Authors: Trevor Rhodes
ISBN-13: 9781615558827, ISBN-10: 1615558829
Format: Paperback
Publisher: McGraw-Hill Companies, The
Date Published: July 2008
Edition: Bargain
Trevor Rhodes is founder and CEO of AmerUSA, the nation's trusted partners in real estate to both homeowners and investors, and is a nationally recognized leading authority in real estate.
Book Synopsis
Trevor Rhodes is founder and CEO of AmerUSA, the nation's trusted partners in real estate to both homeowners and investors, and is a nationally recognized leading authority in real estate.
Table of Contents
Introduction 1
Mortgage Basics: The Lender's Security Instrument 3
Promissory Note 4
Mortgage 13
Deed of Trust 30
Meet the Mortgage Industry Wranglers: Roles and Responsibilities 51
Lenders 52
Correspondent Lenders 53
Mortgage Bankers 53
Loan Officers 54
Mortgage Brokers 55
Real Estate Agents 56
Appraisers 57
Title Insurance Agents (Including Attorneys) 57
Homeowners Insurance Agents 58
An Overview of the Mortgage Process: From Start to Finish 59
Pre-Approval 60
Application 61
Conditional Approval 62
Closing 63
How the Industry Billions Are Made: The Real Truth in Lending 65
Interest 66
Points and Origination Fees 66
Junk Fees 67
Yield Spread Premium (YSP) 69
Speaking to a Loan Officer or Mortgage Broker: What's Happening Behind the Scenes 73
How Your Rate is Quoted 74
Selling Techniques 76
The "Bait andSwitch" Technique - Borrower, Beware! 79
The Almighty Interest Rate: What You Thought You Knew 81
Despite What You've Been Told, It's Usually Negotiable 82
Fixed Vs. Adjustable 82
Interest Only Option 84
Annual Percentage Rate (APR) 96
Rate Lock 100
Your Property May Be Costing You More: Why Each Type Is Different 103
Detached Single-Family Residences 104
Condominiums 104
Cooperatives (Co-Ops) 105
Multi-Family Homes 105
Townhouses 106
Mobile/Manufactured Homes 106
Rural Properties 107
The Four Types of Lenders: Understanding the Differences 109
Conforming 110
Alt-A 111
Nonprime (Subprime) 112
Hard Money 113
Income and Asset Programs: Choosing Your Best Option 115
Know Your Debt-to-Income Ration (DTI) 116
Full Documentation (Full Doc) 119
Lite Documentation (Lite Doc) 120
Stated Income Verified Assets (SIVA) 120
Stated Income Stated Assets (SISA) 122
No Ratio 122
No Income No Asset (NINA) 124
No Documentation (No Doc) 125
Mortgage Homework: What to Do Before You Apply 127
What a Lender Wants to See 128
Preparing Your Income 130
Preparing Your Assets 132
Check Your Credit 132
Shop Around 134
Raising Your Credit Score in 10 Days: Fast Fixes When Applying for a Mortgage 135
The Rapid Re-Score 136
Determining the Factors That Are Affecting Your Score 137
Assembling Your Evidence 138
Fast Fixes That Do Not Require Money 139
Fast Fixes That Require Money 144
The Major Deal Breakers: Why Many Mortgages Never Close 149
Appraisal Problems 150
Sales Contract No-No's 152
Borrower Blunders 154
Taxes and Insurance: To Escrow or Not to Escrow? 157
What Is an Escrow Account? 158
How This Decision May Affect Your Rate 159
A Little Each Month Is a Lot Easier Than a Lot Next Year 159
Application Documents and Disclosures The Most Important Ones to Know and Why 161
Uniform Residential Loan Application (1003) 162
Good Faith Estimate (GFE) 168
Truth in Lending Disclosure (TIL) 171
Mortgage Brokerage Business Contract 173
Authorization to Release Income Tax Transcripts (4506-T) 177
Refinancing, Equity Loans and Lines of Credit: Should You Mess with a Good Thing? 181
Refinancing for a Reason, Not the Season 182
An Equity Loan or Line of Credit, Why You May Regret It 184
Exercising Your Right of Rescission 186
Conclusion 189
Government Publications: Resources for Financing a Home 191
HUD Buying Your Home: Settlement Costs 193
HUD Fair Housing: Equal Opportunity for All 221
FTC Real Estate Marketplace Glossary 237
Looking for the Best Mortgage? Shop, Compare, Negotiate 255
Mortgage Servicing: Making Sure Your Payments Count 265
RESPA: Real Estate Settlement Procedures Act 271
TILA: Truth in Lending Act 339
Bonus CD-ROM: The American Mortgage Resource Center 433
Installation Instructions 433
Terms of Use 434
How to Personalize a Real Estate Form 434
The End Result 435
Index 437
Subjects