In January, the Consumer Financial Protection Bureau released a report suggesting that many homebuyers spend more time looking for a TV than shopping around for the right mortgage. In an attempt to make things a little less daunting for prospective borrowers, the Bureau today released the “Know Before You Owe” mortgage shopping toolkit.

The CFPB’s latest mortgage-related initiative is meant to guide consumers through the entire home buying process by giving them access to new Loan Estimate and Closing Disclosure forms that lenders will soon be required to use.

The toolkit [PDF] includes a step-by-step template with interactive worksheets and checklists to assist consumers in understanding the nature and costs of real estate settlement services, defining what affordable means to them, and finding the best mortgage for their budget.

The “Know Before You Owe” toolkit is intended to replace an existing booklet currently provided to mortgage applicants by potential creditors.

Creditors must provide the toolkit to mortgage applicants as a part of the application process, and other industry participants, including real estate professionals, are encouraged to provide it to potential homebuyers.

In addition to the physical toolkit, the CFPB is making an electronic version available so that consumers can save and print their progress as they work though the mortgage process.

The CFPB says it chose to make the toolkit available well in advance of the August release of new disclosure forms to ensure that the mortgage industry is in compliance with new rules.

Previously, the Bureau released an Owning A Home Toolkit to help empower and inform consumers during mortgage shopping.

That guide, which includes information on loan options, terminology and costs, takes the borrower through the entire home-buying process.

A key feature of the new program is the Rate Checker tool, which sets out to help consumers understand what interest rates may be available to them by using the same underwriting variables that lenders use on their internal rate sheets.

The data behind the Rate Checker is updated daily and includes information from large banks, regional banks, and credit unions and covers about 80% of the mortgage market.

CFPB Announces New ‘Know Before You Owe’ Mortgage Shopping Toolkit [Consumer Financial Protection Bureau]

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