The Pocket Mortgage Guide 56 of the Most Important Questions and Answers About Your Home Loan - Plus Interest Amortization Tab

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ISBN: 9780071425216 | 0071425217
Cover: Paperback
Copyright: 12/16/2003

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The "Mortgage Professor" answers critical homemortgage questionsThis value-packed consumer reference by a nationally syndicated mortgage columnist is indispensable for anyone looking to secure a home mortgage.The Pocket Mortgage Guideanswers 50 of the most commonly asked mortgage questions, including: How can I find the lowest-cost lender? Should I choose a 15-year loan or a 30-year loan? What is PMI and how can I cancel it? How large a mortgage will I be able to afford? What will my monthly mortgage payment be? What is a "debt ratio" used for and how is it calculated? What is a home equity line of credit and what should it be used for?The book also provides valuable interest amortization tables and is the perfect resource for home buyers.

Buying a House	p. 1
How much can I afford to pay?	p. 1
How do lenders decide how much I can borrow?	p. 3
Getting Qualified and Approved	p. 8
What are the requirements for documenting income and assets?	p. 8
Can I improve my credit score by paying off delinquent credit cards?	p. 10
Will my credit score fall if I shop many loan providers?	p. 11
Can you separate good income from bad credit?	p. 13
Is it difficult for the self-employed to qualify?	p. 13
Basic Mortgage Terms, Features and Costs	p. 15
What is a mortgage interest rate?	p. 15
My loan officer says the total amount of interest I pay over the life of the loan is more important than the interest rate. Is this true?	p. 16
What are points and why should I pay them?	p. 16
Are points tax deductible?	p. 17
What is the down payment?	p. 18
If a house is appraised for more than the sale price, can the difference be counted as part of the down payment?	p. 18
Can the seller help with the down payment?	p. 19
What is the real cost of mortgage insurance?	p. 20
How can I avoid private mortgage insurance?	p. 22
Why do I need title insurance?	p. 24
Does title insurance protect me or the lender?	p. 24
Can I shop around for title insurance?	p. 25
Does it pay to shop around?	p. 25
The Different Types of Mortgages	p. 27
Which is preferable, a 30-year term or a 15-year term?	p. 27
How are interest rates determined on an adjustable rate mortgage (ARM)?	p. 28
Can you have peace of mind with an ARM?	p. 30
How do balloon loans compare with ARMs?	p. 31
Should I get a biweekly mortgage to pay off the loan early?	p. 32
Who should take a Federal Housing Administration (FHA) loan?	p. 34
How to Understand Mortgage Pricing	p. 36
What is the price of a mortgage loan?	p. 36
What market niche are you in?	p. 38
Can I rely on price quotes in the printed media?	p. 40
Can I rely on price quotes received directly from a loan provider?	p. 41
Shopping for Your Mortgage	p. 44
How do I shop for the lowest-cost mortgage?	p. 44
What should I know about comparing lenders on the Web?	p. 49
What is an "upfront mortgage lender"?	p. 49
What is an "upfront mortgage broker"?	p. 52
Who is most likely to refer me to a good lender?	p. 53
What's the difference between a mortgage broker and a lender--and what's the advantage of using a broker?	p. 54
How do mortgage brokers make money?	p. 55
Won't I pay less if I go directly to the broker?	p. 56
What are the disadvantages of using a mortgage broker?	p. 56
Are brokers more likely to take advantage of me than lenders?	p. 56
How can I be sure I'm not being taken advantage of?	p. 57
What is the downside of using a brand-name lender?	p. 57
What should I know about mortgage auction sites like lendingtree.com?	p. 58
Should I respond to solicitations?	p. 62
Locking the Interest Rate	p. 63
When should you lock in an interest rate?	p. 63
When should you let your interest rate float?	p. 64
What happens if the lock expires before the loan closes?	p. 65
Is locking with a mortgage broker the same as locking with a lender?	p. 66
Does a lock commit the borrower as well as the lender?	p. 66
Refinancing Your Mortgage	p. 68
When does refinancing really pay?	p. 68
What should enter the refinance decision?	p. 69
Should I consolidate credit card debt in a second mortgage?	p. 72
Does it ever make sense to refinance at a higher rate?	p. 74
When is no-cost refinance a good deal?	p. 76
Should you refinance with your current lender?	p. 78
Why must I buy a new title insurance policy when I refinance?	p. 80
After the Loan Has Closed	p. 81
Is paying down my loan early a good investment?	p. 81
What should you do when you can't pay your mortgage?	p. 82
How do I cancel private mortgage insurance?	p. 84
Is there recourse against bad servicing?	p. 87
Monthly Payment Tables	p. 91
Finding Your Loan Balance	p. 142
Table of Contents provided by Ingram. All Rights Reserved.

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The Pocket Mortgage Guide 56 of the Most Important Questions and Answers About Your Home Loan - Plus Interest Amortization Tab

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