It's required that mortgage lenders provide you with a Truth in Lending (TIL) Statement containing information on your loan’s annual percentage rate, finance charges, the amount financed, and the total payments required.
The TIL Statement may also contain information on security interest, late fees, prepayment provisions, and if the mortgage is assumable. If you have an adjustable rate loan, the statement may outline the limits on the adjustments, annual and lifetime caps, and give an example of what your next year’s payment may be depending on interest rates. For adjustable rate loans the total payments figure is estimated as a worst-case scenario. The figure reflects the payments you would make if your loan adjusted upward to the maximum rate allowed by annual and lifetime caps, and then stayed at that rate for the loan duration.
Company NMLS: 1929983
Individual NMLS: 194398
www.nmlsconsumeraccess.org
Regulated by the Colorado Division of Real Estate.
1050 Tamarac Parkway
West Wing Suite
Woodland Park, CO 80863
Phone: (719) 205-0776
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