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

David Reed (Author)

Book Description

Publication Date: September 6, 2004

With more people than ever before applying for new loans and refinancing, an easy-to-understand guide has become a necessity for anyone confused by the complicated issues at stake. Mortgages 101 answers all the questions readers typically have, detailing all the latest changes in mortgage processes, and showing readers how to save money by:* understanding important terms like ARMs and Hybrids -- and 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 insuranceArranged in an easily accessible question-and-answer format, the book provides up-to-date lending formulas, as well as important information on lending requirements and application procedures. Mortgages 101 contains all the information readers need to know, 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.

Review

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

See all Editorial Reviews

Product Details

• Reading level: Ages 17 and up
  
• Paperback: 288 pages
• Publisher: AMACOM; 1st edition (September 6, 2004)
• Language: English
• ISBN-10: 0814472451
• ISBN-13: 978-0814472453
• Product Dimensions: 8.9 x 6 x 0.8 inches
• Shipping Weight: 1 pounds
• Average Customer Review: 4.8 out of 5 stars  See all reviews (18 customer reviews)
• Amazon Best Sellers Rank: #1,206,747 in Books (See Top 100 in Books)

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. He is married and a father of three in Austin. His website can be found at www.cdreed.com

Customer Reviews

Most Helpful Customer Reviews

23 of 25 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.

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.

14 of 15 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.