Truth in Lending Disclosure Statement

[jenniferkmd]

What is the name of your state? Maryland

The lender cannot seem to get the amounts right on this disclosure statement. The interest rate stated is lower than what is actually being charged in the monthly amount. The total amount financed is not correct and the total finance charge is incorrect. The payment amount and number of payments is correct with the agreement. I asked for the document to be corrected, but it is still wrong. This is a 15 year fixed rate mortgage loan.

The loan has not funded, they are waiting for me to sign this document. How important is this document? Should I force them to correct it a second time?

 

[HomeGuru]

What is the name of your state? Maryland

The lender cannot seem to get the amounts right on this disclosure statement. The interest rate stated is lower than what is actually being charged in the monthly amount. The total amount financed is not correct and the total finance charge is incorrect. The payment amount and number of payments is correct with the agreement. I asked for the document to be corrected, but it is still wrong. This is a 15 year fixed rate mortgage loan.

The loan has not funded, they are waiting for me to sign this document. How important is this document? Should I force them to correct it a second time?

**A: do not sign until the info on the documents are correct. This includes TIL, HUD-1, mortgage , mortgage note etc.

 

[MortgageGuru]

Are you well acquainted with how to read the Truth in Lending disclosure? Are you sure you aren't mistaking the APR for the Interest Rate? The link below is from a quick Google search. It may help shed some light on your situation.
http://www.cra-nc.org/cons1.htm