Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan

by: David Reed

Topics include: your loan officer, one discount point, your debt ratios, your new loan, money down loans, your loan amount, wholesale lenders, lock agreement, your loan balance, your lender, prime mortgage, loan guidelines, housing ratio, your credit report, permanent mortgage, junk fees, zero money, indexed rate, your interest rate, payment shock, lender fees, bonus income, jumbo loans, mortgage insurance premium, close loan

From Publishers Weekly --
Reed, an experienced loan officer and columnist for Realty Times, offers an easy-to-digest look at the world of mortgages. With definitions of the various types of loans, explanations of credit scores and a discussion of how the Internet has changed the real estate business, the book is a handy reference for anyone involved in real estate transactions-though best for beginners who want a map to navigate their way through the complexities of mortgages. The book explains such basic issues as the difference between renting and buying, which individuals at a bank actually approve loans and how to figure out debt ratio. More complex topics, like construction loans and getting online approvals, are also included. Reed writes in a straightforward, conversational tone and offers appropriate cautions, such as not to reveal confidential information online.
While much of this information is available elsewhere, Reed serves up useful advice that is rarely discussed. For example, there is a "rescission" period for refinanced mortgages that gives people a three-day grace period to get out of the mortgage agreement with no penalties; he also discusses various types of appraisals. While there are books that cover this information in more depth, the q&a format makes this a worthwhile addition to the real estate shelves. Copyright Reed Business Information, a division of Reed Elsevier Inc

If you know nothing!! Purchase this book. -- I refused to be clueless while purchasing My home. I bought a few mortagage books. This one was the best.. It gives detail information on each type of loan out there and its pros and cons. Any time I heard a new term I simply searched for the term in this book. I went from knowing nothing to feeling secure in what I wanted. It was also easier to tell My Bank exactly what I was looking for. After speaking with a Loan officer and telling her exactly what I wanted she paused and said "you have been reading haven't you".

This book is a must read for anyone in the business -- I have been working on a review of this book off and on for a few months, and I am still not ready to post it, but I wanted to put something up for now. I train residential mortgage loan originators around the country and I recommend it to all of them. I have learned more from this book than from dozens of other books combined. Do not lend or broker mortgage money without reading this book; you will learn more from this book than you would from spending ten years in the business.

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