The Key Fact Statement (KFS)
Most borrowers think they’ve found a deal when they see a low interest rate, but that’s just the “Showroom Price”. The Key Fact Statement (KFS) is your regulator-mandated “Cheat Sheet” that reveals the “On-Road Price” of your loan.
- The APR Reveal: The KFS forces banks to disclose the Annual Percentage Rate (APR)—the real cost including processing fees and insurance.
- No More Tricks: As of April 2024, the KFS must be in a language you understand and cannot be hidden in fine print.
- The 3-Day Rule: You are legally entitled to a Minimum Evaluation Period to shop around before signing.
Watch this video to learn how to use the KFS as a weapon to make banks scramble for your business