106 Mortgage Secrets All Borrowers Must Learn -- But Lenders Don't Tell

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ISBN: 9780470152867 | 0470152869
Cover: Paperback
Copyright: 10/26/2007

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This will be a revision to Eldred's successful first edition which covers everything mortgage hunters should know-especially the 106 secrets lenders don't want to reveal. Gary Eldred is one of America 's top real estate authorities and in this revised and updated edition of 106 Mortgage Secrets, he 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. With this revised edition, Eldred has updated the material to reflect today's changing real estate market and to stay current with the mortgage business. Updated material will include: Integrated investor-related advice throughout the text Updated figures, loan limits, underwriting standards, secondary market guidelines, and overall contemporary marketplace and future market conditions Expanded pros and cons of the rapidly growing alternative financing techniques such as early interest only, option Arms, no doc/low doc, etc. More discussion on how the position of the yield curve between interest rates of differing maturities should affect the borrower's choice of loan products More advice and explanations that pertain to financing vacation and retirement properties Updated and expanded warnings against the growth field of deceptive lender advertising, predatory lending, and subprime loans More advice and criteria for various types of home equity loans

Preface to the Second Edition	p. xi
Introduction: Use OPM to Achieve All That You Really Want	p. xiii
Affordability Depends on You-Not a Lender	p. 1
Affordability depends on you	p. 2
How you choose your property and arrange financing can add (or subtract) tens (or even hundreds) of thousands of dollars to (from) your net worth	p. 6
Separate the emotional from the financial	p. 7
Align self-talk with your priorities	p. 9
Envision the propert(ies) you would like to own 5, 10, or 15 years from now	p. 15
Increase Your Borrowing Power	p. 17
10,000 lenders set their own standards	p. 17
You can make your qualifying ratios look better	p. 20
Lift your qualifying income	p. 23
Reduce your debt	p. 27
Use compensating factors to justify higher qualifying ratios	p. 30
Never fib to a lender	p. 32
Can't qualify? Enlist a cosigner, co-borrower, or co-owner	p. 34
Let tenants pay your mortgage	p. 36
Don't change your loan status	p. 42
Slash Your Cost of Interest	p. 43
Many borrowers who want a fixed-rate loan should choose 15 years, not 30 or 40	p. 44
Lower interest rates mean big savings	p. 48
Lower rates magnify borrowing power	p. 49
ARMs sometimes offer greater borrowing power, lower costs, with risk you can manage	p. 51
State and local housing finance agencies offer lower-interest mortgage loans	p. 53
Assume a low-interest-rate mortgage	p. 54
"Assume" a nonassumable mortgage	p. 57
Save $1,000s with a Mortgage Credit Certificate (MCC)	p. 61
Seek employer assistance, or seek an employer who gives assistance	p. 62
Obtain a lower interest rate; pay points	p. 63
Negotiate a buydown with the sellers	p. 64
New homebuilders offer mortgage incentives	p. 66
How to borrow jumbo amounts without paying jumbo rates	p. 66
Your after-tax cost of borrowing may not be as low as you've been told	p. 69
The Risks and Rewards of ARMs	p. 73
ARMs do not necessarily present more risk than fixed-rate loans	p. 73
For the short term, ARMs usually cost less	p. 78
ARMs for the long run: How to lower costs and alleviate risk	p. 80
You can (sort of) forecast interest rates	p. 81
Low teaser rates: Bait or bargain?	p. 84
Your start (teaser) rate isn't your contract rate	p. 86
There's no one best index	p. 88
Don't ignore the margin	p. 91
All caps aren't created equal	p. 92
That flashy convertible could prove a clunker	p. 93
APRs tell you nothing about ARMs-and very little about fixed rates	p. 94
Perfect Your Credit Profile	p. 97
Emphasize all eight Cs of loan approval.	p. 98
Credit scores influence, but do not determine, the terms and costs of your loan	p. 103
Your credit score doesn't necessarily represent your credit strength	p. 104
Discover your credit scores	p. 105
Improve your credit scores	p. 107
Garbage in, garbage out (GIGO)	p. 109
Most credit repair firms (or deceptive tactics) can't fix your credit or boost your credit scores	p. 113
Bogus credit counselors can scam you, too	p. 114
Credit counselors and debt management firms do not improve your credit record or boost your credit scores	p. 115
Bankruptcy (Chapter 7) doesn't necessarily ruin your credit	p. 116
Your ex-spouse can ruin your credit (and other tales of double counting)	p. 118
The Lowdown on Low Downs	p. 121
You can buy with little or nothing down	p. 121
No matter how much you earn, FHA may hold the key to your financing needs	p. 122
Discover FHA's best-kept secret: The 203(k) program	p. 126
Too many vets pass up VA loans	p. 129
The USDA offers a prime choice for low- to moderate-income homebuyers	p. 131
Community lending goes mainstream	p. 131
Not-for-profit housing groups help moderate-income people own their own homes	p. 134
Local governments assist with down payments	p. 136
Even Fannie and Freddie accept little- or nothing-down loans	p. 138
Cut the cost of PMI by learning where rates break	p. 138
Before you obtain a PMI little- or nothing-down loan, understand the cost you'll pay	p. 139
Reduce the higher cost of low down payments with a second mortgage (piggyback loan)	p. 141
Use pledged collateral to eliminate PMI	p. 142
Search for sellers with low-equity assumables loans	p. 144
Avoid PMI with a higher interest rate mortgage	p. 144
Win Big Savings with Seller Financing, Foreclosures, or REOs	p. 147
Sellers can nearly always beat the banks at their own game, but you must do more than ask	p. 151
Ask the seller and lender to cooperate with a refi blend	p. 153
Bridge the assumable gap with a seller second	p. 154
Avoid the bang of a bursting balloon	p. 155
Buy on the installment plan	p. 156
Try it before you buy it	p. 159
Buy and lease simultaneously	p. 161
Beat high interest rates with wraparound financing	p. 164
Don't dillydally with due diligence	p. 165
Negotiate a preforeclosure workout	p. 168
Buy (carefully) at a foreclosure sale	p. 171
Locate a foreclosure pro	p. 171
HUD may hold the keys to your home or investment property	p. 173
VA offers REO deals (with financing) to both veterans and nonveterans	p. 175
Let Fannie or Freddie treat you to below-market financing	p. 177
Buy and finance directly with a lender	p. 179
Beware of Those Fine Print "Gotchas"	p. 183
It's a jungle out there	p. 184
Tell your loan rep to take out the garbage	p. 187
Don't place blind faith in the good faith estimate	p. 189
What's the real cost of a no-cost mortgage?	p. 191
Con you prepay without restriction or penalty?	p. 193
An assumable loan may offer less than you've assumed	p. 196
Appraised value doesn't necessarily equal market value	p. 198
Sometimes lenders signal appraisers to lowball their value estimates	p. 200
Appraisals do not forecast the future	p. 202
Achieve the Lowest Interest Rate Available	p. 205
Refuse to yield to oversized yield-spread premiums (YSPs)	p. 205
Red and yellow, black and white, do lenders treat them all alike?	p. 207
Rate quotes: Fact or fiction?	p. 208
what rate will you get at closing?	p. 210
Achieve your best rate	p. 213
Industry pros and government agencies need your help	p. 215
How to (almost) vanquish tricks of the trade	p. 220
Manage Your Property and Financing for Maximum Return	p. 225
Treat your home and your financing as an investment	p. 226
Monitor opportunities to refinance	p. 233
Use refinancing to create other benefits	p. 236
Refinance and invest the proceeds	p. 238
Never buy biweekly baloney	p. 243
Cancel your PMI-Get a refund from FHA	p. 246
Should you negotiate out of escrow?	p. 248
Just say no to home equity loans	p. 250
Trouble, trouble, what to do?	p. 254
Conclusion: You Con Live on the House	p. 259
Index	p. 265
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106 Mortgage Secrets All Borrowers Must Learn -- But Lenders Don't Tell

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