Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls [Paperback]

Jack Guttentag (Author)

Book Description

Publication Date: May 7, 2004

A one-stop reference for in-depth explanations of mortgage topics

With the creation of so many new, complex mortgage programs, it's difficult for consumers --not to mention real estate agents, attorneys, closing agents, and mortgage brokers--to keep track of them all. Written by nationally syndicated real estate columnist Jack Guttentag, The Mortgage Encyclopedia helps readers understand the various mortgage terms, features, and options by offering clear, precise explanations. The alphabetical organization of terms makes it easy to quickly find information on any topic, from FHA, Investor, and No-PMI Loans to Origination Fee and Rate Float. Each entry includes not just a description of the term, but also relevant advice for consumers, such as answers to the questions "Is this loan right for me?" and "Can I negotiate this fee?"

• Guides readers through the bewildering array of new mortgage programs
• Features definitions and explanations of common mortgage, escrow, and closing fees and arcane mortgage terminology

Editorial Reviews

From the Back Cover

Your one-stop guide to mortgage topics, from A to Z

There's a bewildering array of new, complex mortgage programs out there--and now there's a definitive, concise resource to help you make sense of them all. Written by nationally syndicated real estate columnist Jack Guttentag, The Mortgage Encyclopedia demystifies all the various mortgage terms, features, and options by offering clear, precise explanations.

From A-Credit to Zero Balance, the alphabetical organization of terms makes it easy for you to quickly find information on any topic. You get not just a complete description, but also in-depth discussion of the issues that may affect you, whether you're a homeowner (or hoping to become one), a real estate agent, a loan provider, or an attorney. There's even a special section with refinance breakeven tables. So the next time you ask yourself such questions as "Is this FHA loan right for me?" or "Can I negotiate this fee?" reach for this indispensable guide and get the fast, accurate information you need!

• Features definitions and explanations of common mortgage-related terms, as well as arcane mortgage terminology
• Provides authoritative advice on issues such as whether to use a mortgage brokers, the benefits of paying points versus a larger down payment, and the hazards of cosigning a loan
• Identifies common mortgage myths and misperceptions--and warns you of the pitfalls to avoid
• Includes helpful tables on affordability, interest cost of fixed-rate versus adjustable rate mortgages, and much more.

About the Author

Jack Guttentag , a.k.a. "The Mortgage Professor," is Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania. He writes a nationally syndicated weekly newspaper column called "Ask the Mortgage Professor." Professor Guttentag's website devoted to helping consumers make better mortgage decisions is www.mtgprofessor.com. He lives in Valley Forge, Pennsylvania.

Product Details

• Paperback: 350 pages
• Publisher: McGraw-Hill; 1 edition (May 7, 2004)
• Language: English
• ISBN-10: 0071421653
• ISBN-13: 978-0071421652
• Product Dimensions: 8.9 x 5.9 x 0.9 inches
• Shipping Weight: 11.2 ounces
• Average Customer Review: 4.6 out of 5 stars  See all reviews (18 customer reviews)
• Amazon Best Sellers Rank: #849,912 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

61 of 64 people found the following review helpful:

5.0 out of 5 stars In Mortgages or Buying a Home? BUY THIS BOOK!!!!!!!!!!!!!!!!, September 13, 2004

By 

Christopher Cruise "LOBooks" (Silver Spring, MD USA) - See all my reviews
(REAL NAME)   

This review is from: Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls (Paperback)

This is an extraordinary piece of work that no mortgage professional should be without. There is so much I could say about this book, but if I said what I wanted to say, this review would be half as long as the book. There is value on every single page of this thing! You'll keep turning the pages and you'll be amazed at how much you learn.

Written in clear, lucid, helpful, well-documented terms, this is a completely trustworthy resource that any mortgage loan originator - newcomer or veteran - will learn a great deal from.

Real estate journalists, regulators, and legislators should not do their work without having this book by their side. Don't move ahead with any mortgage-related activity without consulting this incredible work.

I am going to adopt it as one of the required textbooks for my community college classes for new loan originators. This will be required reading, and will prove to be an invaluable daily-reference resource as the students move into their careers.

In my work around the country for www.trainingpro.com as a trainer for the ten largest mortgage companies in the country, I recommend this book to every originator I see. And I have to keep a close watch on my heavily dog-eared copy because I watch it slipping away at every class I show it to. Once originators have it in their hands they don't want to let it go, and I understand why. I take it with me everywhere I go, and prop it up in front of my classes so students will know what I think of it. It is an invaluable teaching and learning resource.

Furthermore, whenever anyone in or outside the business asks me where to go to learn about mortgages I immediately recommend this author's website. There are tutorials on a wide array of mortgage-related subjects. He is at www.mtgprofessor.com

I know this sounds like I am some kind of shill for this guy, but the fact is I have never met him and have only talked with him a few times on the phone and via e-mail, and I have no financial interest in the book whatsoever.

His picture makes him appear to be a gruff old coot, but he is friendly and helpful and seems genuinely interested in explaining mortgage concepts to consumers and to loan originators. He is the real deal, a great asset to consumers and to the mortgage industry. His column is syndicated, and he is at Yahoo Finance, in addition to his books. I also recommend his Pocket Mortgage Guide. Buy his books. I guarantee you won't be disappointed. If someone showed me the information in this book in manual form I would assume the price would be in the hundreds of dollars. Whoever priced this thing left a lot of money on the table. Their loss, your gain.

10 of 10 people found the following review helpful:

5.0 out of 5 stars Giving the power of knowledge to the people, September 6, 2005

By 

EuroCatalyst (Austin, Texas and Naarden, The Netherlands) - See all my reviews

This review is from: Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls (Paperback)

Jack Guttentag is a legend in not only the US - but the global mortgage industry - and his Mortgage Encyclopedia is the best investment any borrower can make in their own future whether you currently own a home or would like to someday own one. A mortgage is the largest amount of money most of us will ever borrow for the longest period of time and as such, is the centerpiece of your financial portfolio. Guttentag proves that knowledge is power by giving everyone equal access to the information that will help anyone make one of the most important decisions in their life. If you're ready to take control over your own finances, read this book before going to a broker so that you can make better informed decisions. After reading this book, put it on your bookshelf next to your home medical encyclopedia because you'll need it when you refinance. Not only should every consumer read this book, so should every professional in the mortgage industry - and I expect they will. Jack, for those of us "experts" in the industry you've done all of us a great favor - now when friends, friends-of-friends and family call for free mortgage advice, we can send them the book - it gives better explanations and advice than most of us would have given anyway! And of course we'll all be reading it ourselves. (Note to readers: I have never had the privilege of meeting Jack Guttentag but read his [...] website weekly. In 20 years in the global mortgage industry, I have never seen anyone as articulate and forthright about the strengths and weaknesses of this industry from an insider's perspective, nor have I ever found a stronger consumer advocate than Professor Guttentag. I have no direct financial benefit from this review.)

6 of 6 people found the following review helpful:

5.0 out of 5 stars excellent reference, February 6, 2007

By 

Leon Austin (Colorado Springs, Colorado) - See all my reviews
(REAL NAME)   

This review is from: Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls (Paperback)

This as an almost indispensible tool for anyone involved in real estate transactions. If you own a home, or you're planning to buy one, you will want to have this book as a guide to the myriad types of loans available, and the dizzying amount of real estate terms that are used. All of it is explained in plain English. It can be used by real estate professionals and laymen alike.

I find this book also useful for notary signing agents. Although we're not required (or supposed) to discuss the loan terms with the borrower at the closing, it still helps to know what all of these terms mean.

What I like about the book is the organization. All of the topics are in alphabetical order, making it easy to find the information you need quickly. There are many cross references and references to web sites. And unlike an ordinary encyclopedia, there are opinions from the author. If you've read his articles or visited his website, then you're already familiar with the wisdom he shares with his readers.

This is one encyclopedia you'll want to read from A to Z.