All About Mortgages: Insider Tips to Finance or Refinance Your Home in Today's Economy

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Overview

Due to new hybrid loans abounding and interest rates increasing from bargain basement levels, millions of consumers who are either seeking a new mortgage or are interested in refinancing their existing mortgages are clamoring for an updated easy-to-follow guide to take them through the complex world of mortgages.

In All About Mortgages, 4th Edition, author Julie Garton-Good, the sole three-time recipient of the prestigious international “Real Estate Educator of the Year” award from the Real Estate Educators’ Association, provides a road map for consumers through the harrowing twists and turns of obtaining a home mortgage. Garton-Good will help consumers ...

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More About This Book

Overview

Due to new hybrid loans abounding and interest rates increasing from bargain basement levels, millions of consumers who are either seeking a new mortgage or are interested in refinancing their existing mortgages are clamoring for an updated easy-to-follow guide to take them through the complex world of mortgages.

In All About Mortgages, 4th Edition, author Julie Garton-Good, the sole three-time recipient of the prestigious international “Real Estate Educator of the Year” award from the Real Estate Educators’ Association, provides a road map for consumers through the harrowing twists and turns of obtaining a home mortgage. Garton-Good will help consumers select the right mortgage for their needs, giving them the keys to save thousands of dollars. Approximately 25% of this new edition is updated, including new information on hybrid loans, foreclosure alternatives, and more. Now more than ever, it’s essential for consumers to be well informed about their mortgage options.

Product Details

  • ISBN-13: 9781427754738
  • Publisher: Kaplan Publishing
  • Publication date: 7/1/2008
  • Edition description: New Edition
  • Edition number: 4
  • Pages: 352
  • Product dimensions: 5.90 (w) x 8.90 (h) x 1.00 (d)

Meet the Author

Julie Garton-Good is the author of six real estate books and has penned a syndicated newspaper column weekly for nearly two decades. She is the only woman listed twice on the National Association of REALTORS® “Twenty-five Most Influential People” list and has made appearances on CNBC, Lifetime Network, and numerous other public television and radio shows.

Table of Contents


Preface     xi
Mortgage Market Overview: Players and Process     1
The Mortgage Lending Process     2
The Mortgage Meltdown     5
Consumer Empowerment via the World Wide Web     7
Think like an Appraiser to Select a Property     10
Protecting Yourself in the Purchase Agreement     15
The Basics of Loan Disclosure     17
Predatory Lending and Mortgage Fraud     19
The Loan Application Process     21
The Loan Underwriting Process     25
The Loan Closing     30
What to Do if the Lender Says No     33
Consumer Booklets to the Rescue     34
Trends: Learn from the Valuable Lessons of the Past     36
Creditworthiness     39
Creditworthiness: The Backbone of Mortgage Lending     39
Check Your Credit in Advance of a Mortgage Application     40
The Credit-Checking Process     41
What the Credit Report Shows     42
Major Areas of Credit Evaluation     42
Credit Scoring-The Creditworthiness Gauge     43
Credit Scores Vary between Credit Reporting Agencies     45
Improving Your Credit Score     46
What Constitutes "Good Credit"?     47
Ensuring the Best Possible Credit Report     48
Checking Someone Else's Credit     50
Special Considerations for Married and Divorced Persons     51
Getting a Mortgage after Marred Credit     52
Establishing Credit     52
Be an Informed Customer     53
Qualifying for the Mortgage     54
Preapproval: Knowing What You Can Afford     55
Qualifying Ratios     56
High Property Taxes Impact Qualifying     61
Qualifying the Self-Employed Borrower     62
Low-Doc/No-Doc Loans     64
Subprime Nonprime Loans     66
Tax-Free Gifts     68
Tips for Generating Extra Cash     69
Tips for Reducing Debt     70
Comparison Shopping     71
Rent or Buy?     72
What's the Cost of Waiting to Purchase?     72
Pay Cash or Get a Mortgage?     73
Making a Final Decision on the Loan and the Lender     75
Questions to Ask before Choosing a Loan     80
Interest Rates, Loan Terms, and Down Payments     81
Pros and Cons of Small Versus Large Down Payments     85
Determining Loan Costs     85
No Closing Cost Loans      87
Categories of Closing Costs     88
Discount Points     90
Using Buydowns     92
Determining Lock Ins     93
Just Say No to Mortgage Life Insurance     96
Conventional Loans     97
Pros and Cons of Conventional Fixed-Rate Loans     98
Profile of a Conventional-Loan Borrower     99
Secondary Market Guidelines     100
Affordable Housing Programs     104
Using Compensating Factors When Ratios Don't Fit     108
Little-Known Facts about Underwriting     109
Borrowers with Bankruptcy or Foreclosure Histories     111
Types of Qualifying Income and Verification     111
Using Gifted Funds as Leverage     112
Citizenship Is Not a Requirement     113
Refinancing with Conventional Loans     113
Closing Costs     114
The Impact of the Mortgage Meltdown on Todays' Borrowers     117
More First-Time Buyer Loans     120
Other Conventional-Mortgage Programs     121
Private Mortgage Insurance on Conventional Loans     123
The Basics of Private Mortgage Insurance     124
High Foreclosures Tightens PMI Guidelines     128
Comparing PMI to a Piggyback Second Mortgage     129
PMI is Tax Deductible     129
PMI Approval Guidelines     130
Removing PMI from a Mortgage     132
The Adjustable-Rate Mortgage (ARM)     134
Pros and Cons of Adjustable Rate Mortgages     135
Basics of Adjustable-Rate Mortgages     136
Indexes     138
Disclosure Provided by Lenders     140
Margins     141
Interest and Payment Caps     143
Negative Amortization, Carryover, and Adjustment Periods     144
Convertibility Options     145
The Qualifying Process     147
Program Types     148
Take Action in Advance of a Reset     152
Calculation Errors     153
Determine ARM Savings     153
Questions to Ask before Taking Out an ARM     154
Federal Housing Administration Loans     158
Levels of Federal Housing Administration Loans     159
Pros and Cons of FHA Loans     160
The Basics     161
Qualification Guidelines     163
Gifts     168
Borrowing the Down Payment     169
Closing Costs     169
No Cash Reserves Required      169
Qualifying Income     170
Determining Debt for Loan Qualifying     173
Alternative Documentation     174
Previously Bankrupt Borrowers     174
Borrowers with Previous Foreclosure     175
Property Guidelines     175
Leverage     176
Mortgage Insurance Premiums     177
Concessions     179
Assumption Guidelines     180
Prepayment Penalties     180
Discount Points and Buydowns     181
Refinancing     181
Other FHA Loan Options     182
Specialized FHA Mortgage Programs     183
Foreclosure Alternatives When Payments Fall Behind     186
VA Loan Programs     188
Levels of VA Loans     189
Pros and Cons of VA Loans     189
Profile of a VA Buyer     191
Eligibility     191
Calculating the Guaranty Amount     194
Qualification Guidelines     198
Compensating Factors     199
Income Guidelines: Overtime and Part-Time Income     203
Leverage     204
Closing Costs     205
Discount Points     207
VA Appraisals      209
Loan Types     210
Underwriting Guidelines     211
Assumption Guidelines     212
Refinancing     216
Foreclosure Alternatives: Workout Programs     216
Loan Programs with Leverage     218
Growing Equity Mortgages     219
Reverse Annuity Mortgages     219
Graduated Payment Mortgages     221
Biweekly Mortgages     222
Bridge Loans     224
Leverage from the Seller     225
The Power of Leverage     226
Pros and Cons of Seller Financing     227
Using Seller Financing     233
Creative Down Payments     237
Options for Sellers Holding Financing     242
Discount Points and Buydowns     246
Lease-Purchase     249
Assumptions     252
After the Close: Managing the Mortgage and Your Equity     256
Escrow/Impound Accounts     258
When the Mortgage Is Sold     259
Understand How Mortgage Payments Apply     260
Prepaying a Mortgage     261
Tapping Equity to Purchase Investment Real Estate     266
Communicating with the Lender      267
Refinancing     268
When Does It Make Sense to Refinance?     268
Using Your Home as a Piggy Bank? Think Again?     269
When Not to Refinance     273
Refinancing Roadblocks     275
Tips and Traps When Refinancing     277
Refinancing via the Internet     284
Home Equity Loans     285
125 Percent Mortgages     286
When the Borrower Falls Behind in Payments     288
Why Are Foreclosures Through the Roof?     288
The Key: Contact the Lender Immediately     290
National Programs to the Rescue     291
Foreclosure Alternatives     292
Tough to Win with "Cash for Your House" Companies     295
Protection against Creditor Harassment     296
Best Wishes for Growing Your Equity     297
Amortization Factors     298
Glossary     302
Resource Guide     315
Index     322
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