What is a key outcome required under the Truth in Lending Act?

The Truth in Lending Act (TILA) was enacted to promote informed use of consumer credit by requiring disclosures about its terms and costs. A key outcome required under TILA is the transparency in borrowing costs to borrowers. This means lenders must provide clear and comprehensible information regarding the annual percentage rate (APR), total finance charges, payment schedules, and other fees associated with a loan, ensuring that consumers can make informed decisions about borrowing. This emphasis on transparency helps protect consumers from deceptive lending practices and allows them to compare different loan offers effectively.

Understanding this focus on transparency is crucial as it underscores the act's purpose of providing consumers with the necessary information to understand the full costs of borrowing, ultimately leading to more responsible borrowing and lending practices. The other options, while relevant to real estate and lending in their own ways, do not capture the primary objective of the Truth in Lending Act in the same manner.