Day 3 Flashcards
1
Q
Truth-in-Lending Act (TILA)
A
A U.S. federal law passed in 1968 requiring lenders to give borrowers a disclosure statement containing information related to the cost of obtaining credit. The APR and other terms of the mortgage loan are located on this statement.
2
Q
Co-Signer
A
A person who signs a credit application with another person. Each person agrees to be equally responsible for the repayment of the loan.
3
Q
Co-Borrower
A
An additional person who is listed on the title and also responsible for loan repayment.
4
Q
Tangible Net Benefit
A
The advantage a client gains
