The Federal Reserve Board this week proposed new rules requiring lenders to provide home equity loan borrowers with more information about the cost of such loans.</br></br>In general, lenders would have to provide potential borrowers with a written explanation of the terms and conditions of the loan at the time of loan application and before any nonrefundable fee is collected.</br></br>For applications taken over the telephone, lenders would have three days to supply the required information.</br></br>The disclosures must include a full explanation of how the interest rate and monthly payments might change and the circumstances under which immediate repayment of the loan could be demanded.</br></br>Congress has prohibited lenders from unilaterally changing the terms of the loan after it has been taken out.