What will my loan really cost me?

Lenders are required by the Truth in Lending Act to disclose to you in writing all terms of your agreement, including the APR, payment terms, other charges, and information about variable interest, if applicable.

Typically, you’ll receive these disclosures with your application form, and any additional disclosures shortly afterwards. If anything changes before you close, the lender has to return any fees or charges you’ve already paid if you decide to back out of the transaction. The total of the interest rate, service charges, and insurance premiums is collectively referred to as the finance charge. The APR is the rate of interest you pay, per year.