“Know Before You Owe” is an initiative by the Consumer Financial Protection Bureau (CFPB) to help consumers understand mortgage terms before signing. This initiative introduced simplified mortgage disclosure forms, ensuring buyers clearly understand loan costs, interest rates, and payment structures. By providing clear, straightforward information, “Know Before You Owe” aims to prevent surprises down the line, helping borrowers make informed decisions and avoid costly misunderstandings. It applies primarily to home loans, encouraging transparency and financial literacy during the loan application process.