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truth in lending
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passed in some countries, such as the Home
Act of 1968 and
Act of 1969 in the US. Under these laws a
must, clearly and conspicuously, reveal all the key details of a home mortgage or
. These details include (1) disclosure of
, (2) how these charges are computed, (3) under which conditions these charges are imposed, and (4) total of these charges expressed as a percentage of the
annual percentage rate (APR)
. Borrowers who mortgage their
are generally allowed a cooling off period (usually three days) to rethink the implications of the loan agreement and to
it if they so decide.
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truth in lending
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