How Does the Truth in Lending Act Work?

Lenders must provide borrowers with a Truth in Lending disclosure statement. It has handy information like the loan amount, the annual percentage rate (APR), finance charges, late fees, prepayment penalties, payment schedule and the total amount you’ll pay.

The law also established a “right of recession” for certain types of home loans. It’s basically a cooling-off period that gives consumers three days to cancel their loans without any financial penalty.

TILA does not require institutions to loan money to specific applicants or regulate the interest rates they can charge. It just requires banks, credit unions and other lenders to clearly lay out what the terms of the loan will be.

Applying the Truth in Lending Act

The law covers most forms of consumer loans, whether they are closed end or open-end credit. Closed-end loans mean you get a set amount of money when the loan closes and must pay it back (with interest, of course). Think of mortgages or auto loans.

Open-end is money you can draw repeatedly, up to a pre-approved amount. Think of credit cards and lines of credit.

Though TILA does n
Read More...

Where Do I Start?

There are many ways to market in real estate, including:

• Website
  A website is a powerful marketing tool that can help generate leads, establish authority, and communicate your unique selling proposition (USP). You can optimize your website for relevant keywords to attract more visitors. You get a free website through your MnREIA membership. Be sure to take advantage of it! Check out the How-To Videos to set up Your Free Website Today: See Tutorial Videos Here!
  
  
• Social media
  Social media marketing can h
  Read More...

Last year, Dayton Police were able to send a Detective representative to speak with our members and guests about effective methods for protecting their property investments! 

One major concern from many members was that of "squatters", and Dayton Police had a lot of great information to share including these forms on their Right of Entry Program.  This program allows owner, co-owners, and property managers to assign permission for Dayton Police to enter the property when it qualifies under the circumstances and conditions listed in the program.   

Right of Entry Information Letter
  This form details the Right of Entry Program

Right of Entry Agreement
  This form give the actual permission for entry