Start before the application
The Consumer Financial Protection Bureau revised its official Your Home Loan Toolkit in August 2026. Federal rules require the booklet to be provided after an application in covered transactions, and the CFPB encourages market participants to make it available earlier. You can download the booklet yourself and use it before choosing a lender.
Treat the toolkit as a planning and comparison resource, not a mortgage approval or a promise of particular loan terms. Preapproval is preliminary, and final approval depends on lender review of the borrower, property and completed transaction.
Build a complete housing budget
Begin with the amount you are comfortable paying, not only the amount a lender may be willing to approve. The toolkit prompts buyers to estimate principal and interest, mortgage insurance when applicable, property taxes, homeowners insurance and association fees, then consider repairs, maintenance and other household expenses.
Use estimates while you are shopping, then replace them with verified figures as the property, insurance quote and loan option become known. A worksheet result is hypothetical and is not a lender's offer or underwriting decision.
Write down the choices you need to make
- Review your credit reports and correct errors before applying when possible.
- Ask how fixed- and adjustable-rate options would work for your situation.
- Compare down-payment choices without draining funds needed for closing, moving or emergencies.
- Ask how points or lender credits change both upfront costs and the loan's interest rate.
- Check the Loan Terms section for adjustable payments, a balloon payment or a prepayment penalty.
Compare written Loan Estimates
When you are ready to apply, request written offers from several lenders and compare the same loan type and assumptions. Use each Loan Estimate to compare the interest rate, APR, projected payments, loan costs, lender credits and the five-year cost information instead of choosing from one number alone.
A Loan Estimate shows what a lender expects to offer based on the information available; it is not an approval and does not require you to choose that lender. Ask the lender to explain what comes from an agency or program rule and what is an additional lender requirement.
Know when you are committing
The toolkit explains that telling a lender you want to continue is called expressing your intent to proceed. Before doing that, confirm that you understand the loan option, the estimated cash needed, possible payment changes and any feature that could affect a future sale or refinance.
If the choices are difficult or your situation needs individual help, the toolkit points borrowers to HUD-approved housing counseling. Counseling is separate from a lender's credit decision.
Source review
The official CFPB resources below were checked October 22, 2026. CFPB's disclosure page says the toolkit was last updated in August 2026 and shows a page-modified timestamp of August 28, 2026. CFPB's homebuying hub shows a June 16, 2026 modified date. This article explains how to use the resource; it does not announce a new loan program or offer credit terms. General education only, not individual loan or legal advice.
General education only. This article does not offer a rate or guarantee loan approval. Loan options depend on your circumstances and lender review.