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Real Estate
Eileen M. Day realtor fcs
TRUTH IN LENDING
Have you wondered why classified ads for property sales are much longer than they used to be — especially when mortgage terms are spelled out? You can thank the FTC for that. It’s to protect the buyer from false or misleading advertising.
During the last few years when creative financing was at its peak, you could count over two hundred different types of mortgage variations available for financing a home. Given this vast number of mortgaging instruments and the complexity of each specific type of mortgage, it’s fairly easy to see how an over zealous copywriter, while attempting to simplify the condition for the layman, could in fact end up misleading the borrower.
The Truth-In-Lending Act is monitored by the FTC. For example it clearly stipulates that it is a violation of the law to advertise discounted mortgage rates without including the true annual percentage rate with all fees, points and extra charges included. The explanation may be a bit longer — but at least you know what the real cost is.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va 22747. Phone: 675-3400. We’re here to help.
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