David Saks: Real Estate Practice : Lesson 2270

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 2270

                                                       #2270

This phrase, "If you have great credit your could get great loan terms", would red flag the requirement under the Truth In Lending Act or TILA.

True or False ?

Take your time. The solution is posted below the wildlife photo.

wildlife

A. False

This is a general statement because loan terms are not included in the body of the statement.

Disclosure of the finance charge and annual percentage rate would be required under TILA if loan terms were disclosed in the body of the statement.




David Saks



Time&Temp Memphis

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Comment balloon 6 commentsDavid Saks • July 15 2013 05:37AM

Comments

False is right there is a lot more to it then good credit. What about good credit and not present job. No loan.

Thanks David, have a great day.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 7 years ago

Thanks, Noah. Hope you have a fine day ahead. Always glad to hear from you. I'll be in class all day discussing title and mortgage issues with others at the board.

Posted by David Saks ((retired)) about 7 years ago

David what an awesome photo.  I agree with Noah, there are several pieces to the loan puzzle.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) about 7 years ago

TILA is a stickler for transparency. Thanks, Jennifer.

Posted by David Saks ((retired)) about 7 years ago
David - as much as the business has sought to clarify the terms, the truth is, they vary by lender and borrower, and can change to react to market conditions.
Posted by Carol Zingone, Global Realtor in Jax Beach, FL - ABR, CRS, CIPS (Berkshire Hathaway Home Services Florida Network Realty) about 7 years ago

They sure can, Carol. Thanks.

Posted by David Saks ((retired)) about 7 years ago

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