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Your Home Loan Toolkit
Buying a home is an important financial decision that should be considered carefully. The Consumer Financial Protection Bureau (CFPB) is a federal agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. The CFPB has created a Mortgage Toolkit to help you become familiar with the various stages of the home-buying process, including deciding whether you are ready to buy a home, and providing factors to consider in determining how much you can afford to spend.
This toolkit will help you become familiar with how interest rates, points, balloon payments, and prepayment penalties can affect your monthly mortgage payments. By using this toolkit as a guide you will know the most important steps you need to take to get the best mortgage for your situation, you’ll better understand your closing costs and what it takes to buy a home, and you’ll be given the tools to be a successful homeowner.
Using this toolkit as your guide will help you avoid the pitfalls and help you achieve the joys of home ownership.