HyperLynx: Fundamentals of Purchasing a Home

Fotosearch_cb008926[1]I have been critical of the Consumer Finance Protection Bureau (“CFPB”) for many things, but providing good easy-to-understand information is not one of them.  The CFPB, or the “Bureau,” as they like to call themselves, reminds me of the stereotypical Catholic School nun, who was a great teacher…until you crossed her – and then she’d whack you across the back of your head with a stiff wooden yardstick. Of course, today, the Bureau’s version of the wooden yardstick is a huge fine, public humiliation, and a finger-wagging threat not to cross them again.

For the first-time home buyer, or virtually any purchaser who wants to learn more about the process, I’ve set forth a series of links below that may help. Most, but not all are from the CFPB.

There is a certain cosmic irony in the CFPB’s double-edged mission:

  1. To make the purchasing and financing process more understandable to consumers; and
  2. To also make it so complicated with layers of regulatory doublespeak that they are forever guaranteed of a job doing No. 1.

With the able assistance of HyperLynx, above, we have set forth the following resources:

1. Checking Interest Rates: http://www.consumerfinance.gov/owning-a-home/check-rates/

2.Understanding Points: http://www.consumerfinance.gov/askcfpb/136/what-are-discount-points-or-points.html

3. Understanding Mortgage Insurance: http://www.consumerfinance.gov/askcfpb/1953/what-is-mortgage-insurance-and-how-does-it-work.html

4. Understanding Closing Costs: http://www.consumerfinance.gov/askcfpb/139/what-are-closing-costs.html

5. What is a Good Faith Estimate (or Loan Estimate)? http://www.consumerfinance.gov/askcfpb/146/what-is-a-good-faith-estimate-what-is-a-gfe.html

6. Understanding Available Loan Programs: http://www.consumerfinance.gov/owning-a-home/loan-options/

7. What is “Conventional Financing’? http://www.consumerfinance.gov/owning-a-home/loan-options/conventional-loans/

8. What is an FHA Loan? http://www.consumerfinance.gov/owning-a-home/loan-options/FHA-loans/

9. What is a Department of Veteran Affairs (“DVA”) Loan? http://www.consumerfinance.gov/owning-a-home/loan-options/special-loan-programs/

10.What is a U.S. Department of Agriculture (“USDA”) Loan? http://www.rd.usda.gov/programs-services/single-family-housing-guaranteed-loan-program

11. What is an Oregon DVA Loan? http://www.oregon.gov/ODVA/Pages/index.aspx

12. I Need a Closing Checklist! http://www.consumerfinance.gov/owning-a-home/resources/checklist_mortgage_closing.pdf 

 13. What Forms Will I be Signing at Escrow? http://www.consumerfinance.gov/owning-a-home/resources/mortgage_closing_forms.pdf

There may be more links to add later, as the CFPB continues to enact rules and regulations clarifying and explaining the ones enacted in earlier months….  ~PCQ