What is a Truth-in-Lending disclosure for certain mortgage loans?
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A Truth-in-Lending Disclosure Statement provides information about the costs of your loan.
For most mortgage loans where you are giving your home as collateral you will receive a form called the Loan Estimate instead of the initial Truth-in-Lending disclosure, and a Closing Disclosure instead of the RESPA HUD-1 Settlement Statement and the final Truth-in-Lending disclosures. The information provided is comparable to that provided by the Loan Estimates and Closing Disclosures.
You should receive Truth-in-Lending disclosures if you are shopping for a:
- Reverse mortgage
- Home equity line of credit (HELOC)
- Manufactured housing or mobile home loan not secured by real estate
- Subordinate loan through certain types of homebuyer assistance programs
If you are shopping for a reverse mortgage, you will also receive a Good Faith Estimate (GFE) and a HUD-1 Settlement Statement.