mortgage contract-(truth-in-lending)

[chrisbill]

Iowa:
On the Truth-in-Lending disclosure statement, under prepayment' what does WILL NOT BE ENTITLED TO A REFUND OF PART OF THE FINANCE CHARGE mean? Does it mean that we would have to pay the entire finance charge even if we payed the loan early ( as if we took the whole time)?

 

[HomeGuru]

No, it means that if you payoff early you will not get a refund on the finance charges you already paid.