Home Loan Disclosure Act

The Home Loan Disclosure Act is a regulation that requires lenders to clearly inform borrowers about key details of a mortgage loan, such as interest rates, total costs, and payment terms. Its purpose is to promote transparency, allowing consumers to compare different loan options and make informed decisions. The act ensures that lenders provide disclosures in a straightforward manner, helping protect borrowers from hidden fees or confusing terms. Overall, it aims to foster fair lending practices and empower consumers with the information needed to choose the best home financing options.