(Truth in Lending) Document which must be delivered to the borrower by the mortgage broker and lender. It includes the "Annual Percentage Rate", potential overall costs of the financing, potential monthly payments, prepayment penalty, penalty interest and further conditions.

Title insurance insures that the person who is selling the property owns it free and clear of any encumbrances. This includes liens, easements and rights of others in and to the property. The lender is protected by mortgage insurance and the purchaser is protected by owners' insurance. They can be purchased simultaneously at the closing.

(TIL) Document which must be delivered to the borrower by the mortgage broker and lender. It includes the "Annual Percentage Rate", potential overall costs of the financing, potential monthly payments, prepayment penalty, penalty interest and further conditions.