The Mortgage Answer Book: Choosing the Right Loan for You (Mortgage Answer Book: Practical Answers to More Than 150)

Everybody wants to own his or her own home. But many feel that home ownership is out of their grasp because they do not believe they qualify for a mortgage. The Mortgage Answer Book dispels these myths by identifying the options available and showing how loans are available for everyone. Looking at the pros and cons of each loan, the reader is then given the ability to make an informed decision that fits his or her needs. Knowing which loan is right begins with understanding all of the available options. Loan options that are covered include: € Standard Mortgages € FHA Loans € Adjustable Rate Mortgages € Reverse Mortgages € Refinancing € Lines of Credit € Home Equity Loans € Second Mortgages AUTHORBIO: John J. Talamo is an attorney in Orange County, California. He is a graduate of the University of Notre Dame and Detroit College of Law at Michigan State University. He is the author of The Real Estate Dictionary which has sold over two million copies and is used nationally by government agencies, title companies, escrow companies and real estate agents. He has taught real estate courses on a part-time basis for many years. What kinds of mortgages are available to me? How do I get a mortgage? How large a down payment do I have to put down to get a mortgage? For most people, buying a house is the largest purchase they will make during their lives. However, it is the loan to buy the house that can add hundreds of thousands of dollars to your overall cost. The Mortgage Answer Book answers the most important questions someone buying a home needs answered before obtaining a mortgage. With insider tips, strategies, and insights that are critical for anyone applying for a mortgage. The Mortgage Answer Book is an authoritative reference, providing sound advice and immediate answers to your most pressing concerns. Written by an attorney, The Mortgage Answer Book answers your most important questions including: How do interest rates affect me being able to purchase a home? - How can I fix a problem on my credit history? - What are prepayment penalties? - How can I figure out how much money I will be able to borrow? - How do I refinance my mortgage? - What is the difference between a fixed mortgage and an adjustable rate mortgage? - How do I avoid foreclosure and losing my home? Written in an easy-to-read, question and answer format, The Mortgage Answer Book helps you understand how to successfully finance a home. Most people consider their home the largest investment they will ever make. However, it is the loan to buy the house that can add hundreds of thousands of dollars to your overall cost. Depending on the loan you choose, your $200,000 house could cost you $400,000-or even $600,000-before you are done paying for it. The Mortgage Answer Book breaks down the complex mortgage industry with straightforward, easy-to-follow advice on finding the loan that is right for you. -Does the fixed rate or adjustable rate mortgage make more sense for me? -Which payment plan can knock years off my loan? -Why are government loans not always the best bet? -When can a higher interest second mortgage actually save me money? Whether you are a first-time home buyer or refinancing for the third time, The Mortgage Answer Book will help match your needs with the best loan. Introduction What is a mortgage? The mortgage industry Underwriting Interest rates Prequalifying for a loan The term Payment plans Fixed mortgages Adjustable rate mortgages Hybrid mortgages Jumbo loans Prepayment Government loans Hard money mortgages Junior loans Home equity loans Refinancing Manufactured housing Inflation Foreclosure The purchase money mortgage The reverse mortgage First time buyers The ABC's of mortgage loans The right loan for you Conclusion. The Mortgage Answer Book breaks down the complex mortgage industry with easy straightforward, easy-to-follow advice on finding the loan that is right for you