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The mortgage kit 6th edition - Thomas C.Steinmetz

Year 2006


AcknowledgmentsAbout the AuthorIntroduction: Mortgage BasicsWhat This Book CoversWhat Is Real Estate?What Is a Mortgage?The Price of a MortgageDown Payment and Loan-to-Value RatioCalculating Your Monthly PaymentGetting Started on Your MortgageCHAPTER 1. The Application ProcessPrequalificationShopping for a LoanApplying for a LoanGeneral InformationEmployment InformationAssetsDebtsMiscellaneousLocking in the RateVerificationAlternative DocumentationUnderwritingSettlement (Closing)Newly Constructed HomesCHAPTER 2. Qualifying for a Mortgage LoanNational StandardsYour Monthly Income and ExpensesConventional LoansGovernment LoansYour Credit HistoryProperty AppraisalValuation MethodsSource of Cash for Down Payment and Settlement CostsEmployment HistoryWhat If There Is a Skeleton in the Closet?Automated UnderwritingCHAPTER 3. Overcoming Qualification ProblemsOvercoming High Housing/Debt Ratios (Not Enough Income to Qualify)Solution 1: Restructure Your FinancingSolution 2: Document Additional IncomeSolution 3: Document Compensating FactorsSolution 4: Get a CosignerSolution 5: Restructure Your Other Debt ObligationsOvercoming a Bad Credit HistorySeek a Hard-Money LenderWait Until You Reestablish a Good Credit RecordCorrect Mistakes EarlyOvercoming a Low AppraisalAppraised Value Is Less Than the Purchase PriceFinding Sources of Cash for Down Payment and Closing CostsResolving Employment History ProblemsCHAPTER 4. Choosing the Right Type of MortgageFixed-Rate MortgagesTraditional 30-Year Mortgage15-Year, Fast-Payoff MortgageGraduated-Payment MortgageInterest-Only MortgagesAdjustable-Rate MortgagesBasic and Optional FeaturesAdvantages and DisadvantagesOther Mortgage PackagesPayment Option ARMOther Mortgage PackagesBalloon LoansTwo-Steps and ResetsFHA, VA, and Conventional MortgagesGovernment LoansConventional LoansOther Mortgage ProgramsState and Local Housing Finance AuthoritiesReverse Annuity MortgagesBiweekly MortgagesUSDA Rural Development MortgagesChoosing the Right Type of Mortgage for YouCHAPTER 5. Shopping for a MortgageDetermining Your Needs and Credit SituationFactors that Influence Rate, Points, and Mortgage InsuranceMortgage Data FormSelecting the Mortgage ProductCanvassing LendersWhom to CallShopping ListsLocking In a RateMortgage BrokersComparing Your ChoicesMaking the Arithmetic EasierComparing ARMsSubmitting Your ApplicationA Final Note on ShoppingCHAPTER 6. Miscellaneous Mortgage TopicsAssumabilityAssuming a Loan versus Getting a New LoanOption 1: Assume Old LoanOption 2: Get New LoanBuydownsLate Payment ChargesMortgage InsuranceFinancing Mortgage InsuranceDiscontinuing Mortgage Insurance PremiumsMortgage Lending on the InternetOnline Interest Rate ComparisonsFinding a Lender on the InternetMortgage Calculation ToolsApplying for a Mortgage OnlineNew Developments in the Mortgage Lending IndustryCost-Based PricingNew Underwriting GuidelinesBroader Availability of Nonconforming LoansPrepayment PenaltiesSecond MortgagesHigher Rates, Shorter TermsCombined Loan-to-Value (CLTV) RatioBalloon versus Fully Amortizing Second MortgagesPurchase-Money MortgagesHome Equity Lines of Credit (HELOCs) and Debt Consolidation LoansTax DeductionsCHAPTER 7. Investor LoansFannie Mae GuidelinesPrequalification for Investment PropertiesSupporting Income and Expense ProjectionsFannie Mae Restrictions for Investor LoansFHA GuidelinesCHAPTER 8. RefinancingWhy Refinance?Saving MoneyCalculating Your SavingsCost of RefinancingDeciding Whether to RefinanceBorrowing More MoneyHow to Borrow against Your Home EquityChoosing an Equity LoanHome Equity Line-of-Credit Loans (HELOCs)Restrictions on Cash-Out Refinancing TransactionsRestructuring
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