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Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan Paperback – May 2, 2008

4.7 out of 5 stars 33 customer reviews

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Frequently Bought Together

  • Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan
  • +
  • Mortgages For Dummies, 3rd Edition
  • +
  • The Mortgage Encyclopedia: The Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls, Second Edition
Total price: $55.82
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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

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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: 5.7 x 0.7 x 8.9 inches
  • Shipping Weight: 1.1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (33 customer reviews)
  • Amazon Best Sellers Rank: #312,543 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By Christopher Cruise on April 24, 2005
Format: 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.
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Format: Paperback Verified Purchase
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.
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Format: Paperback
Mortgages 101 is an easy to read, down to earth, book, to provide information to people about what goes on in a mortgage process. Any question you might have about a mortgage, credit, is answered in an easy to comprehend fashion. I truly believe this book should be in every Realtor's office and in the hands of any prospective buyer or seller of Real Estate. All a person has to do is have a question and look up the question. From deciding whether to rent or buy; what type of loan is best; credit scores. It's all there. I highly recommend this book
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Format: Paperback
I refused to be clueless while purchasing My home. I bought a few mortagage books. This one was the best.. It gives detail information on each type of loan out there and its pros and cons. Any time I heard a new term I simply searched for the term in this book. I went from knowing nothing to feeling secure in what I wanted. It was also easier to tell My Bank exactly what I was looking for. After speaking with a Loan officer and telling her exactly what I wanted she paused and said "you have been reading haven't you".
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Format: 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.
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Format: Paperback Verified Purchase
This book was invaluable as I prepared to purchase my first home. The book is written in question and answer format, so it is easy to focus on the topics that are most relevant. With the knowledge in this book behind me, I felt that I could talk to a mortgage broker with some knowledge and wasn't confused by all ther terms. I landed a great mortgage, thanks to this book.
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Format: Kindle Edition
Excellent info, but navigation on a kindle sucks, if I want to find another chapter about a similar topic. It is designed for a cover to cover read without cross reference or find it easy. But when I actually start looking for a house, this is a difficult reference book to navigate. Needle in haystack.
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Format: Paperback
I loaned this book from my local library when I got serious about buying my first home. I had a ton of questions about mortgages and how they work, this book answers all of them:

* being pre-qualified vs pre-approved
* what kind of mortgages exist; pros and cons of them
* what is refinancing and when can you do
* how and whether you should take loans against your mortgage
* and many more.

I feel more confident about at least one aspect of the home buying process. Thanks
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