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The mortgage answer book - John J. Talamo


Year 2008

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IntroductionRisk and ProfitChapter 1. Introduction to MortgagesWhat is a mortgage?How are mortgages structured?How are FHA and VA mortgages structured?What is a deed of trust?What is a promissory note?Chapter 2. The Mortgage IndustryWhat is the mortgage industry?Why would a primary lender sell a loan?Will I know if my loan is sold?Who buys these loans?What is a conforming loan?What does the secondary market mean to me?Chapter 3. UnderwritingWhat is underwriting and how does it affect my loan?What is my credit history?Why do so many people have bad credit histories?What kind of credit card user am I?How do I find my credit history?What is my credit score?How do lenders use my credit score?How can I improve my credit score?What if I am not ready to get a mortgage right now?What are income-to-debt ratios?How can I improve my income-to-debt ratio?Should I consolidate my debts?How does the property itself figure into the mortgage formula?What is a loan-to-value ratio?How will an appraisal affect my down payment?What is private mortgage insurance (PMI)?Can I use a gift to pay for my down payment?Can I use a gift from a stranger to make my down payment?Chapter 4. InterestWhat is interest, and how are interest rates determined?How do interest rates work?What are points and buydowns?What are back points?How do I lock in the interest rate on my loan?What is an assumable mortgage?What is a prepayment penalty?Chapter 5. Prequalifying for a LoanWhat does it mean to prequalify for a loan?Can a real estate agent prequalify me for a loan?Can I prequalify myself for a loan using the Internet?Can I prequalify for a loan through a lender?What is the difference between being prequalified for a loan and being preapproved for a loan?Once I am prequalified or preapproved for a loan, is my prequalification or preapproval amount the price of the property that I should really be shopping for?Chapter 6. Terms of the MortgageWhat is the term of a mortgage, and how do I choose the right one for me?Is a longer- or shorter-term loan better for me?Chapter 7. Payment PlansWhat payment plans are available, and how do I choose the right one?What is a pick-a-payment loan?What are biweekly payment plans?What is a graduated payment mortgage?What are the advantages and disadvantages of interest-only loans?What are interest-extra loans?What are balloon payment mortgages?Chapter 8. Fixed Rate LoansWhat are the advantages and disadvantages of a fixed rate loan?Why is the interest rate always a little higher for fixed rate loans?What else should I know about fixed rate loans?Chapter 9. Adjustable Rate MortgagesWhat is an adjustable rate mortgage?What is an index?Which indexes are most often used?How do I know which index is right for me?What is a margin?What is a start rate?How can I best understand adjustable rate mortgages?What is a flexible payment adjustable rate mortgage?What is recasting and how will it affect my mortgage?Chapter 10. Hybrid MortgagesWhat is a hybrid mortgage?What are the advantages of a hybrid mortgage?What are the disadvantages of a hybrid mortgage?What factors do I need to consider before deciding whether or not to get a hybrid mortgage?Were the 2007-08 housing problems caused by hybrids?Chapter 11. Jumbo LoansWhat is a jumbo loan?Can I avoid having to get a jumbo loan?Chapter 12. PrepaymentDo I really need to know more about prepayment?What changes in the industry affect prepayment today?Chapter 13. Government LoansWhat are government loans?What is an FHA loan?What is the major advantage of an FHA loan?What are the disadvantages of an FHA loan?What are the major FHA programs?What is a VA loan?How do I find out if I am eligible for a VA mortgage?Can VA loans only be used to buy a home?Can a seller refuse to sell to people using FHA or VA loans?Chapter 14. Hard Money MortgagesWhat is a hard money mortgage?What is a bridge loan?What is a subprime loan?What is the Home Ownership and Equity Protection Act, and what is its purpose?What is predatory lending, and how can I avoid falling victim to it?Chapter 15. Junior MortgagesWhat is a junior mortgage?How many mortgages can I have on one property?Why are junior mortgages riskier for lenders?What is a piggyback loan?What is a SingleFile mortgage?Chapter 16. Home Equity LoansWhat are home equity loans?Why would I get a home equity loan?What is a home equity line of credit?What are the advantages of a home equity line of credit?What are the disadvantages of a home equity line of credit?How does a home equity line of credit work?What is involved in getting a home equity loan?Chapter 17. RefinancingWhy should I refinance?How do I refinance?What else should I consider before I refinance?Chapter 18. Mortgages on Manufactured HomesWhat is a manufactured home?What makes a manufactured home eligible for financing?Where can I get more information on financing a manufactured home?Chapter 19. The Effect of Inflation on MortgagesWhy do we have inflation?How does inflation affect mortgages?Chapter 20. Facing ForeclosureWhat is foreclosure?What are the advantages and disadvantages of judicial foreclosure?What is nonjudicial foreclosure?How does the foreclosure process work?How can I avoid foreclosure?What are some temporary solutions for not being able to pay my mortgage?What if I have more permanent problems that prevent me from making my monthly mortgage payments?Why should I not just ignore the problem if I cannot afford to make my monthly mortgage payments?What are some foreclosure scams I should be aware of?Is it worth talking to a financial counselor if I am facing foreclosure?When should I consider bankruptcy?Chapter 21. Purchase Money MortgagesWhat is a purchase money mortgage?What should a seller know about purchase money mortgages?How will a down payment affect a mortgage loan by the seller?Can a seller finance the total purchase price?Are there scams a seller financing the purchase price should be aware of?Can I sell the purchase money mortgage?Chapter 22. Reverse MortgagesWhat is a reverse mortgage?How does a reverse mortgage work?How much can I borrow with a reverse mortgage?What is a home equity conversion mortgage?Do I have to have credit counseling before I can get a reverse mortgage?What are the criteria for a home equity conversion mortgage?How much can be borrowed for a reverse mortgage?What are the financial requirements for qualifying for a reverse mortgage?What are the property requirements for obtaining a reverse mortgage?Are there different types of reverse mortgages?What distinguishes FHA-insured reverse mortgages from non-FHA-insured reverse mortgages?What is a home keeper mortgage?What is an annuity?How do I choose between an annuity and a reverse mortgage?Are there future problems that may arise?Reverse Mortgage Comparison WorksheetChapter 23. Subprime MortgagesWhat is a subprime mortgage?Is poor credit the real problem with subprime mortgages?What can I do if I cannot afford my monthly mortgage payment?Chapter 24. First-Time BuyersWhy is it necessary to write down a budget?What is the importance of knowing my spending habits?How do I benefit from this new knowledge?What is the other side of this exercise?How do I make a budget?What if I am paid on commission?What about bonuses?What if I am self-employed?What about a gift letter?What is next?How much can I afford to pay for a home?What other information do I need before buying a house?Chapter 25. The Right Loan for YouWhat are the differences between A, B, and C loans?When do I want a fixed interest rate loan?Should I try to buy down my interest rate?Should I consider an adjustable rate mortgage?How do I compare fixed rate and adjustable rate loans?How do I find the right lender or mortgage broker?How do I use the mortgage comparison worksheet?ConclusionGlossaryAppendix A. Amortization TablesAppendix B. Home Ownership and Equity Protection ActAppendix C. The Real Estate Settlement Procedures ActAbout the Author
 
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