The Consumer Financial Protection Bureau ("CFPB") has added a new page to its website entitled, "Owning a Home". I recalled after taking a quick look at the new page that some concern has been expressed in the press that people are not shopping around enough for their mortgage needs and are taking whatever might be offered that is affordable. The new web page is apparently targeted at that concern.
The new CFPB web page is a very basic tutorial on buying a home, and more specifically, about getting a mortgage loan. The new page provides a link to check current interest rates. The page has a basic explanation of the various loan options available. The loan options that are mentioned are loan term, loan type (e.g., FHA, conventional, USDA, etc.), and interest rate type (i.e., fixed or adjustable). The page provides a closing checklist the first page of which is pictured below. The checklist does raise some points that might be missed so it would be worthwhile to print off a copy of that to stick in your desk as a quick reference. Finally the page contains an explanation of various loan documents. The documents mentioned include the HUD-1, the promissory note, the rescission notice, TILA disclosures, escrow disclosures and mortgage / deed of trust.
As I indicated it is a basic explanation of a very complicated process, and there is a link to a list of HUD approved housing counselors so that a means to a further explanation is provided.
Check out this web page if you have an opportunity. It will be interesting to see what transpires as of August 1, 2015 with this page when the new disclosure rules take effect.
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