The 106 Mortgage Secrets All Borrowers Must Learn
John Wiley & Sons Inc (Verlag)
978-0-471-26395-1 (ISBN)
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One of America's top real estate authorities explains the inside secrets of the mortgage business Each year, more than ten million American homebuyers, homeowners, and realty investors enter the mortgage arena to finance or refinance their homes and rental properties. And each year, millions of borrowers pay more than they have to. But you won't be one of them with Gary Eldred's 106 Mortgage Secrets All Homebuyers Must Learn But Lenders Don't Tell. Eldred explains all of your mortgage options and gives you the inside information you need to make the most intelligent money-saving choices. He simplifies the complicated math of mortgage financing and tells you how to make sure your loan rep is being honest with you. He covers every aspect of the mortgage process and highlights the key criteria you should always consider when making your decision.
With these 106 secrets, you'll have the confidence and the knowledge to: Increase your borrowing power Get the lowest interest rate Understand ARMs Cut the cost of mortgage insurance Save big with seller financing, foreclosures, and REOs Perfect your credit profile Avoid getting taken by the fine print Get maximum return on your home investment There's no reason to get a good mortgage, when you can get the perfect one for you. Simple, concise, and comprehensive, this book covers everything mortgage hunters should know especially the 106 secrets lenders don't want to reveal.
GARY W. ELDRED, PhD, has been a successful real estate investor for over twenty years and has served on the business school faculty at Stanford University and the University of Virginia. He is also the author of numerous real estate titles, such as the Make Money series; The 106 Common Mistakes Homebuyers Make (and How to Avoid Them), Third Edition; Value Investing in Real Estate; The Complete Guide to Second Homes for Vacations, Retirement, and Investment; Yes! You Can Own the Home You Want; and coauthor of Investing in Real Estate, Fourth Edition, all from Wiley.
Introduction: Will You Pay Too Much for Too Little?; 1. AFFORDABLE DEPENDS ON YOU NOT THE LENDER; Secret no.1. Affordability Depends on You; Secret no.2. How You Choose Your Property and Arrange Financing Will Add (or subtract) Tens (or even hundreds) of Thousands of Dollars to (from) Your Net Worth; Secret no.3. Separate the Emotional from the Financial; Secret no.4. Align Your Self-Talk with Your Priorities; Secret no.5. Don't Focus on the Kind of Home You Want Now, Focus on the Kind of Home You want 5, 10, or 15 Years From Now; 2. INCREASE YOUR BORROWING POWER; Secret no.6. 10,000 Lenders Set Their Own Standards; Secret no.7. You Can Make Your Qualifying Ratios Look Better; Secret no.8. You Can Lift Your Qualifying Income; Secret no.9. Reduce Your Disqualifying Debt; Secret no.10. Use Compensating Factors to Justify Higher Qualifying Ratios; Secret no.11. Never Fib to a Lender; Secret no.12. Can't Qualify on Your Own? Enlist the Help of a Cosigner, Co-Borrower, or Co-Owner; Secret no.13. Let Tenants pay Your Mortgage; Secret no.14. Don't Change Your Loan Status; 3. SLASH YOUR COST OF INTEREST; Secret no.15. Most Borrowers Who Want a Long-Term Fixed-Rate Loan Should Choose 15 years, not 30; Secret no.16. Lower Interest Rate Means Big Savings; Secret no.17. Lower rates Magnify Borrowing Power; Secret no.18. ARMs Can Offer Greater Borrowing Power, Lower Costs, with Manageable risk; Secret no.19. State and Local Housing finance Agencies Offer Low-Interest Mortgage Bond Loans; Secret no.20. Assume a Low Interest Rate Mortgage; Secret no.21. "Assume" a Nonassumable Mortgage; Secret no.22. Save UDS1000s with a Mortgage Credit Certificate (MCC); Secret no.23. Seek Employer Assistance (or seek an employer who give assistance); Secret no.24. Trade Off Points for a Lower Interest Rate; Secret no.25. Negotiate a Temporary Buydown with the Sellers; Secret no.26. New Home Builders Offer Mortgage Incentives; Secret no.27. How to Borrow Jumbo Amounts Without Paying Jumbo Rates; Secret no.28. Your After-Tax, Cost of Borrowing May not be as Low as You've Been Told; 4. THE RISKS AND REWARDS OF ARMs; Secret no.29. ARMs do not Necessarily Present More Risk Than Fixed-Rate Loans; Secret no.30. ARMs for the Short-Term Don't Always Prove Best; Secret no.31. ARMs for the Long-Run: How to Lower Costs and Alleviate "Risk"; Secret no.32. You Can (sort of) Forecast Interest Rates; Secret no.33. Watch Out for Low Teaser Rates; Secret no.34. Your Start (teaser) Rate Isn't Your Contract Rate; Secret no.35. No One Best Index; Secret no.36. Don't Ignore the Margin; Secret no.37. All Caps Aren't Created Equally; Secret no.38. That Flashy Convertible Could Prove to be a Clunker; Secret no.39. APRs tell You Nothing About ARMs (and very little about fixed-rates); 5. PERFECT YOUR CREDIT PROFILE; Secret no.40. Emphasize all 5 Cs of Credit Approval; Secret no.41. Credit Scores can Shape Your Destiny; Secret no.42. Your Credit "Score" Doesn't Necessary Represent Your Credit Strength; Secret no.43. You Can Discover Your Credit Scores; Secret no.44. You Can Improve Your Credit Score(s); Secret no.45. Garbage in, Garbage Out (GIGO); Secret no.46. Credit Repair Firms Can't Fix Your Credit or Boost Your Credit Scores; Secret no.47. Credit Counselor Can Scam You, Too; Secret no.48. Credit Counselors and Debt Management Firms Do Not Improve Your Credit Record or Boost Your Credit Score; Secret no.49. Bankruptcy (Chapter 7) Doesn't Ruin Your Credit; Secret no.50. Your Ex-Spouse can Ruin Your Credit (and other tales of double counting); 6. THE LOWDOWN ON LOW DOWNS; Secret no.51. You Can Buy with Little or Nothing Down; Secret no.52. No Matter How Much You earn, FHA May Hold the Key to Your Home Financing; Secret no.53. Discover FHA's Best Kept Secret: The 203 (k) Program; Secret no.54. Too Many Vets Pass up VA Loans; Secret no.55. The USDA Offers a Prime Choice for Low- to Moderate Income Homebuyers; Secret no.56. Community Lending Goes Mainstream; Secret no.57. Not-for-Profit Housing Groups Help People in Need to Buy and Finance Homes; Secret no.58. Local Governments Assist with Down Payments; Secret no.59. Even Fannie and Freddie Accept Little- or Nothing-Down Loans; Secret no.60. Cut the Cost of PMI by Learning Where Rates Break; Secret no.61. Before You Obtain a PMI Little- or Nothing-Down Loan, Understand the High Cost You'll be Paying; Secret no.62. Reduce the High Cost of Low Down Payments with a Second Mortgage; Secret no.63. Use Pledged Collateral to Eliminate PMI; Secret no.64. Search for Sellers with Low-Equity Assumables; Secret UDS65. You Can Avoid PMI with a Higher Interest Rate Mortgage; 7. WIN BIG SAVINGS WITH SELLER FINANCING, FORECLOSURES, AND REOS; Secret no.66. Sellers can Nearly Always Beat the Banks at Their Own Game, But You Must Do More Than Ask; Secret no.67. Ask the Seller and Lender to Cooperate with a Refi Blend; Secret no.68. Bridge the Assumable Gap with a Seller Second; Secret no.69. Avoid the Bang of a Bursting Balloon; Secret no.70. Buy on the Installment Plan; Secret no.71. Try it Before You Buy It; Secret no.72. Buy and Lease Simultaneously; Secret no.73. Beat High Interest Rates with Wraparound Financing; Secret no.74. Don't Dilly-Dally with Due Deligence; Secret no.75. Negotiate a Pre-Foreclosure Workout; Secret no.76. Buy (carefully) at the Foreclosure Sale; Secret no.77. Locate a foreclosure Pro; Secret no.78. HUD May Hold the Keys to Your Home or Investment Property; Secret no.79. VA Offers Deals to Both Veterans and Non-Veterans; Secret no.80. Let Fannie or Freddie Treat You to Below-market Financing; Secret no.81. Buy and Finance Directly with a Lender; 8. BEWARE: FINE PRINT "GOTCHAS" AT WORK; Secret no.82. It's a Jungle Out There; Secret no.83. Tell Your Loan Rep to Take Out the Garbage; Secret no.84. Don't Place Much Faith in the Good Faith Estimate; Secret no.85. What's the Real Cost of a No Cost Mortgage?; Secret no.86. Does Your Loan Permit Unlimited Prepayment?; Secret no.87. An Assumable Loan May Offer Much Less Than You've Assumed; Secret no.88. Appraised Value Doesn't Necessary Equal Market Value; Secret no.89. On Occasion, Lenders Want Appraisers to Lowball Their Appraisals; Secret no.90. Appraisals Don't Forecast the Future; 9. ACHIEVE YOUR LOWEST RATE; Secret no.91. Refuse to Yield to the Yield-Spread Premium; Secret no.92. Red and Yellow, Black and White, Lenders Treat Them All Alike; Secret no.93. Rate Quotes: Fact or Fiction?; Secret no.94. What Rate Will You Get at Closing?; Secret no.95. Achieve Your Best Rate; Secret no.96. Industry Pros and Government Agencies Need Your Help; Secret no.97. How to (almost) Vanquish Tricks of the Trade; 10. MANAGE YOUR HOME AND HOME FINANCING FOR MAXIMUM RETURN; Secret no.98. Treat Your Home and Your Home Financing as an Investment; Secret no.99. Stay Alert for Opportunities to Refinance; Secret 100. Use Refinancing to Create Other Benefits; Secret no.101. Refinance and Safely Invest the Proceeds; Secret no.102. Never Buy Bi-Weekly Baloney; Secret no.103. Cancel Your PMI. Get a Refund from FHA; Secret no.104. Negotiate Out of Escrow; Secret no.105. Just Say No to Home Equity Loans; Secret no.106. Trouble, Trouble, What to Do?; Conclusion: You Can Live on the House; Index.
| Erscheint lt. Verlag | 7.4.2003 |
|---|---|
| Zusatzinfo | Illustrations |
| Verlagsort | New York |
| Sprache | englisch |
| Maße | 150 x 232 mm |
| Gewicht | 312 g |
| Themenwelt | Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Geld / Bank / Börse |
| Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Immobilien / Grunderwerb | |
| Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen | |
| Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Immobilienwirtschaft | |
| ISBN-10 | 0-471-26395-8 / 0471263958 |
| ISBN-13 | 978-0-471-26395-1 / 9780471263951 |
| Zustand | Neuware |
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