TIL - Truth In Lending
The definition of mortgage term: Truth In Lending
A Federal law implemented in 1968 by the Federal Reserve. The law dictates that the APR, terms of the loan, and total cost to the borrower must be disclosed to the borrower before extending credit.TIL applies to all credit including mortgages, auto loans, and credit cards. TIL may also refer to the form used to disclose the required information.
Go back to the Mortgage Terms page to learn more!