Under the act, what must be stated to the borrower if a rate is disclosed?

When a rate is disclosed under the New Jersey Residential Mortgage Lending Act, it is essential to inform the borrower about their right to demand re-disclosure of the rate and points. This requirement ensures transparency and protects the interests of the borrower. If the borrower experiences any changes or concerns regarding the terms of the mortgage, they have the right to request revised documentation that reflects any new information or terms related to their loan.

This aspect of the act emphasizes the importance of keeping borrowers well-informed throughout the lending process, particularly concerning any changes that may occur after the initial disclosure. By granting borrowers the right to re-disclosure, the act supports better decision-making and allows borrowers to fully understand the financial implications of their mortgage agreement.

While other options may relate to aspects of lending practice or borrower rights, they do not align specifically with the disclosure requirements outlined by the act in regards to disclosed rates.