Mortgages for Dummies [Paperback]

Ray Brown (Author)

Book Description

Series: For Dummies (Lifestyles Paperback) | Publication Date: April 15, 1999

For typical homeowners, the monthly mortgage payment is either their largest or, after income taxes, second-largest expense item. When you’re shopping for a mortgage without the proper knowledge, you could easily waste many hours of your time in addition to the financial losses suffered by not getting the best loan that you can. Choosing the right mortgage can help you save money for more important financial goals such as higher education and retirement.

Mortgages For Dummies is for anyone who needs a loan to buy their first home or wants to refinance their existing mortgage. This book is also for those who would like to tap some of the value they have built in their home over the years. This friendly, easy-to-understand guide will help anyone to

• Shop for the best home-purchase mortgage
• Overcome loan qualification obstacles
• Negotiate lower loan fees and closing costs
• Save by refinancing the house
• Increase retirement income with a reverse mortgage

Figure out how to select the right mortgage for you situation. Then explore, step-by-step, how to get the best possible deal. Mortgages For Dummies also covers the following topics and more:

• Determining your borrowing power
• Qualifying for a mortgage
• Locating and selecting a loan
• Finding the best lender and options
• Tackling loan paperwork
• Refinancing and other money makers

For most of us, the mortgage field is jammed with jargon and fraught with fiscal pitfalls. It’s up to you to seek the knowledge necessary to make your mortgage process more rewarding. This handy guide shows you everything you need to know to find your way through the home financing jungle and make the best decisions possible.

Editorial Reviews

Amazon.com Review

For many of us, the single biggest financial transaction is buying a house. Even more significant than the hefty down payment we fork over is the 15- to 30-year mortgage that needs feeding every month. If you have this much at stake, a little knowledge can go a long way, which is where Eric Tyson and Ray Brown come in. In Mortgages for Dummies, Tyson and Brown (who also wrote Home Buying for Dummies and House Selling for Dummies) provide a comprehensive introduction for anyone who is contemplating a mortgage. The book tells you how to evaluate your creditworthiness, determine your borrowing power, and shop for a lender, as well as covering the various types of loans. The authors also devote a section to refinancing and discuss what you should consider when prepaying a loan. They include amortization and remaining-balance tables, and a useful glossary. Whether you're a first-time home buyer or are just looking to refinance, you'll find this a valuable, easy-to-use guide. --Harry C. Edwards

Review

"Fun-to-read.... Deciphers mortgage mumbo-jumbo." —San Jose Mercury News

"A favorite.... Fun reading and informative." —Minneapolis Star Tribune

"Objective, down-to-earth.... A book I wish I'd read before purchasing my first lemon-of-a-home." —Wilmington News Journal

"Invaluable information, especially for the first time home buyer." —Fort Worth Star-Telegram

See all Editorial Reviews

Product Details

• Paperback: 288 pages
• Publisher: For Dummies; 1 edition (April 15, 1999)
• Language: English
• ISBN-10: 0764551477
• ISBN-13: 978-0764551475
• Product Dimensions: 9 x 7.3 x 0.8 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 4.3 out of 5 stars  See all reviews (14 customer reviews)
• Amazon Best Sellers Rank: #832,389 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

39 of 40 people found the following review helpful:

5.0 out of 5 stars Just what the doctor ordered, May 10, 1999

By A Customer

This review is from: Mortgages for Dummies (Paperback)

Excellent, plain English explanation of the various mortgages and how to choose one that best fits your situation. Also details how to shop and negotiate the best deal...with all the hype about shopping on the internet, that excellent chapter alone is worth the price of the book. I learned a lot about "creative financing" techniques like 80-10-10 loans that I knew nothing about before picking up a book. I've tried other mortgage books and found them to be dull and not to the point. This book was a joy to read and left me thinking clearly!

30 of 32 people found the following review helpful:

4.0 out of 5 stars very helpful, if not extremely polished, September 22, 2000

By 

M. H. Bayliss "book queen" - See all my reviews
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This review is from: Mortgages for Dummies (Paperback)

You will definitely find out just about anything you wanted to know about mortgages: fixed and ARM (all the others are variations on these themes). My only small complaint is the same as the reviewer's below: several times the authors refer to appendices that are not there! There are also some typos ("suprised") some in prominent places -- it just gave me the feeling that the book was rushed. One piece of information I felt they could have spent more time on was the mechanical side of paying down a 30 mortgage faster. For example, how many years does it take off your loan to put in one extra payment a year, or $100 per month, etc.... Home buyers often pick a 30 year mortgage because of the low monthly payment, but can strive to put in an extra payment a year to save tens of thousands of dollars of interest. This information would have given more details to the types of mortgages most people get. The authors spent a bit too much time by comparison on some relatively rare loans (reverse mortgages) although no one will put a gun to your head and make you read those parts. Overall, it was easy to follow and the best of the books on understanding how mortgages work and how to compare them.

17 of 17 people found the following review helpful:

4.0 out of 5 stars Very useful for first time home buyer, January 5, 2000

By 

Paul Moore (California) - See all my reviews
(REAL NAME)   

This review is from: Mortgages for Dummies (Paperback)

I've found this book the most useful of the dozens I scanned through at the bookstore. The numbers used in the examples better represented the real-world of 1999 than the others. The authors do a good job of explaining the steps one should take to obtaining a mortgage and the many terms that are thrown about the mortgage industry. I didn't come away from the book with a definitive answer to "which mortgage is right for me?" but I certainly understood what the trade-offs were between the different ones.

One problem I did have with the book is the many references to the graphs in "Appendix C" of how the ARM indices have behaved over time. The copy of the book I have has no such information in appendix C or any other appendix.