Ever Surprised by the Amount of Your New Mortgage Payment?

CONSUMER FINANCIAL PROTECTION BUREAU RELEASES NEW TOOLS AS PART OF “KNOW BEFORE YOU OWE” MORTGAGE INITIATIVE – NO MORE MORTGAGE PAYMENT SURPRISE.

Want to know what you mortgage payment will be before looking for a house or signing all the loan documents? Consumer Financial Protection Bureau (CFPB) has online tools as part of its Know Before You Owe initiative aimed at helping consumers navigate the mortgage process and avoid a mortgage payment surprise. The tools provide an interactive, step-by-step overview of the mortgage process, help home buyers decide how much they can afford to spend, and help consumers explore and use the new Know Before You Owe mortgage forms. Creditors will have to begin providing the new forms on Oct. 3, 2015, making it easier for consumers to understand mortgage options and comparison shop between multiple loan offers.

“Our new mortgage forms reduce the information gap between lenders and consumers, shedding light on a process that often feels like a mystery,” said CFPB Director Richard Cordray. “It is time consumers have more power in the mortgage process, and our new forms and online tools will help make that a reality.”

“Owning a Home” Tools
The CFPB launched “Owning a Home” as part of its Know Before You Owe mortgage initiative. These tools are designed to help everyone (experienced and new buyers) navigate the mortgage process and make decisions. Mortgages are very difficult to understand: there are different loan term, loan type and interest rate. Consumers also need to consider how much they can afford to spend on a home.
These tools include:

• Guide to the mortgage milestones.
• Monthly mortgage payment worksheet.
• Interactive sample of the new Know Before You Owe mortgage forms.
• Resources such as the closing checklist, a loan options guide and a tool to help consumers explore interest rates.

Additional tools or resources:

• Owning a Home
• Your Home Loan Toolkit
• Housing counselor locator: CFPB’s search tool.
• A Know Before You Owe mortgage initiative visual presentation with video, photos and others.

The post Ever Surprised by the Amount of Your New Mortgage Payment? appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.