Buying a home is an exciting milestone — but it can also come with challenges, especially if you’re a first-time homebuyer trying to understand all the steps in the mortgage process. At Waterstone Mortgage, it’s our goal to come alongside our customers, educating and informing you each step of the way — so you can feel empowered and confident to make the right mortgage decisions.
That’s also why we want to share the following resources from the Consumer Financial Protection Bureau (CFPB). The CFPB provides free homebuying tools and information that can help you make smart decisions and stay informed throughout your home purchase and mortgage approval processes.
Here’s a look at the top CFPB resources that every potential homebuyer should know about — and how they can complement your journey with Waterstone Mortgage.
Buying a House: Step-by-Step Guide
If you’re new to the homebuying process, start with the CFPB’s Buying a House guide. This comprehensive resource walks you through the process — from setting a budget to closing on your new home.
What You’ll Find:
- Interactive calculators to help you estimate monthly payments.
- Step-by-step checklists to stay on track throughout your journey.
- Red flag alerts to help you avoid common pitfalls and scams.
This guide is the perfect tool for first-time homebuyers who want to understand each stage of the home purchase process in clear, easy-to-follow language.
Explore Mortgage Interest Rates
Understanding how mortgage rates work is key to getting the best deal. The CFPB’s Explore Interest Rates tool shows you current average mortgage rates based on your credit score, down payment, loan type, and location.
How It Helps:
- See how your credit score impacts your rate.
- Compare average rates across loan terms (15-year vs. 30-year).
- Gain insight into what’s typical for borrowers with similar profiles.
Then, when you’re ready, your Waterstone Mortgage loan originator can provide a personalized quote based on your unique financial details and future goals.
Loan Estimate & Closing Disclosure Explainers
Your Loan Estimate and Closing Disclosure are two of the most important documents in the home loan process. The CFPB offers interactive explainers to help you understand each section and identify key details.
Check out these resources:
These guides will help you:
- Understand what each cost and term means.
- Catch unexpected fees or errors before closing.
If you choose to work with Waterstone Mortgage, our team will also walk you through your Loan Estimate and Closing Disclosure, ensuring you fully understand your home loan terms.
The CFPB Home Loan Toolkit
The CFPB Home Loan Toolkit is a free, printable booklet for mortgage borrowers. It contains helpful information such as:
- Budget worksheets to calculate what you can afford.
- Key questions to ask your lender before committing.
- Helpful tips for comparing mortgage loan options.
This toolkit is perfect for those who prefer to take notes and organize their homebuying checklist as they go.
It’s a perfect complement to our free, downloadable Mortgage Document Checklist, which will also help you prepare your paperwork before diving into the home loan process.
CFPB Resources for Veterans and Military Service Members
At Waterstone Mortgage, we’re proud to serve those who’ve served our country. Whether you’re purchasing a home with a VA loan or simply looking to strengthen your financial future, the CFPB provides a variety of military-specific resources to support you and your family throughout your career and beyond.
Here are some of the most valuable tools designed especially for service members and veterans:
- Military Financial Lifecycle: A roadmap that highlights major financial milestones and decisions throughout your military career — from enlistment to retirement. It also connects you with helpful financial tools and resources at each stage.
- AskCFPB: A searchable database with answers to hundreds of financial questions, including topics specific to service members and veterans, such as VA loans, SCRA protections, and managing finances during deployment.
- Financial Well-Being Questionnaire: A 10-question self-assessment that helps you measure your current financial health and provides actionable steps to improve it — designed with servicemembers and veterans in mind.
- Resources for Older Adults and Caregivers: Tools for maintaining financial security later in life. This includes the Elder Fraud Prevention Network Development Guide, which can help veterans and their families prevent scams and build fraud-prevention networks in their communities.
- Money Smart for Older Adults: A “train-the-trainer” resource developed with the FDIC to help prevent elder financial exploitation — including scams targeting senior-age veterans.
- Managing Someone Else’s Money: Guides for representative payees and VA fiduciaries who manage another person’s benefits, such as Social Security or Veterans Affairs checks.
- Servicemember Civil Relief Act (SCRA): An overview of the rights and protections available to active-duty service members, including interest rate reductions and protection from foreclosure.
- Military Lending Act (MLA): Information and tools (including the MLA Applicability Flow Chart) to help you understand protections that limit interest rates and fees on certain loans for covered military borrowers.
Both during and after your military service, these resources are designed to protect your financial security.
Making Informed Mortgage Decisions: How We Can Help
Whether you’re buying your first home or refinancing your current one, understanding the mortgage process makes all the difference. The CFPB’s free tools and guides can help you make informed decisions at every step.
At Waterstone Mortgage, we’re here to take that education even further. Our team of experienced mortgage professionals will guide you through your loan options, answer your questions, and ensure your homebuying experience is as transparent and efficient as possible.
Ready to get started? Explore the CFPB’s Owning a Home tools today — then connect with a Waterstone Mortgage loan originator to discuss your personalized mortgage options.
