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All about mortgages : insider tips to finance or refinance your home in today's economy

Author: Julie Garton-Good
Publisher: New York : Kaplan Publishing, 2008.
Edition/Format:   Book : English : 4th edView all editions and formats
Database:WorldCat
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Document Type: Book
All Authors / Contributors: Julie Garton-Good
ISBN: 142775473X 9781427754738
OCLC Number: 148903534
Description: xii, 332 p. ; 23 cm.
Contents: 1 Mortgage Market Overview: Players and Process 1 --
2 Creditworthiness 39 --
3 Qualifying for the Mortgage 54 --
4 Comparison Shopping 71 --
5 Conventional Loans 97 --
6 Private Mortgage Insurance on Conventional Loans 123 --
7 The Adjustable-Rate Mortgage (ARM) 134 --
8 Federal Housing Administration Loans 158 --
9 VA Loan Programs 188 --
10 Loan Programs with Leverage 218 --
11 Leverage from the Seller 225 --
12 After the Close: Managing the Mortgage and Your Equity 256 --
13 Refinancing 268 --
14 When the Borrower Falls Behind in Payments 288 --
Appendix Amortization Factors 298.
Responsibility: Julie Garton-Good.

Table of Contents:

by cwarden (WorldCat user on 2008-10-01)

Preface -- 1. Mortgage market overview: players and process: The mortgage lending process -- The mortgage meltdown -- Consumer empowerment via the world wide web -- Think like an appraiser to select a property -- Protecting yourself in the purchase agreement -- The basics of loan disclosure -- Predatory lending and mortgage fraud -- The loan application process -- The loan underwriting process -- The loan closing -- What to do if the lender says no -- Consumer booklets to the rescue -- Trends: learn from the valuable lessons of the past -- 2. Creditworthiness: Creditworthiness: the backbone of mortgage lending -- Check your credit in advance of a mortgage application -- The credit-checking process -- What the credit report shows -- Major areas of credit evaluation -- Credit scoring--the creditworthiness gauge -- Credit scores vary between credit reporting agencies -- Improving your credit score -- What constitutes "good credit"? -- Ensuring the best possible credit report -- Checking someone else's credit -- Special considerations for married and divorced persons -- Getting a mortgage after marred credit -- Establishing credit -- Be an informed customer -- 3. Qualifying for the mortgage: Preapproval: knowing what you can afford -- Qualifying ratios -- High property taxes impact qualifying -- Qualifying the self-employed borrower -- Low-doc/no-doc loans -- Subprime nonprime loans -- Tax-free gifts -- Tips for generating extra cash -- Tips for reducing debt -- 4. Comparison shopping: Rent or buy? -- What's the cost of waiting to purchase? -- Pay cash or get a mortgage? -- Making a final decision on the loan and the lender -- Questions to ask before choosing a loan -- Interest rates, loan terms, and down payments -- Pros and cons of small versus large down payments -- Determining loan costs -- No closing cost loans -- Categories of closing costs -- Discount points -- Using buydowns -- Determining lock ins -- Just say no to mortgage life insurance -- 5. Conventional loans: Pros and cons of conventional fixed-rate loans -- Profile of a conventional-loan borrower -- Secondary market guidelines -- Affordable housing programs -- Using compensating factors when ratios don't fit -- Little-known facts about underwriting -- Borrowers with bankruptcy or foreclosure histories -- Types of qualifying income and verification -- Using gifted funds as leverage -- Citizenship is not a requirement -- Refinancing with conventional loans -- Closing costs -- The impact of the mortgage meltdown on todays' borrowers -- More first-time buyer loans -- Other conventional-mortgage rrograms -- 6. Private Mortgage insurance on conventional loans: The basics of private mortgage insurance -- High foreclosures tightens PMI guidelines -- Comparing PMI to a piggyback second mortgage -- PMI is tax deductible -- PMI ppproval guidelines -- Removing PMI from a mortgage -- 7. The adjustable-rate mortgage (ARM): Pros and cons of adjustable rate mortgages -- Basics of adjustable-rate mortgages -- Indexes -- Disclosure provided by lenders -- Margins -- Interest and payment caps -- Negative amortization, carryover, and adjustment periods -- Convertibility options -- The qualifying process -- Program types -- Take action in advance of a reset -- Calculation errors -- Determine ARM savings -- Questions to ask before taking out an ARM -- 8. Federal Housing Administration loans: Levels of Federal Housing Administration loans -- Pros and cons of FHA loans -- The basics -- Qualification guidelines -- Gifts -- Borrowing the down payment -- Closing costs -- No cash reserves required -- Qualifying income -- Determining debt for loan qualifying -- Alternative documentation -- Previously bankrupt borrowers -- Borrowers with previous foreclosure -- Property guidelines -- Leverage -- Mortgage insurance premiums -- Concessions -- Assumption guidelines -- Prepayment penalties -- Discount points and buydowns -- Refinancing -- Other FHA loan options -- Specialized FHA mortgage programs -- Foreclosure alternatives when payments fall behind -- 9. VA loan programs: Levels of VA loans -- Pros and Cons of VA loans -- Profile of a VA buyer -- Eligibility -- Calculating the guaranty amount -- Qualification guidelines -- Compensating factors -- Income guidelines: overtime and part-time income -- Leverage -- Closing costs -- Discount points -- VA appraisals -- Loan types -- Underwriting guidelines -- Assumption guidelines -- Refinancing -- Foreclosure alternatives: workout programs -- 10. Loan programs with leverage: Growing equity mortgages -- Reverse annuity mortgages -- Graduated payment mortgages -- Biweekly mortgages -- Bridge loans -- 11. Leverage from the seller: The power of leverage -- Pros and cons of seller financing -- Using seller financing -- Creative down payments -- Options for sellers holding financing -- Discount points and buydowns -- Lease-purchase -- Assumptions -- 12. After the close: managing the mortgage and your equity: Escrow/impound accounts -- When the mortgage is sold -- Understand how mortgage payments apply -- Prepaying a mortgage -- Tapping equity to purchase investment real estate -- Communicating with the lender -- 13. Refinancing: When does it make sense to refinance? -- Using your home as a piggy bank? Think again? -- When not to refinance -- Refinancing roadblocks -- Tips and traps when refinancing -- Refinancing via the internet -- Home equity loans -- Percent mortgages -- 14. When the borrower falls behind in payments: Why are foreclosures through the roof? -- The key: contact the lender immediately -- National programs to the rescue -- Foreclosure alternatives -- Tough to win with "cash for your house" companies -- Protection against creditor harassment -- Best wishes for growing your equity -- Appendix: Amortization factors -- Glossary -- Resource guide -- Index

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