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Old 08-29-2008, 01:28 AM
firefly firefly is offline
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Default Closing Document

I understand that in closing, a truth-in-lending document is involved. What is ti and what purpose does it serve?
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Old 08-29-2008, 01:36 AM
plato plato is offline
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The truth-in-lending statement also known as Regulation Z is signed by the buyer. It shows the amount financed and the complete cost of the loan over its entire term.
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Old 08-29-2008, 01:51 AM
fancy fancy is offline
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Just to add that this document also lists explictly the APR of the loan. The purpose of this document is to allow the buyer to understand and agree to exactly what he is getting into.
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Old 05-30-2010, 09:53 PM
two0426 two0426 is offline
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