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Consumer finance agency offers new tools, regulations to help homebuyers

Closing-disclosure-blogBuying a home is a difficult consumer project.

First, you need to pick out a home that meets your needs, not an easy task. Then, you have to go through the intricacies of financing.

The Consumer Financial Protection Bureau offers a new web tool to help consumers at the different steps of home buying.

You can find out how much interest you’ll pay under different mortgage terms, compare interest rates, obtain a closing checklist, and learn about closing forms.

On Oct. 3, the Good Faith Estimate and Final Truth in Lending and HUD-1 Settlement Statement forms will be replaced by the bureau’s new disclosure forms, the Loan Estimate and the Closing Disclosure.

The Closing Disclosure is a five-page form that helps you understand the key features, costs, and risks of your mortgage loan. It needs to be provided to the consumer three days before closing, and if there are changes during the 72-hour period, the closing could be delayed.

“This toolkit 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,” said Richard Cordray, director of the bureau.

“The new mortgage disclosure forms coming in October will help consumers comparison shop for mortgages and avoid surprises at the closing table," Cordray said.

Copyright 2015, Rita R. Robison, Consumer Specialist

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