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.
We offer the benefit of Wholesale Mortgage Rates with Exceptional Personal Service.
Company DRE# 01400067
Company NMLS# 235745
3940 Hancock Street, Suite 109
San Diego, CA 92110
Phone: (866) 310-4545
California Lending Company is a registered trademark of California Lending Company Inc.