Get the best mortgage for your particular situation.
Table of Contents
Introduction
Chapter 1: What is a Mortgage?
How are Mortgages Structured?
Promissory Notes
Chapter 2: The Mortgage Industry
Why Would a Primary Lender Sell a Loan?
Who Buys These Loans?
What the Secondary Market Means to You
Chapter 3: Underwriting
Credit History
Income-to-Debt Ratios
The Property
Sample Gift Letter
Chapter 4: Interest Rates
Understanding Interest Rates
Points and Buydowns
Locking in Your Loan Rate
Assumable Mortgages and Prepayment Penalties
Chapter 5: Prequalifying for a Loan
Using a Real Estate Agent
Using the Web
Using a Lender
Chapter 6: The Term
Chapter 7: Payment Plans
Biweekly Payment Plans
Graduated Payment Mortgage
Interest-Only Loans
Balloon Payment Mortgages
Chapter 8: Fixed Mortgages
Why is the Interest Rate Always a Little Higher?
Things to Know
Chapter 9: Adjustable Rate Mortgages
Indexes
Margins
Start Rate
Understanding ARMs
Flexible Payment Adjustable Rate Mortgage
Chapter 10: Hybrid Mortgages
Chapter 11: Jumbo Loans
Avoiding the Jumbo Loan
Chapter 12: Prepayment
Changes that Affect Prepayments Today
Chapter 13: Government Loans
FHA Insured Mortgage Loans
The FHA Advantage
VA Loans
Chapter 14: Hard Money Mortgages
Bridge Loans
Sub-Prime Loans
Chapter 15: Junior Loans
The Piggyback Loan
The SingleFile Mortgage
Chapter 16: Home Equity Loans
Home Equity Line of Credit
Chapter 17: Refinancing
Whether to Do It
How to Do It
Chapter 18: Manufactured Housing
Chapter 19: Inflation
Inflation and Mortgages
Chapter 20: Foreclosure
How Foreclosure Works
Avoiding Foreclosure
Doing Nothing
Foreclosure Scams
Bankruptcy
Chapter 21: The Purchase Money Mortgage
The Seller
Scams
Selling the Mortgage
Chapter 22: The Reverse Mortgage
How It Works
What You Can Borrow
Home Equity Conversion Mortgage
Criteria
Types of Reverse Mortgages
Distinguishing FHA with Non-FHA Loans
The Home Keeper Mortgage
Annuities
Future Problems
Reverse Mortgage Comparison Worksheet
Reverse Mortgage Comparison Worksheet
Chapter 23: First-Time Buyers
Budget
Assets
Spending
Chapter 24: The Right Loan for You
Fixed Interest Rate Loans
Adjustable Rate Mortgages
Lenders and Mortgage Brokers
Mortgage Comparison Worksheet
Mortgage Comparison Worksheet
Conclusion
Glossary
Appendix A: Amoritization Tables
Appendix B: Home Ownership and Equity Protection Act
Appendix C: The Real Estate Settlement Procedures Act
Index
About the Author
