What does the Truth-in-Lending disclosure include? Fill in the blank:

• The annual percentage rate (APR) for the loan and total finance charges (finance charges are the cost of securing and paying off the loan)

• The property appraisal value and estimated closing date

• The borrower's employment history and credit score

• The lender's profit margin and internal risk assessment

What does the Truth-in-Lending disclosure include? Fill in the blank:

• The total amount of fees and the total interest that would be paid if the borrower made every payment on time for the full term of the loan.

• Only the principal amount borrowed.

• The borrower's credit score and employment history.

• A list of all possible lenders in the area.

What does the Truth-in-Lending disclosure include? Fill in the blank:

• The amount of the loan

• The borrower's credit score

• The property address

• The lender's annual profit

Which of the following is required to pay off the loan, including paying all of the interest?

• The total payments

• The monthly payment

• The prepayment penalties

• The loan amount

What information is included in the monthly loan payment? Fill in the blank:

• The amount of the monthly loan payment, the number of payments, and late fees.

• Only the interest amount for the month.

• The total loan amount to be repaid at once.

• The borrower's credit score and employment history.

Does the Truth-in-Lending disclosure include information about whether there are prepayment penalties?

• True

• False

What other important information is included in the Truth-in-Lending disclosure? Fill in the blank:

• Other important information about the terms of the loan

• The borrower's credit score

• The lender's annual profit report

• The borrower's employment history

What document do borrowers receive after applying for a mortgage that details the estimated interest rate, monthly payment, closing costs, and taxes and insurance?

• Loan Estimate

• Deed of Trust

• Promissory Note

• Appraisal Report

The Closing Disclosure lists all the costs and fees associated with closing a mortgage, as well as the terms and the monthly payment.

• True

• False

What is the purpose of the CHARM booklet provided to borrowers applying for an Adjustable-Rate Mortgage (ARM)?

• To educate borrowers on ARMs, including general information, how they work, types, cautions, glossary, and sources for more information.

• To provide a list of local real estate agents.

• To offer a detailed amortization schedule for fixed-rate mortgages only.

• To guarantee the lowest possible interest rate for the borrower.