Final answer:
According to the Truth in Lending Act (TILA), banks are required to provide a document called the Loan Estimate when getting a mortgage. This document includes important information such as loan amount, interest rate, monthly payment, closing costs, and total loan cost.
Step-by-step explanation:
According to the Truth in Lending Act (TILA), when getting a mortgage to buy a house or a condominium, banks are required to provide you with a document called the Loan Estimate. This document includes important information such as the loan amount, interest rate, monthly payment, closing costs, and the total cost of the loan over its lifetime. It helps borrowers compare loan offers from different lenders and understand the costs associated with the mortgage.
Learn more about The Truth in Lending Act (TILA) and mortgage documents