Your lender is required by the Truth in Lending Act to provide you with a written statement listing all costs associated with your loan, including your financing terms. Moreover, it must be delivered to you before settlement of your closing. If you decide, based on the statement or any other reason, to back out of the loan, by law you have 3 business days from receiving the Truth in Lending statement, or your settlement (whichever one is most recent) to cancel the transaction. Remember to read carefully the entire Truth in Lending disclosure and make sure you understand all the information. It has all the details of the loan, finance charges, amount financed, payment schedule and APR (annual percentage rate.)
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