A change in leadership at the Consumer Financial Protection Bureau (CFPB) may have affected supervision and enforcement areas of the bureau, but it apparently has not changed consumer education functions.
A blog post released Friday by the CFPB encourages potential homebuyers to sign up for a weekly CFPB newsletter called Buying a House.
“Are you trying to decide if you should keep on renting or take the plunge and buy a place of your own?” New Media Specialist Nicole Shea wrote. “Have you decided how much you need to save for your downpayment? Do you know what paperwork and financial information you will need to be ready to close on your new home?”
The goal, the blog post says, is to provide tools and education for homebuyers during the mortgage process.
“Whether you are just starting to think about buying a house or you are counting down the days until you move in, our Buying a House newsletter will connect you with the tools and resources you’ll need to navigate the homebuying process, compare loan offers, and shop for a mortgage,” Shea wrote.
The newsletter ties in with the bureau’s Buying a House page, which includes a credit report checklist and spending tracker for the first stage of the process, and documents explaining loan options and interest rates as buyers compare options.
Included in this section are links to resource material originally posted under then-Director Richard Cordray. One of the primary focuses was contacting at least three lenders to compare mortgage options.
The third stage comes after making an offer on a home to compare loan offers, including interest rate comparisons and an explainer of Loan Estimates. In the closing stage, the page features a closing checklist, an explainer of the Closing Disclosure and a guide to closing forms.
“Sign up today, and share with a friend who may be interested!” Shea wrote in the blog.
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