The Home Mortgage Book: Insider Information Your Banker & Broker Don't Want You to Know
288The Home Mortgage Book: Insider Information Your Banker & Broker Don't Want You to Know
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Overview
Finding and arranging the best mortgage for your dream home purchase can be a confusing and daunting experience. With so many mortgage offers to choose from, you will want to be sure that you are getting the best loan and rate for your particular circumstances. Buying a new home can be an ominous process, whether it is your first or your tenth. It is definitely not something that you do every day, but finding that perfect mortgage loan at the best rate does not have to be a difficult task.
The best defense against feeling overwhelmed is to become informed, and with the help of this new book the process will become easy. You will learn how to find the best opportunities, how to negotiate, how to get the type of mortgage loan you need; how to calculate how much you can afford, understand the true cost of a mortgage and your capacity to repay, how to pre-qualify, understand the lending process, and analyze various mortgage products.
With this book, you will understand financing, budgets, needs and wants, credit reports, home-buying timeline, the process of building a house, manufactured homes, negotiating with lenders, using the Internet to get the best rates, credit reports, home-buying timeline, construction loans, manufactured homes, real estate and mortgage glossaries, setting values, home warranties, homeowners insurance, creative financing, buying with little or no money down, closing and settlement inspections, legal contracts, mortgage agreements. You will know what you can afford, which government agencies can help, considerations for veterans, calculating monthly payments, and escrow.
This comprehensive resource contains a wealth of modern tips and strategies for financing and closing on your house. The author shows readers how to find out how much they’re really worth, how to uncover unknown assets, and how to enhance credit ratings within six months. It provides information and suggestions on everything from no-down-payment mortgages to finding the right mortgage agent. Though you may be relatively cash-poor or have a less-than-perfect credit rating, now you can find the house you've always wanted and acquire a favorable mortgage.
Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president’s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed.
This Atlantic Publishing eBook was professionally written, edited, fact checked, proofed and designed. The print version of this book is 288 pages and you receive exactly the same content. Over the years our books have won dozens of book awards for content, cover design and interior design including the prestigious Benjamin Franklin award for excellence in publishing. We are proud of the high quality of our books and hope you will enjoy this eBook version.
Product Details
ISBN-13: | 9781601384713 |
---|---|
Publisher: | Atlantic Publishing Group |
Publication date: | 01/15/2008 |
Sold by: | Barnes & Noble |
Format: | eBook |
Pages: | 288 |
File size: | 2 MB |
About the Author
Table of Contents
Introduction 13Preliminary Considerations 15
Use Your Input & Logic in Creating a Plan 17
Wants Versus Needs: An Important Distinction 19
The Case for Renting 22
How Much Can You Afford? 23
PreQualification 23
PreApproval 24
Starting the Process 24
Your Credit Score 25
Improving Your Purchasing Power and Credit 26
Where & When 29
What is in a Location? 29
How to Figure Out the Best Place to Call Home 31
When to Buy 35
Type of House 37
Construction of a New Home 37
Buying an Existing Home 38
Manufactured Housing 38
Besides the Mortgage 41
The Purchase Agreement, Attorneys, Warranties, & Inspections 43
The Purchase Agreement 43
Should you Hire an Attorney? 46
How Do You Find a Good attorney? 48
New-Home Warranties 49
Existing-Home Warranties 51
Home Inspections 53
How Do you Find a Home Inspector? 56
What a Homebuyer Should Not Expect From the Inspector 61
Escrow, PMI Points, & Property Tax 63
Escrow 63
Private Mortgage Insurance 65
Property Taxes 68
Points-What are They? 69
Should You Pay points? 69
Why Not Pay Points More Often? 70
The Down Payment 71
Size of the Down Payment 72
The Mortgage 73
What is a Mortgage? 75
Mortgage History 75
Commercial Mortgages 78
Walking Through the Mortgage Process 81
Paperwork 81
First Contact 85
Processing 86
PreApproval 86
Appraisal 87
Inspections 87
Title Search and Insurance 88
Final Approval 89
Closing 89
Where to Look: Banks, Mortgage Companies, the Internet, & the Government 91
Mortgage Brokers 92
Mortgage Companies 94
Banks 95
Credit Unions 96
Private Individuals 97
Government Loans 98
Finance Company Mortgages 100
The Internet 101
Mortgage Markets & Structuring 107
Federal National Mortgage Association 109
Federal Home Loan Mortgage Corporation 110
Government National Mortgage Association 113
Mortgage Programs 101 119
Fixed-Rate Mortgages 119
Adjustable-Rate Mortgages 121
ARMs Versus Fixed-rate mortgages: Which is Best? 126
When Not to Go With an ARM 127
Interest-Only Loans 128
Just What Are These Loans? 128
Why Would You Want an Interest-Only Loan? 128
Why Go Interest-Only? 129
The Negatives of Interest-Only Loans 130
Mortgage Lenders: How to Choose 141
Your Financial Information 147
Credit Bureaus and the Scoring System 147
Errors on your Credit Report 156
Buying with Bad Credit 157
A Mortgage After Bankruptcy 159
Debt-Income Ratios 160
Income Verification Requirements 163
Information Required by Mortgage Lenders 167
Your Personal Mortgage Analysis 169
Organization of Information 171
Monthly Expense Worksheet 172
Cash/Asset Worksheet 174
Income Worksheet 175
Debt Payments Worksheet 175
Analyze & Choose Your Mortgage Options 181
30-year Fixed: The Standard 181
15-year Option 182
Hybrid Option 182
Second Loan 182
Your Personal Mortgage Journey 185
The Application Process 187
Negotiating the Perfect House 189
Fair Market Price 190
Market Value 190
Seller's Market versus Buyer's Market 190
How Much Do You Want This House? 191
Other Negotiable Factors 191
Closing Dates 191
Miscellaneous Extras 192
Repairs & Home Improvements 192
Closing the Mortgage Loan 195
From Commitment to Closing 196
The Loan Closing 198
Mistakes to Watch Out for 201
Common Mistakes to Avoid 203
Mistakes to watch out for when buying a house 203
Folding the Cost of Refinancing into the Mortgage 206
Mistakes Applicants Make From a Lender's Viewpoint 206
After the Purchase 209
Refinancing: the Basics 211
When is it Time to Refinance? 211
What are the Benefits of Refinancing? 212
Lower Your Monthly Loan Payments 212
Extra Cash at Closing 213
Build up Equity 213
Consolidate Debt 213
Switching From a Fixed-Rate Mortgage to an Adjustable-Rate one 213
Switching From an Adjustable-Rate Mortgage to a Fixed-Rate one 214
Refinancing at Renewal Time 214
Refinancing to Reduce Interest Rates 215
Refinancing for Cash 216
Refinancing for Credit 217
Prepaying Your Loan: Issues 219
Reverse Mortgages 223
Who Can Get a Reverse Mortgage? 224
How Much Money Can You Get? 225
What Does this Mean in Total Cash? 226
What if You Want to Pay the Loan Off? 227
How Much Does it Cost to Get a Reverse Mortgage? 228
Is it the Right Decision? 228
What if You Cannot Pay? 229
If You Have Reasonable Equity 229
Forbearance Agreement Option 230
You Can Sell Your House 231
If You Do Not Have Reasonable Equity 231
Second Mortgages, Helocs 233
Second Mortgages 233
Important Facts to Understand 234
Benefits of a Second Mortgage 235
How Refinancing is Different from Taking a Second Mortgage 235
Choosing Your Second Mortgage 236
Second Mortgage Versus Home Equity Loan 237
HELOC 238
HELOC Interest 238
The Advantages 239
The Risks 239
Finding a HELOC 240
Mortgage Servicing 243
Servicing 243
The Problem 243
Resources 245
Government Web sites 248
Credit Counseling Services 249
Books 250
Further Suggested Reading 250
Professional Mortgage Associations 251
Online Calculators 253
Bibliography 255
Glossary 257
Author Dedication 279
Author Biography 280
Index 281