A federal law obligating a lender to give full written disclosure of all fees, terms, and conditions associated with the loan initial period and then adjusts to another rate that lasts for the term of the loan.

The truth in lending is also known as regulation Z

If you are shopping for a mortgage, the truth in lending statement can provide a better comparison between lenders than the good faith estimate. The APR, listed on the truth in lending statement, tells you the cost of having that particular loan, and takes into account many of the items listed on the good faith estimate. However, if a loan officer chooses to lie about their fees on the good faith estimate, it will also affect the APR. For that reason, it is important to only work with someone you trust.

It is very important to read the truth in lending statement as the APR and amortization schedule will be clearly posted on this form. Any pre payment penalties will also be listed.

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