Truth in Lending

The truth in lending is that the banks make a crap load of money off of you. If you have a $100,000 and you pay back $330,000 on over 30 years, where is the 6%? Well the truth is that you pay back thousands of percent in the first few years of your loan. I'm not saying that borrowing from a bank is bad, it is what it is. We wouldn't have the lifestyle in our country if money wasn't readily available.

The other truth is that most loan officers don't know how to fill out the form. So the intended use of the TIL or truth in lending is not even met in most cases. The idea of the TIL is that a consumer has the ability to compare mortgage rates side by side with different lenders. It really doesn't work the way it is set up now. You really need to do your homework and compare when you are looking for a mortgage.

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