Buying a home is about to change forever

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    By Bob Sullivan/

    The process of buying a home changes dramatically on Oct. 3, thanks to a new government initiative called "Know Before You Owe."

    What is Know Before You Owe?

    That's the name the Consumer Financial Protection Bureau has given to changes in the procedure for buying a home, and specifically, in obtaining a mortgage. Federal financial reform legislation, known as the Dodd-Frank Act, directed the CFPB to improve the procedures for buying a home in the wake of the 2008 housing crisis. Know Before You Owe has been a focus of the agency since its creation.

    Click ahead for a look at what you need to know about Know Before You Owe.