Customer Reviews

Mortgages for Dummies

5 star:		(7)
4 star:		(5)
3 star:		(1)
2 star:		(1)
1 star:		(0)

 

 

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!

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.

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.

I read this book shortly before we signed to build a home, and I can't say how helpful it has been. Knowing how mortgages work (especially ARMs) and the right questions to ask has definitely changed the treatment we have received from various mortgage companies. We ended up going with our builder for financing and after dealing with them, I get the impression that a lot of people DON'T read up on mortgages and just take whatever is offered. Don't just trust the mortgage companies to give you the best deal - read this first and arm yourself for negotiating!

This book has done a great job in explaining and putting in simple, understandable words all the mortgage techicals and jargon. The mortage offical that originated my loan application was amazed at how much i knew about the matter (if she only knew). Seriously, if you want to get the deal that benefits you the most, then get this book and save hundreds and maybe thousands on closing costs and interest rates during the life of your loan. It will only cost you $16.99 and some little time to read and understand. Hope your have a great deal!!!

Excellent book. This book is well-written, concise, and articulates the essentials of mortgages succintly and with real-life examples.

As a serious first-time home buyer and real-estate investor, I needed to develop a fundamental understanding of the different types of mortgages available on the market and what is best suited for me and my financial goals.

This book classifies all mortgages into its 2 basic types, and explains benchmark mortagage financing options as well as the more exotic or creative types of financing available.

Easy to read, fun to read and you'll get a lot out of it.

Being a new home buyer, I found this extremely useful - especially while going through a re-financing. But as the book says it's for dummies [like me :)], and covers only the basics.

very well written.

This book was an excellent reference for me. I'm looking for a home now and wanted something to prepare me for securing a great mortgage. The authors present the material in a clear cut way while leaving out most of the technical jargon that you most likely have a lawyer or soemone your working with who is a professional in the real estate trade explain to you. You get a thorough understanding of the mortgage without going crazy trying to remember terms of the industry. It's also filled with a load of real world insight on many aspects of the various mortage types, lenders and "rule bending". I was tossed up between "Buying and Selling a Home" by Kiplingers Personal Finace Staff but again it didn't have many technical terms and industry jargon that Kiplingers had. When your a busy person with little time to yourself but want to be prepared for one of life's major puchases than this should be the book for you. I will definitely look over the other books in this line pertaining to real property before checking out other publishers.

I have never bought a house, but I considered myself investment and money savy. This book should be rolled into the homebuying for dummies, there just wasn't enough valuable information in it to make it worth the money.

Don't buy this book if you already no the differance between Fix and Adjustable, understand how points typiclaly lower interest costs, understand that banks and lenders want to compete for your business (so hunt for the best loan).

Buy this book if you are looking for a read ahead before buying a mortgage, or want to get a standard understanding of how the system works. This will not help your credit problems or getting a better loan with possible the exception of fees and lender pratices.

I found this book very useful as I prepared to take on my first mortgage. The book provided details in relation to mortgages and what options are really available and how to negotiate for a better deal. Tis book provides a good insight in to loan structures and other areas of finance. It written in plain English and proves to be very informative in the area of mortgages.