CFPB Launches Owning a Home Tool
January 13, 2015
The Consumer Financial Protection Bureau launched tools aimed at helping consumers make smarter decisions when obtaining a mortgage. Called “Owning a Home,” available tools as of now help consumers:
- Learn about your loan options: As consumers begin their home and mortgage search, this guide provides information on how to select the appropriate mortgage.
- Check interest rates: This tool provides a consumer the range of interest rates they should expect when shopping for a mortgage.
- Understand your closing forms: This tool helps consumers know what to look for in the closing documents before signing.
- Get ready for closing: A checklist to help consumers prepare for closing.
“Our new set of tools also offers an understanding of how lower rates translate into dollars saved,” CFPB Director Richard Cordray said in a speech Tuesday. “It can be hard to understand what an extra quarter or half percent of interest amounts to in actual dollars. So our tool makes it easy to compare different interest rates and to see how much they will cost.”
The CFPB said it plans to add other tools over the next year to help give consumers a comprehensive and comprehensible picture of the entire home buying process.
ALTA is in the process of redesigning and updating its consumer website, www.homeclosing101.org, ahead of the Aug. 1, 2015, implementation of the CFPB’s integrated mortgage disclosures.
Contact ALTA at 202-296-3671 or [email protected].