A Truth in Lending (TIL) statement can help you decide if a loan is right for you.  But making sense of the document is not easy.  A TIL disclosure statement is one of the more important documents in the mortgage process.  It is designed to help borrowers understand their borrowing costs in their entirety.  Federal law requires that lenders provide a (TIL) document to all loan applicants within three business days of receiving a loan application, disclosing all costs associated with making and closing the loan.  Some of the things you will find on a TIL are the annual percentage rate (APR), the finance charge, the amount financed, the total of payments, payment schedule and other disclosures.