Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan (Paperback)

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Key Phrases: automated underwriting systems, commissioned income, best loan officer, Fannie Mae, Freddie Mac, Finding Your Home Loan (more...)

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 alternate Paperback edition.

Review

"..an easy-to-digest look at the world of mortgages.The Q&A format makes this a worthwhile addition to the real estate shelves." -- Publisher's Weekly

"On my scale of one to 10, this outstanding home-mortgage book rates an off-the-chart 12." -- Robert Bruss, nationally syndicated columnist

"Written in Q&A, the advice in Mortgages 101 is unvarnished and to the point. -- RealtyTimes.com

I've been involved... real estate market for [over] 35 years, I learned lots of insider mortgage information I didn't know. -- Robert J. Bruss, Inman News --This text refers to an alternate Paperback edition.

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Product Details

• Paperback: 320 pages
• Publisher: AMACOM; 2nd edition (May 2, 2008)
• Language: English
• ISBN-10: 081440166X
• ISBN-13: 978-0814401668
• Product Dimensions: 8.9 x 5.7 x 0.9 inches
• Shipping Weight: 1.1 pounds (View shipping rates and policies)
• Average Customer Review: 4.8 out of 5 stars  See all reviews (16 customer reviews)
• Amazon.com Sales Rank: #158,896 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

23 of 24 people found the following review helpful:

5.0 out of 5 stars This book is a must read for anyone in the business , April 24, 2005

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

This review is from: Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan (Paperback)

I train residential mortgage loan originators around the country and I recommend this book to all of them. I have learned more from this book than from dozens of other books combined. Do not lend or broker mortgage money without reading this book; you will learn more from this book than you would from spending ten years in the business.

13 of 13 people found the following review helpful:

5.0 out of 5 stars Great book, easy to understand, lots of secret information, October 12, 2004

By	donna - See all my reviews

This review is from: Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan (Paperback)

I picked this book because it was kind of a cross between Mortgages for Dummies because it was easy to get through and find different information and other mortgage books that get so technical that they're boring. One of the quotes on the back cover said something like "...the book on getting the lowest rate is worth the price of admission alone..." I couldn't agree more. I'm buying my second house now and wish I had this book the first time around.

16 of 17 people found the following review helpful:

5.0 out of 5 stars An Excellent Primer, March 21, 2005

By	Gary Frimann (Gilroy, CA United States) - See all my reviews (REAL NAME)

This review is from: Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan (Paperback)

Dave Reed has written an excellent book. His style of a Q & A format makes for easy reading and he keeps the answers short and on point. I own a mortgage company and a real estate brokerage, and I think his book could easily be used by the following 3 groups:
1) People shopping for a loan
2) Realtors who want to familiarize themselves with the multitude of loan products available.
3) Any agent new in the industry. I would advise every lender to have a copy on hand. If you get a new agent who is inexperienced, put them in a corner their first day on the job and have them read this book.
I think Mr. Reed has done a thorough job explaining what is currently out there in the way of mortgages, and his Q & A format worked because that is typically how a loan officer gets and delivers information, i.e. "If I do that what happens?" or "Can I buy this house with this much or that much down?"
He strongly encourages in this book to find an experienced loan agent who is working in your best interest. Even though there are a loans available these days, not all make financial sense to all people. Sometimes a borrower just has to take what is offered due to job history, credit history, or lack of downpayment. But, the good news is that people can now get loans who could not get loans in the recent past (at somewhat reasonable rates). Real Estate has been so good to so many people, that it is undeniably the best investment for the average person. I've seen it too many times in my 19 years of being in the business. Dave Reed has done much to add to the understanding of loans for the average person.
Good job Dave on this great book.