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106 Mortgage Secrets All Borrowers Must Learn -- But Lenders Don't Tell
Gary W. Eldred (Author)
9780470152867, Wiley
Paperback / softback, published 13 November 2007
288 pages
22.9 x 15.2 x 2.3 cm, 0.295 kg
The only guidebook that shows you how to finance any property--with or without bank approval
Would you like to discover all of the many ways that you can finance real estate? Want to learn how to cut your financing costs, avoid pitfalls, and negotiate the best terms? Then let Gary Eldred's 106 Mortgage Secrets All Borrowers Must Learn--But Lenders Don't Tell, Second Edition guide you. Fully updated, this practical guide explains how today's changing mortgage market really works. Unlike other mortgage guides, this book goes beyond traditional bank-originated loans and shows you how to benefit with seller financing, assumables, subject-to, wraparounds, lease options, foreclosures, and other money-saving possibilities.
106 Mortgage Secrets also protects you from the sharp practices of loan reps that have recently sparked Congressional hearings and multiple state investigations. In addition, Eldred shows how and why the right financing decisions can add tens (and sometimes hundreds) of thousands of dollars to your long-term net worth. With these 106 secrets, you'll build the confidence and the knowledge to:
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Increase your borrowing power
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Obtain the lowest interest rate
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Understand the true pros and cons of ARMs
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Cut (or eliminate) the cost of mortgage insurance
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Save big with seller financing, assumptions, foreclosures, and REOs
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Strengthen your credit profile and credit score
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Avoid getting taken... by the fine print and garbage fees
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Steer clear of scams and unprincipled loan reps and lenders
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Accumulate wealth through homeownership and investment properties
Simple, concise, and comprehensive, this book reveals everything property buyers need to know--especially the 106 financing secrets lenders too often omit.
Preface to the Second Edition xi Introduction: Use OPM to Achieve All That You Really Want xiii 1 Affordability Depends on You—Not a Lender 1 Secret #1 Affordability depends on you 1 Secret #2 How you choose your property and arrange financing can add (or subtract) tens (or even hundreds) of thousands of dollars to (from) your net worth 6 Secret #3 Separate the emotional from the financial 7 Secret #4 Align self-talk with your priorities 9 Secret #5 Envision the propert(ies) you would like to own 5, 10, or 15 years from now 15 2 Increase Your Borrowing Power 17 Secret #6 10,000 lenders set their own standards 17 Secret #7 You can make your qualifying ratios look better 20 Secret #8 Lift your qualifying income 23 Secret #9 Reduce your debt 27 Secret #10 Use compensating factors to justify higher qualifying ratios 30 Secret #11 Never fib to a lender 32 Secret #12 Can’t qualify? Enlist a cosigner, co-borrower, or co-owner 34 Secret #13 Let tenants pay your mortgage 36 Secret #14 Don’t change your loan status 42 3 Slash Your Cost of Interest 43 Secret #15 Many borrowers who want a fixed-rate loan should choose 15 years, not 30 or 40 44 Secret #16 Lower interest rates mean big savings 48 Secret #17 Lower rates magnify borrowing power 49 Secret #18 ARMs sometimes offer greater borrowing power, lower costs, with risk you can manage 51 Secret #19 State and local housing finance agencies offer lower-interest mortgage loans 53 Secret #20 Assume a low-interest-rate mortgage 54 Secret #21 “Assume” a nonassumable mortgage 57 Secret #22 Save $1,000s with a Mortgage Credit Certificate (MCC) 61 Secret #23 Seek employer assistance, or seek an employer who gives assistance 62 Secret #24 Obtain a lower interest rate; pay points 63 Secret #25 Negotiate a buydown with the sellers 64 Secret #26 New homebuilders offer mortgage incentives 66 Secret #27 How to borrow jumbo amounts without paying jumbo rates 66 Secret #28 Your after-tax cost of borrowing may not be as low as you’ve been told 69 4 The Risks and Rewards of ARMs 73 Secret #29 ARMs do not necessarily present more risk than fixed-rate loans 73 Secret #30 For the short term, ARMs usually cost less 78 Secret #31 ARMs for the long run: How to lower costs and alleviate risk 80 Secret #32 You can (sort of) forecast interest rates 81 Secret #33 Low teaser rates: Bait or bargain? 84 Secret #34 Your start (teaser) rate isn’t your contract rate 86 Secret #35 There’s no one best index 88 Secret #36 Don’t ignore the margin 91 Secret #37 All caps aren’t created equal 92 Secret #38 That flashy convertible could prove a clunker 93 Secret #39 APRs tell you nothing about ARMs—and very little about fixed rates 94 5 Perfect Your Credit Profile 97 Secret #40 Emphasize all eight Cs of loan approval 98 Secret #41 Credit scores influence, but do not determine, the terms and costs of your loan 103 Secret #42 Your credit score doesn’t necessarily represent your credit strength 104 Secret #43 Discover your credit scores 105 Secret #44 Improve your credit scores 107 Secret #45 Garbage in, garbage out (GIGO) 109 Secret #46 Most credit repair firms (or deceptive tactics) can’t fix your credit or boost your credit scores 113 Secret #47 Bogus credit counselors can scam you, too 114 Secret #48 Credit counselors and debt management firms do not improve your credit record or boost your credit scores 115 Secret #49 Bankruptcy (Chapter 7) doesn’t necessarily ruin your credit 116 Secret #50 Your ex-spouse can ruin your credit (and other tales of double counting) 118 6 The Lowdown on Low Downs 121 Secret #51 You can buy with little or nothing down 121 Secret #52 No matter how much you earn, FHA may hold the key to your financing needs 122 Secret #53 Discover FHA’s best-kept Secret: The 203(k) program 126 Secret #54 Too many vets pass up VA loans 129 Secret #55 The USDA offers a prime choice for low- to moderate-income homebuyers 131 Secret #56 Community lending goes mainstream 131 Secret #57 Not-for-profit housing groups help moderate-income people own their own homes 134 Secret #58 Local governments assist with down payments 136 Secret #59 Even Fannie and Freddie accept little- or nothing-down loans 138 Secret #60 Cut the cost of PMI by learning where rates break 138 Secret #61 Before you obtain a PMI little- or nothing-down loan, understand the cost you’ll pay 139 Secret #62 Reduce the higher cost of low down payments with a second mortgage (piggyback loan) 141 Secret #63 Use pledged collateral to eliminate PMI 142 Secret #64 Search for sellers with low-equity assumables loans 144 Secret #65 Avoid PMI with a higher interest rate mortgage 144 7 Win Big Savings with Seller Financing, Foreclosures, or REOs 147 Secret #66 Sellers can nearly always beat the banks at their own game, but you must do more than ask 151 Secret #67 Ask the seller and lender to cooperate with a refiblend 153 Secret #68 Bridge the assumable gap with a seller second 154 Secret #69 Avoid the bang of a bursting balloon 155 Secret #70 Buy on the installment plan 156 Secret #71 Try it before you buy it 159 Secret #72 Buy and lease simultaneously 161 Secret #73 Beat high interest rates with wraparound financing 164 Secret #74 Don’t dillydally with due diligence 165 Secret #75 Negotiate a preforeclosure workout 168 Secret #76 Buy (carefully) at a foreclosure sale 171 Secret #77 Locate a foreclosure pro 171 Secret #78 HUD may hold the keys to your home or investment property 173 Secret #79 VA offers REO deals (with financing) to both veterans and nonveterans 175 Secret #80 Let Fannie or Freddie treat you to below-market financing 177 Secret #81 Buy and finance directly with a lender 179 8 Beware of Those Fine Print “Gotchas” 183 Secret #82 It’s a jungle out there 184 Secret #83 Tell your loan rep to take out the garbage 187 Secret #84 Don’t place blind faith in the good faith estimate 189 Secret #85 What’s the real cost of a no-cost mortgage? 191 Secret #86 Can you prepay without restriction or penalty? 193 Secret #87 An assumable loan may offer less than you’ve assumed 196 Secret #88 Appraised value doesn’t necessarily equal market value 198 Secret #89 Sometimes lenders signal appraisers to lowball their value estimates 200 Secret #90 Appraisals do not forecast the future 202 9 Achieve the Lowest Interest Rate Available 205 Secret #91 Refuse to yield to oversized yield-spread premiums (YSPs) 205 Secret #92 Red and yellow, black and white, do lenders treat them all alike? 207 Secret #93 Rate quotes: Fact or fiction? 208 Secret #94 What rate will you get at closing? 210 Secret #95 Achieve your best rate 213 Secret #96 Industry pros and government agencies need your help 215 Secret #97 How to (almost) vanquish tricks of the trade 220 10 Manage Your Property and Financing for Maximum Return 225 Secret #98 Treat your home and your financing as an investment 226 Secret #99 Monitor opportunities to refinance 233 Secret #100 Use refinancing to create other benefits 236 Secret #101 Refinance and invest the proceeds 238 Secret #102 Never buy biweekly baloney 243 Secret #103 Cancel your PMI—Get a refund from FHA 246 Secret #104 Should you negotiate out of escrow? 248 Secret #105 Just say no to home equity loans 250 Secret #106 Trouble, trouble, what to do? 254 Conclusion: You Can Live on the House 259 Index 265
Subject Areas: Finance & accounting [KF]
