The Mortgage Loan Process: The Good, Bad, and Ugly but the Real - A Humorous, Sarcastic Walk-Through of a Dry, Boring Topic for Beginners

The Mortgage Loan Process: The Good, Bad, and Ugly but the Real - A Humorous, Sarcastic Walk-Through of a Dry, Boring Topic for Beginners

by Adrean J. Rudie


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Adrean J. Rudie has been in the finance industry for more than 30 years. She realized that people are blind about the process of buying a home. This is her solution- a start-to-finish overview of a mortgage loan application. From purchase to refinance, from construction loan to rehab loan, - and everything in between. Get an inside look at a process that will have massive ramifications throughout your life.

"The Mortgage Loan Process" is packed with real life stories, some comical and others harsh. This is an honest look at the good parts of lending, the bad parts, and the ugly parts required to get the deal done.

Product Details

ISBN-13: 9781098312398
Publisher: BookBaby
Publication date: 09/05/2020
Series: The Mortgage Loan Process - First Edition , #1
Pages: 342
Sales rank: 756,350
Product dimensions: 6.00(w) x 9.00(h) x 0.80(d)

About the Author

Adrean J. Rudie is an expert in her field. Her education, licensing, and experience surpass most that are in the industry today. Adrean started her career humbly on the teller line at First Interstate Bank in 1990 in Seattle, Washington. While there, she took advantage of the firm's tuition assistance program and graduated from college. She entered the mortgage broker arena in 1998, and by 2000 she had earned her real estate license and started acquiring her own rental and investment. During the crash of '08, Adrean expanded her operation to the state of California, where she upgraded to Brokers licenses and eventually started her own company, Rudie Realty. She later obtained her insurance producers license and passed the Series 6 and 63 for the Securities industry properties.
Adrean wrote this book because she noticed that very few people really understood what went into the mortgage loan process.

Table of Contents

Introduction ix

Chapter 1 The Mortgage Loan Process. The Good, Bad, and Ugly, but the Real 1

Chapter 2 Who the Players in the Process Are 29

Chapter 3 The Items Needed for the Application and Why 41

Chapter 4 Types: FHA, VA, USDA, Conv, ARM, Rev, Amortization, ECOA 55

Chapter 5 Subprime and Hard Money, The Shark Loans 71

Chapter 6 Equity 2nds oka HELOCs (and O/O, N/O/O Rentals, Second Homes) 81

Chapter 7 Fannie Mae, Freddie Mac, and Ginnie Mae/Mortgage Insurance and Harp 91

Chapter 8 Credit-The FICO Score and Where You Fit 103

Chapter 9 Assets and Reserves - What Are They and How Much Is Needed? 121

Chapter 10 Income - Howls It Calculated and Why? 125

Chapter 11 You're Approved! Conditionally 131

Chapter 12 While You Wait: What To Expect & DocuSign 137

Chapter 13 Pre-Approval Letter, Offer, and Acceptance 143

Chapter 14 4 Ways to Recover Your Earnest Money 151

Chapter 15 The Home and Pest Inspections: What You Should Know 159

Chapter 16 The Appraisal Vs CMA Comparative Market Analysis 165

Chapter 17 Media Search Engines vs. Real Estate Office Sites 175

Chapter 18 Title insurance, Deeds, and Promissory Note 179

Chapter 19 APR and interest Rate Lock…When and How Does This Occur? 187

Chapter 20 A Word about Home Warranty 193

Chapter 21 PTD, Clear to Close, and PTF…What They Mean 199

Chapter 22 TRID-Why the Change to Escrow and What to Expect 201

Chapter 23 Escrow-What They Do and When You Finally Close 205

Chapter 24 When Should You Reserve the U-Haul? 211

Chapter 25 Where Does Your File Go? 215

Chapter 26 Tax Form 1098 Home Mortgage Interest Deduction 221

Chapter 27 The Circle of Money - Where the Dollars Travel 223

Chapter 28 Deed in Lieu, Short Sale, Foreclosure, REO, Mods & Harp 229

Chapter 29 Construction Loans and Rehab Loans 237

Chapter 30 From Park Model RVs to Triple-Wide Mobile Homes 243

Chapter 31 Mortgage Broker vs. Bank and the Credit Union 249

Chapter 32 Condo vs. Townhome - How Lenders See Them 255

Chapter 33 Deals Sometimes Do Blow Up or Come Really Close 261

Chapter 34 Market Cycles and How to Leverage Against a Crash - Surviving COVID-19 (Coronavirus) 279

Chapter 35 The Moral of the Story in an Ever-Changing Industry 289

Chapter 36 Reality Check: What You Need to Know Before Coming to Work As a Commissioned Loan Professional or Real Estate Agent 293

Chapter 37 A Little Background on the Author with Some Fun Stories 303

Appendix: What My Clients Have to Say 315

Endorsements: 327

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