Buying a Home Will Never Be the Same

15170141882_2b9df036a4_zThanks to a new initiative that  began October 3rd, the process of buying a home was forever changed.

“Know Before You Owe” is the name the Consumer Financial Protection Bureau has given to changes in the procedure for buying a home, and specifically, in obtaining a mortgage. Federal financial reform legislation, known as the Dodd-Frank Act, directed the CFPB to improve the procedures for buying a home in the wake of the 2008 housing crisis. Know Before You Owe has been a focus of the agency since its creation.

Find out more at CBS Money Watch.

Photo courtesy of: Nan Palmero