Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan [Paperback]

David Reed (Author)

Book Description

Publication Date: May 2, 2008

With mortgage stories dominating the front-page news, people-whether they're buying a new house or refinancing-increasingly have questions about the complicated issues at stake. Arranged in an easily accessible question-and-answer format, Mortgages 101 provides readers with essential lending formulas, as well as important information on lending requirements and application procedures. The book shows readers how to save money by: • understanding key terms like ARMs and hybrids-and reading what's in the fine print • improving their credit scores to increase their borrowing power • using technology to get the lowest interest rates • maximizing their return on investment, and cutting the cost of mortgage insurance This revised edition includes up-to-date material on new loan and government programs, as well as changes to the law regarding tax deductions, down payment assistance, reverse mortgages, bankruptcy, negative amortization and more-in short, all the answers readers need, in one must-have reference.

Editorial Reviews

From Publishers Weekly

Reed, an experienced loan officer and columnist for Realty Times, offers an easy-to-digest look at the world of mortgages. With definitions of the various types of loans, explanations of credit scores and a discussion of how the Internet has changed the real estate business, the book is a handy reference for anyone involved in real estate transactions-though best for beginners who want a map to navigate their way through the complexities of mortgages. The book explains such basic issues as the difference between renting and buying, which individuals at a bank actually approve loans and how to figure out debt ratio. More complex topics, like construction loans and getting online approvals, are also included. Reed writes in a straightforward, conversational tone and offers appropriate cautions, such as not to reveal confidential information online. While much of this information is available elsewhere, Reed serves up useful advice that is rarely discussed. For example, there is a "rescission" period for refinanced mortgages that gives people a three-day grace period to get out of the mortgage agreement with no penalties; he also discusses various types of appraisals. While there are books that cover this information in more depth, the q&a format makes this a worthwhile addition to the real estate shelves.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.

Review

“This new book provides important information from an experienced mortgage broker whose home-finance articles I have enjoyed for many years. Reed shares his insider home loan secrets, offering sage advice along the way on how to overcome frequent home-mortgage problems....On my scale of one to 10, this outstanding home-mortgage book rates an off-the-chart 12.” --Robert Bruss, nationally syndicated real estate columnist

“Reed, an experienced loan officer and columnist for RealtyTimes, offers an easy-to-digest look at the world of mortgages....Reed writes in a straightforward, conversational tone and offers appropriate cautions, such as not to reveal confidential information online. While much of this information is available elsewhere, Reed serves up useful advice that is rarely discussed....While there are books that cover this information in more depth, the q&a format makes this a worthwhile addition to the real estate shelves.” --Publishers Weekly

“With consumer-friendly language and an easygoing tone, Reed answers over 250 common, yet critical borrower questions. Originators can use this book chapter by chapter, or as a whole, to help educate consumers on the entire mortgage process….Give this book to any potential customer—first-time buyers, move-ups, and experienced homeowners alike—and they will come back to you more informed and confident in their mortgage proceedings….you and your customers will benefit greatly from this informative book.” --Mortgage Originator

“Written in Q&A, the advice in Mortgages 101 is unvarnished and to the point. Reed takes a dry subject and makes literally years of hard-gained knowledge digestible and usable in a thumbable loan manual.”

--RealtyTimes.com

“An indispensable guide to answer any question imaginable when you're buying a home or other property. If you own your own business, have had credit trouble or just want to learn more about the amazing array of current real estate mortgage products, Mortgages 101 can help.” --BookPage

"His lucid explanations translate confusing mortgage industry jargon into plain English for the nonfinancial reader....no-nonsense tone.” --Financial Planning

“…takes the guesswork out of getting a mortgages…If you don’t become an expert on mortgages after reading this book, don’t blame us.” – The Post-Standard

“Though a number of books cover mortgages for consumers, this helpful how-to is distinguished by its ‘Socratic’ style; many web-savvy readers will benefits from the familiar FAQ format. A welcome addition to public library business collections.” --Library Journal

“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." --The New York Times

See all Editorial Reviews

Product Details

• Reading level: Ages 18 and up
  
• Paperback: 320 pages
• Publisher: AMACOM; 2nd edition (May 2, 2008)
• Language: English
• ISBN-10: 081440166X
• ISBN-13: 978-0814401668
• Product Dimensions: 8.9 x 6.4 x 0.8 inches
• Shipping Weight: 1.1 pounds (View shipping rates and policies)
• Average Customer Review: 4.8 out of 5 stars  See all reviews (18 customer reviews)
• Amazon Best Sellers Rank: #128,322 in Books (See Top 100 in Books)
  • #23 in Books > Business & Investing > Real Estate > Mortgages

More About the Author

David Reed (Austin, TX) is the author of Mortgages 101, Mortgage Confidential, Your Successful Career as a Mortgage Broker , The Real Estate Investor's Guide to Financing, Your Guide to VA Loans and Decoding the New Mortgage Market. As a Senior Loan Officer and Mortgage Executive he closed more than 2,000 mortgage loans over the course of more than 20 years in commercial and residential mortgage lending.

He is Principal of and Lead Writer for CD REED Professional Writers Group, dedicated to web-based marketing, content writing and search engine optimization for the Real Estate, Financial and Mortgage Industries. He has written copy for literally hundreds of websites, authored countless articles and is an expert in Search Engine Optimization.

He has appeared on CNN, CNBC, Fox Business, Fox and Friends and the Today In New York show. His advice has appeared in the New York Times, Parade Magazine, Washington Post and Kiplinger's as well as in newspapers and magazines throughout the country.

Reed was the former Technology Chair for the Texas Mortgage Bankers Association, Board Member and President of the Austin Mortgage Bankers Association. He is married and a father of three in Austin. His website can be found at www.cdreed.com