March 31, 2015 12:51PM
In light of the Consumer Financial Protection Bureau’s“Know Before You Owe” mortgage rule coming in affect in August, the CFPB released a new toolkit to guide consumers through the process of shopping for a mortgage and buying a home.
“The new mortgage disclosure forms coming in August will help consumers comparison shop for mortgages and avoid surprises at the closing table. We are releasing this toolkit well in advance of the effective date to help the mortgage industry come into compliance with the new rules,” said CFPB Director Richard Cordray.
The toolkit, which can be found here, provides a step-by-step guide to help consumers understand the nature and costs of real estate settlement services, define what affordable means to them and find their best mortgage.