Mortgage Confidential: What You Need to Know That Your Lender Won't Tell You » (Second Edition)

DAVID REED (Austin, TX) is the author of several books, including Mortgages 101 (978-0-8144-0166-8). As a senior loan officer, he has closed more than 2,000 mortgage loans. He is a columnist for Realty Times and a member of the Mortgage Speakers Bureau.

Now that you’re looking for a mortgage, don’t you wish you had a little insider’s advice? The ultimate guide to getting the best deal on mortgages, Mortgage Confidential lets you in on all the secrets of this complicated process. Completely updated with all-new, up-to-the-minute information on new licensing and disclosure rules and the latest eligibility requirements, the second edition gives you the confidence and information you need to successfully:

complete the loan application to maximize your chances of approval • qualify for the lowest rates • avoid origination charges • steer clear of credit repair scams • pay zero closing costs • identify a “rip-off” loan program • determine whether paying “points” can save you money • refinance—even if your equity has dropped • and more!

You’ll find out what lenders really look for before they approve a loan, options they won’t often divulge, which costs they have control over, and little-known sources of down payment money.

When it comes to financing a home, there’s nothing like having a friend in the business. This comprehensive, easy-to-understand guide lets you in on all the confidential information you need to get the best mortgage for you.

PRAISE FOR DAVID REED’S MORTGAGES 101:

“Reed follows the question-and-answer format and covers just about every issue that can come up, from how much to put down to the various types of mortgages available. Perhaps the best thing Mr. Reed does is explain, simply, how banks determine your credit­worthiness.” — New York Times

“On my scale of 1 to 10, this outstanding home-mortgage book rates an off-the-chart 12.” — Robert J. Bruss, Inman News Service

PRAISE FOR THE FIRST EDITION OF MORTGAGE CONFIDENTIAL:

“This consumer-oriented book is easy to understand, but, more important, it includes mortgage secrets not revealed elsewhere.” — Los Angeles Times

“Reed breaks down the lingo of the industry and provides good unbiased information that will help you ask the right questions and avoid getting snookered. If you don’t want to be like a third of homeowners who don’t know what type of loan they have, get this book.” — Michelle Singletary, Washington Post, nationally syndicated columnist

DAVID REED is the author of several books, including Mortgages 101. As a senior loan officer, he has closed more than 2,000 mortgage loans. He is a columnist for Realty Times and a member of the Mortgage Speakers Bureau.

Contents

Introduction....................1
Chapter 1 Where Mortgage Loans Really Come From....................4
Chapter 2 The Mortgage Loan Process....................36
Chapter 3 Risk Elements....................59
Chapter 4 Closing Costs....................77
Chapter 5 Interest Rates....................97
Chapter 6 Credit....................128
Chapter 7 Loan Choices....................149
Chapter 8 Refinancing....................169
Chapter 9 Buying and Building New....................188
Appendix Payment Tables....................205
Glossary....................212
Index....................225