Washington, D.C. ? Prospective home buyers would get easier-to-understand information on mortgage terms and save an estimated average of $700 in closing costs under a proposal unveiled Friday by President Bush.

The proposed overhaul to a 1974 law requiring lenders to give what’s called a “good faith estimate” is aimed at making it simpler for consumers to make comparisons when they shop to buy a house or refinance a mortgage.

It’s the latest in a series of White House initiatives to help end a housing market crisis that has stalled the U.S. economy and sparked global financial market turmoil.