Lemon Law Attorney
Consumer Saturday; Home Ads: Loan Costs An Issue
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Attorney General, Robert Abrams, is warning people in the market for homes and co-ops to beware of misleading advertising. His office surveyed 319 real estate advertisements in New York State newspapers this month and found that more than half did not make disclosures required by the Federal Truth-in-Lending Act. The act requires specific disclosures in advertising to assist consumers in choosing the most advantageous financing terms available. ‘’When ads hide the facts about the true cost of a loan,'’ Mr. Abrams said, ‘’prospective homebuyers are denied the opportunity to comparison-shop. We intend that real estate advertisers comply with the law.'’ Many ads did not include annual percentage rates, even though required by the Federal law, Mr. Abrams said. The percentage rate is required to reflect not only the simple rate of interest on a loan but also any extra costs at the time of closing, such as ‘’buyer points'’ or mortgage insurance premiums. The survey also said some advertisers did not disclose that the interest rate was variable and that the interest rate would eventually increase. Such disclosures can be important. For example, the difference in cost between 11 and 12 percent on a $100,000, 30-year mortgage is $76.29 a month, or more than $27,000 over the life of the loan. More : query.nytimes.com |
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