NEW YORK ( TheStreet) -- So-called "easier-to-use" mortgage forms are ready for prime time, as the Consumer Financial Protection Bureau has finalized rules making home purchase paperwork more user-friendly. The Wednesday announcement focuses on the agency's "Know Before You Owe" program, which educates mortgage consumers on payment options and fees or charges they may accumulate in the home purchase process. "Taking out a mortgage is one of the biggest financial decisions a consumer will ever make," CFPB Director Richard Cordray says. The new forms "improve consumer understanding, aid comparison shopping and help prevent closing table surprises for consumers."
homebuyers were better able to decide whether they can afford the loan, including the cost of the loan over time," the agency said in a statement.