Most books about mortgages quickly lose your attention because they are written in a way that only insiders can understand. This book explains the process in a way most people can comprehend. I used this book to train myself when I got into the mortgage industry. As a manager in a mortgage company, I use this book as a training tool for mortgage loan officers, so they learn to describe the process and loan programs in a way that the general public can understand. The Mortgage Kit provides a detailed explanation of the entire mortgage process in every day language. It provides great inside tips for consumers about all different aspects of getting a mortgage. Including how to know whether or not your mortgage lender is treating you fairly, and important insights that will protect you from being taken for a ride. All of the important basics are covered; from what your lender will look at when deciding whether or not to approve your loan, to the paperwork you need to pull together before going to apply for a loan and choosing the best mortgage program for your own needs. The book is well organized in its layout. It is educational if you read it cover to cover. But more importantly, it's laidout in a way that allows you to find the topics you have questions about easily, so you can focus on learning the answers to them.
Are you looking for a mortgage and do not know where to start? Thinking about refinancing you current home? Well this is the right book.
This book teaches you everything you need to know about getting a mortgage from explaining each one in detail to how to fill out the forms. He gives you plain english definitions you will hear when you meet your broker and he gives simple to read charts for detrmining the length of any mortgage.
I like the chart, you will be able to see how much you will pay each month with any given mortgage and any interset rate. The graphs are especially helpful.
This book should be on every book shelf from the motatagor, mortgagee, Mortgage writer, and real estate agent. If everyone understand the basics, then very few people will need to seek help later.
If only for the calculators and the formulas you should pick this book up. Of all the mortgage books I've read this one has the best charts, calculators. etc. to help you figure out what you can afford and how much your monthly bill will be. It also has an incredible formula to help you compare the many fixed rates that you will be bombarded with. So if you are receiving rates of 7, 7.5, 8 3/8 plus 1, 1 1/2 and 2 points you will be able to calculate the APR for EACH of these different fixed rates. No book that I have read has included such a formula. The book paid for itself just because of this one item.
This book is great for your average Joe who is planning to buy or refinance a home. It is written in simple English with a minimum amount of technical language. As a first time home buyer looking to educate myself, I found it very helpful.