Mortgage Myths 77 Secrets That Will Save You Thousands on Home Financing
by Roberts, Ralph R.; Cummings, ChipEdition: 1st
Format: Paperback
Pub. Date: 2008-01-02
Publisher(s): Wiley
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Summary
The mortgage game has changed dramatically, and you need to know the rules! Based on years of firsthand experience as borrowers, mortgage and real estate brokers, instructors, and industry insiders, Ralph Roberts and Chip Cummings team up to wipe out all the myths about mortgages and deliver the information you need to purchase and secure profitable long-term investments.
Author Biography
Ralph R. Roberts, ambassador of enthusiasm, has been dubbed by Time magazine "the bestselling REALTOR® in America." He is also an award-winning and internationally recognized speaker, real estate team coach, and business consultant, as well as the coauthor of Flipping Houses For Dummies, Foreclosure Investing For Dummies, and Advanced Selling For Dummies.
Chip Cummings, CMC, is a twenty-three-year real estate finance veteran and has been an originator, broker, banker, and president of both large and small mortgage companies. He is an international speaker and business consultant, as well as author of ABC's of FHA Lending and Stop Selling and Start Listening! He has written dozens of articles for magazines and has been featured on various radio and TV programs.
Table of Contents
| Foreword | p. xiii |
| Acknowledgments | p. xv |
| About the Authors | p. xvii |
| Introduction | p. xix |
| Where Do I Start? | p. 1 |
| Renting Is Better than Buying | p. 2 |
| I Can't Qualify for a Loan | p. 7 |
| Only U.S. Citizens Can Qualify for a Mortgage | p. 11 |
| I Should Look at Some Houses First | p. 12 |
| I Need a Down Payment - But I Don't Have the Funds | p. 16 |
| I Should Make the Biggest Down Payment I Can | p. 18 |
| All Mortgage Companies and Loan Officers Are Licensed and Regulated | p. 21 |
| Big Lenders and Major Banks Are Always Better | p. 24 |
| My Best Bet Is to Use a Friend (or Someone Local) | p. 26 |
| I'll Find a Better Deal on the Internet | p. 29 |
| I Can Get a Higher Return by Investing in Stocks | p. 33 |
| Playing the Mortgage Game | p. 37 |
| My Main Goal Is to Snag the Lowest Interest Rate | p. 37 |
| The Federal Reserve Controls Interest Rates | p. 42 |
| Stay with Fixed Rates - ARMs Are Just Too Risky | p. 43 |
| A Shorter Term Always Beats a 30- or 40-Year Term | p. 47 |
| My Credit History Needs to be Perfect | p. 50 |
| My Credit Score Determines My Loan's Approval | p. 55 |
| Be Conservative - Don't Stretch Yourself | p. 61 |
| I'm Divorced or Declared Bankruptcy, So I'll Never Qualify | p. 63 |
| Special Financing Programs Aren't Available to Me | p. 66 |
| I Should Avoid Mortgage Insurance | p. 68 |
| The Good Faith Estimate Guarantees My Closing Costs | p. 71 |
| I Have to Use the REALTOR/Builder's Loan Officer | p. 73 |
| Selecting the Right Home | p. 77 |
| I'll Save Big Money Buying FSBO | p. 77 |
| I Have to Shop Within a Certain Price Range | p. 80 |
| Everything Is Included in the Sales Price | p. 82 |
| The Appraiser Will Specify the Value and Any Required Repairs | p. 83 |
| The Real Estate Agent Will Protect Us | p. 86 |
| Condos Are Bad Investments and Hard to Finance | p. 90 |
| Seller Disclosures Are Complete and Accurate | p. 92 |
| I Should Buy the Biggest House at a Bargain Price | p. 95 |
| I Should Always Use an Attorney | p. 96 |
| I Don't Need an Inspection - It Looks Great to Me! | p. 97 |
| I've Seen Enough, I've Found the Home I Love! | p. 100 |
| It's Okay to Buy - This Area Is Booming | p. 101 |
| All Sales Agreements and EMD Requirements Are Standard | p. 103 |
| I Can't Withdraw My Offer - It's Too Late | p. 106 |
| Beware of Foreclosures - They're a Headache | p. 107 |
| I Make Money When I Sell - Not When I Buy | p. 114 |
| My Tenants Will Finance My Investment Property | p. 116 |
| The Mortgage Process | p. 119 |
| The Loan Process Takes a Long Time | p. 119 |
| All Applications and Disclosure Forms Are Standard | p. 122 |
| We're Approved: Our Worries Are Over! | p. 125 |
| My Interest Rate Is Locked In and Guaranteed | p. 128 |
| A Preapproval Is a Preapproval | p. 131 |
| I Have to Let My Lender Escrow Taxes and Insurance | p. 132 |
| I'm Self-Employed - Getting Approved Will Be Tough | p. 133 |
| The House Needs Repairs - We'll Do Them Later | p. 135 |
| Personal Profiling Is Part of the Approval Process | p. 137 |
| It's Closing Time | p. 139 |
| Someone Else Decides the Closing Date and Location | p. 139 |
| Why Do I Need Title Insurance - I Can't Even Select the Provider | p. 140 |
| It's Cheaper to Close at the End of the Month | p. 143 |
| I Can't Review Documents in Advance | p. 144 |
| The Seller's Home Warranty Protects Us | p. 146 |
| The House Will Be in Move-In Condition | p. 149 |
| It's All Triple-Checked and Ready to Go! | p. 150 |
| I Need Homeowners Insurance to Cover the Entire Purchase Price | p. 152 |
| I Need Credit Life Insurance to Protect Myself | p. 153 |
| My House Payment Will Never Change | p. 154 |
| The Refinance Game | p. 157 |
| Never Refinance Until the Rate Is 2% Lower | p. 157 |
| I Should Never Refinance Into a Higher Interest Rate | p. 161 |
| I'm Not Allowed to Pay Extra-There's a Prepayment Penalty | p. 164 |
| Reverse Mortgages Are a Bad Idea | p. 166 |
| My Terms May Change If the Loan Is Sold | p. 169 |
| Refinancing Is Easy-I Already Qualify | p. 170 |
| Refinancing: Better than Home Equity or Construction Loans | p. 172 |
| Low Inflation Means Low Appreciation | p. 173 |
| I Have to Live There at Least Three Years to Break Even | p. 175 |
| Refinancing Is a Cheap Way to Get Cash | p. 177 |
| My Escrows Are Already Set Up | p. 179 |
| Short of Cash? Creative Financing Solutions | p. 181 |
| I Can't Use a Gift for a Down Payment | p. 181 |
| A Biweekly Mortgage Simply Changes My Payment Schedule | p. 183 |
| Seller Financing Is Risky and Expensive | p. 185 |
| Government Loans Are Only for low-Income Borrowers | p. 189 |
| No Bank Will Finance Us | p. 190 |
| A Lease-Option Plan Is Always a Bad Idea | p. 197 |
| I Can't Make My Payments, So I'll Lose My Home | p. 200 |
| Appendix | p. 207 |
| Consumer Handbook on Adjustable Rate Mortgages | p. 209 |
| Buying Your Home | p. 223 |
| Mortgage Application-Form 1003 | p. 245 |
| Sample Good Faith Estimate | p. 249 |
| Sample Truth in Lending Disclosure | p. 250 |
| Sample HUD-1 Closing Statement | p. 251 |
| Homebuyer Checklist | p. 253 |
| Home Financing Checklist | p. 259 |
| Personal Qualification Form | p. 260 |
| National/State Associations and Regulatory Agencies | p. 260 |
| Additional Resources | p. 269 |
| Homebuyer Education Classes | p. 269 |
| Other Web Site Resources | p. 269 |
| Terms You Need to Know | p. 270 |
| Index | p. 273 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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