Finance
Regulation Z (Truth in Lending) requires that if any specific credit term is advertised, the advertisement must include all of the following EXCEPT:
AAPR
BDown payment amount if stated
CNumber and amounts of payments
DThe borrower's credit score✓ Correct
Explanation
Under Regulation Z, triggering terms (like down payment or monthly payment amounts) require full disclosure of all credit terms, but the borrower's personal credit score is not part of required advertising disclosures.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Math Concepts
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