The financial crisis we experienced during the end of the first decade of the 2000’s resulted in some positive changes for consumers. One of those was the creation of the Consumer Financial Protection Bureau (CFPB). This government agency was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act which was signed into law in July 2010. This agency both educates consumers and monitors various laws over providers of consumer financial products. The goal here being to protect consumers from unfair and deceptive financial practices.
As part of these duties, the CFPB has created a website for consumers that helps educate them, connect them with resources, and assist them in reporting and getting relief from abusive financial practices. One of the most recent of these resources is a complete suite of tools and information regarding owning a home.
When you access this part of the website, you can perform many tasks related to investigating the purchase of a home. You can check on current interest rates. You can learn about the various loan options such as Conventional, FHA, VA, and other loans. Terms related to the various loans are also explained. There are additional FAQ sections and even a checklist for closing on your home.
If you are thinking of purchasing your first home, refinancing your existing home, or just want to be a more informed consumer, then this is the tool for you. There are many other tools and resources at this site regarding personal finance and consumer protections, so be sure and check it out at consumerfiance.gov.
Buy – Sell – Invest