Buying real estate can be exciting! It can also be confusing and feel overwhelming when trying to figure out the costs associated with the purchase. The Consumer Financial Protection Bureau has put out a new tool kit this week that hopes to help home buyers become smarter mortgage shoppers.
“This tool kit is a great resource for consumers navigating the home buying process, and will help consumers make well-informed decisions about the biggest financial transaction of their life,” says CFPB Director Richard Cordray. “The new mortgage disclosure forms coming in August will help consumer’s comparison shop for mortgages and avoid surprises at the closing table. We are releasing this tool kit well in advance of the effective date to help the mortgage industry come into compliance with the new rules.”
The new tool kit, which includes interactive worksheets and checklists, aims to help home buyers understand the costs of a real estate transaction, defines what affordability could mean to them, and provides tips on how to shop for the best mortgage.
It’s a good idea to ‘know before you owe’, check out the link.