FINANCING YOUR CONDO, CO-OP, T

David Reed (Autor)

Buch | Softcover

240 Seiten

2009
Amacom (Verlag)
978-0-8144-8062-5 (ISBN)

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Offers readers invaluable advice, including information on developer financing, specialty loans, government programs and refinance loans, streamlining the approval process, appraisals, closing costs, and more. This title includes: the differences among condos, co-ops, and townhouses; and, how to find the right type of property for them.

Finding a condo, co-op, or townhouse to call home is hard enough, but finding financing to buy this kind of property is even more challenging. As a veteran mortgage banker and author of Mortgages 101, David Reed has helped thousands of buyers through this complicated process. Financing Your Condo, Co-op, or Townhouse offers readers invaluable advice, including information on developer financing, specialty loans, government programs and refinance loans, streamlining the approval process, appraisals, closing costs, and more. Readers will discover:

• the differences among condos, co-ops, and townhouses

• how to find the right type of property for them

• the rules governing loans for condos, co-ops and townhouses

• how to evaluate which loan type is best and lock in the lowest rate

• why the percentage of owner-occupied units is important

• what to consider when buying new construction or conversion properties

• the financial considerations unique to each type of home

Whatever the property, whatever the question…this handy guide to financing has the answers.

David Reed (Austin, TX) is the author of several books including Mortgages 101(978-0-8144-0166-8), Mortgage Confidential (0-8144-7369-6), The Real Estate Investor’s Guide to Financing (978-0-8144-8061-8), and An Insider’s Guide to Refinancing Your Mortgage (978-0-8144-0935-0). As a senior loan officer, he has closed more than 2,000 mortgage loans. He is a columnist for Realty Times and a contributing editor and columnist for Mortgage Originator magazine

CONTENTS

Preface vii

Chapter 1 Condos, Co-ops, and Townhouses: How Are They Different and How Are They Similar? 1

Condos 2

Co-ops 5

Townhouses 6

The Lifestyle 9

The HOA 12

Lawsuits, Fees, and HOAs 15

Chapter 2 What to Look for in a Property and How to Find the One That’s Right for You 17

Using a Realtor 18

Buying from a Developer 21

Chapter 3 Financing Your Condo, Co-op, or Townhouse the Right Way 29

Fixed-Rate Mortgages 30

Adjustable-Rate Mortgage 36

The Hybrid 39

Option ARMs and Negative Amortization 42

How Mortgage Rates Are Set 44

How Lenders Set Their Rates 47

Types of Mortgage Lenders 48

How to Find the Best Loan Officer 57

How to Find the Best Rate 62

Factors That Can Affect Your Rate Quote 71

How to Change Mortgage Companies Midstream 77

How to Lock in the Mortgage Rate 79

Debt Ratios and How Lenders Calculate Them 83

Chapter 4 Specialty Loans, Government Programs, and Refinance Loans 85

Interest Only 85

Equity 87

No Money Down 88

Government Bond Programs 89

Portfolio 90

Refinancing 91

Government Programs for Condos and Townhouses 104

Down Payment Assistance 113

Chapter 5 Rules Governing Loans for Condos, Co-ops, and Townhouses 115

Warrantable Versus Nonwarrantable Projects 122

Chapter 6 The Impact of Credit on Your Ability to Buy a Condo, Co-op, or Townhouse 127

Check Your Credit First 132

Find Out Your Credit Scores 136

Credit Score Facts and Fallacies 143

Credit Scores and Qualifying 147

Repairing Credit 149

Alternative Credit 155

Bankruptcies and Credit 156

Subprime Mortgage Loans 158

Chapter 7 Closing Costs: What They Are and How to Negotiate Them 161

Appraisal 162

Credit Report 165

Application Fee 165

Tax Service 166

Flood Certificate 167

Lender Fees 167

Mortgage Broker Fees 168

Settlement or Closing Fee 168

Title Insurance 169

Document Fees 170

HOA Fees 171

Attorney Fees 171

Courier Fees 172

Government Fees 172

Prepaid and Nonprepaid Items 174

Good-Faith Estimate 175

Using the Annual Percentage Rate to Compare Lenders 179

Negotiating Closing Costs 182

Fees and Refinancing 184

No–Closing Cost Mortgage 185

Appendix: Monthly Payment Schedules 187

Glossary 193

Index 221

Erscheint lt. Verlag	16.7.2009
Verlagsort	New York
Sprache	englisch
Maße	150 x 231 mm
Gewicht	363 g
Themenwelt	Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Geld / Bank / Börse
	Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Immobilien / Grunderwerb
	Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
ISBN-10	0-8144-8062-4 / 0814480624
ISBN-13	978-0-8144-8062-5 / 9780814480625
Zustand	Neuware