortgage, both the property and the borrower must meet certain minimum standards. The borrower is charged an insurance fee of one-half percent on the unpaid balance and ...
Drain facility usually underground for waste and water disposal consisting on connected pipes. ...
Person or entity that has title or a right to something which is typically being held. Examples are real property, corporation, and personal property. Ownership of property may be held by ...
Have a question or comment?
We're here to help.