Loan amortization consolidating mortgage loan company

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Rather, the borrower is simply charged interest periodically and is usually required only to make some minimum payment. The term credit sale means a sale in which the seller is the creditor. The apparent purpose of this provision was to alter the result in Myers v. Now, loans of various duration and interest rate variations are available to every home buyer. The Federal Reserve Board and the Federal Home Loan Bank Board have published a book entitled "Consumer Handbook on Adjustable Rate Mortgages " to help consumers understand the purpose and uses of adjustable rate mortgage loans. It does not require creditors to calculate their credit charges in any particular way. However, whatever alternative they use, they must disclose certain basic information so that the consumer can understand exactly what the credit costs.

Regulation Z applies to each individual or business that offers or extends consumer credit if four conditions are met: 1. The lease period must exceed four months, and the total contractual obligations must not exceed ,000, regardless of whether the lessee has the option to purchase the property at the end of the lease term.

There is an exception where credit is extended over the telephone or by the mails.

In those cases, a disclosure may be made after the fact.

That is, it includes any credit arrangement (either a consumer loan or credit sale) that does not fall within the definition of an "open end credit transaction".

Open end credit includes credit arrangements like revolving credit cards, where the "borrower" (that is the credit card holder) is not required to pay off the principal amount by any particular point in time.

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