While Truth in Lending is a federally established form, it is not the clearest or best form in creation.
I think Tom is on re. what it is trying to say.
Another place to look at is APR vs. your note rate.
These two rates are different.
APR shows how much you are paying in closing costs to get your note rate.
You can look around to see if your APR is low enough, and if it is not, then maybe
you should talk to your loan officer to see if there are any "fat" fees, that can be eliminated or reduced.
Hope this helps,
Beachfront Realty, Inc.
Chase Mortgage Banker
Hope that helps.
Sorry, it's a typo. You are right. There is no 'NOT'. It says THERE IS NO GUARANTEE THAT YOU WILL BE ABLE TO REFINANCE TO LOWER YOUR RATE AND PAYMENTS.
Is this a standard disclosure on the Truth-in-Lending? I understand that no guarantee doesn't mean I can't, but for example, in the future if the rate drops significantly, can the lender turn down my refi request to lower the rate because of this disclosure?
ARe you certain the statement is "no guarantee that you will NOT be able to refinance..."
As we all know, two negatives equal a positive. Sounds like you may be able to refinance!
Most likely you have inserted one too many negtives, which would mean, as the 2008 crash demonstrated, the banks will promise and never deliver. DON"T PLAN ON REFINANCING AS A STRATEGY FOR THIS PURCHASE.