How to Get the Best Home Loan
by: W. Frazier Bell
Topics include: computer underwriting, revenue bond authorities, secondary market guidelines, total house payment, liberal qualifying, diem interest, total housing expense, maximum loan limits, partial entitlement, verbal verification, alternate documentation, secondary market investors, renewal premium, ask your lender, mandatory delivery, garbage fees, high credit scores, qualifying ratios, originating lender, discount points, nonconforming loans, buy down, mortgage insurance companies, funding fee, good lender, Fannie Mae, Freddie Mac, Qualifying Yourself, Other Garbage, The Types of Lenders, Treasury Securities Index, Federal Housing Administration, Uncle Joe, Refinance Owner
Book Description
Save Time and Moneyand Get the Loan Thats Right for You
Ever-changing mortgage guidelines . . . confusing financial forms . . . if youre buying or refinancing a home, you know all too well how overwhelming and intimidating the mortgage process can be. This revised edition of How to Get the Best Home Loan guides you through all the critical issues and demystifies the mechanics of mortgage lendingeverything from disclosures and fees to closing costs, points, and making payments. Longtime mortgage banking industry insider and former realtor W. Frazier Bell helps you sidestep the risks of financing a mortgage and sheds light on many unknown aspects that keep borrowers from making intelligent, money-saving decisions.
Written in clear, simple language, this comprehensive Second Edition features new information on desktop underwriting, merged credit reports, and using the Internet, as well as updated sections on verifications, qualifying, and loan types. Bell gives you hands-on access to his hard-won experience, providing the tools you need to:
Understand why lenders do the things they do
Learn what to look for when comparing loans and lenders
Head off potential problems and expensive mistakes
Navigate FRMs, ARMs, FHAs, GEMs, and TILs
Know why certain loans may be better for you than others
Save yourself hundreds, even thousands, of dollars
Packed with real-life examples, sample forms, and proven advice, How to Get the Best Home Loan, Second Edition will ensure that you get the right loan, at the right price, from the right lender.
Provides the Details other Books don't -- I have read several home-buying books and two other mortgage books and found this to be the only source for detailed information. As another reviewer suggested, if you want the feel-good basics then look elsewhere ("Navigating the Mortgage Maze", by Turnauer or "The Centuray 21 Guide to Choosing your Mortgage"). My view is that if you are taking the time to read a book on a subject, you want details. I find generalities and broad sweeping statements a waste of time. This text provides a breadth and depth of information in a clear and succinct manner. My only complaint is that the book could be updated with a newer edition. However this 10 year-old text is by no means out of date since the author gives you the framework to understand everything in the fast-changing mortgage industry.
Very Useful and Informative -- Nine times out of ten the biggest factor that decides whether or not you successfully buy or sell a real estate property is -- financing. And yet it is the one area people know the least about. By understanding home loans and how they work, you dramatically increase your chances. And this book is the best on the subject I have read. The writer is a professional experienced mortgage broker who writes well. The bottomline, as the writer states, is "Most loans...are approved or denied based on some very fundamental rules." It's really good to know these fundamentals.
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