As experienced Realtors, we understand how important it is for our clients to understand the due processes and associated costs with closing a real estate contract. Preventing surprises, both monetarily and legally, is something we aim to do from the very start of the process. Luckily, the ‘Know Before You Owe,’ initiative aims to educate consumers and give them a full understanding of the entire process. The Consumer Financial Protection Bureau (CFPB) and National Association of Realtors (NAR) released a new set of online tools to help consumers get better acquainted with what the ‘Know Before You Owe’ initiative means for them.
The new tools are intended to improve consumers understanding of the mortgage process, aid in comparison shopping and help prevent surprises at the closing table. The new rule changes go into effect on October 3rd and you can read more about this news and the initiative here. Knowledge is power, people!