{"product_id":"mortgage-management-for-dummies-isbn-9781119387794","title":"Mortgage Management For Dummies","description":"\u003cp\u003e\u003cb\u003eQuickly make sense of mortgages\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTaking out a mortgage to purchase real estate is a huge decision, one that could affect your family's finances for years to come. This easy-to-follow guide explains how to secure the best and lowest-cost mortgage for your unique situation. Whether you select a 15- or 30-year mortgage, you'll get all the tips and tricks you need to pay it off faster—shortening your payment schedule and saving your hard-earned cash.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eFine-tune your finances\u003c\/li\u003e \u003cli\u003eQualify for a mortgage\u003c\/li\u003e \u003cli\u003eSecure the best loan\u003c\/li\u003e \u003cli\u003eFind your best lender\u003c\/li\u003e \u003cli\u003eRefinance your mortgage\u003c\/li\u003e \u003cli\u003ePay down your loan quicker\u003c\/li\u003e \u003cli\u003eMust-knows about foreclosure\u003c\/li\u003e \u003cli\u003eTop mortgage no-nos\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003cb\u003eIntroduction\u003c\/b\u003e\u003cb\u003e 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow This Book is Different 1\u003c\/p\u003e \u003cp\u003eFoolish Assumptions 2\u003c\/p\u003e \u003cp\u003eIcons Used in This Book 3\u003c\/p\u003e \u003cp\u003eBeyond the Book 3\u003c\/p\u003e \u003cp\u003eWhere to Go from Here 3\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 1: Getting Started with Mortgages \u003c\/b\u003e\u003cb\u003e5\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1: Determining Your Borrowing Power\u003c\/b\u003e\u003cb\u003e 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOnly You Can Determine the Mortgage Debt You Can Afford 8\u003c\/p\u003e \u003cp\u003eAcknowledge your need to save 8\u003c\/p\u003e \u003cp\u003eCollect your spending data 9\u003c\/p\u003e \u003cp\u003eDetermine Your Potential Homeownership Expenses 10\u003c\/p\u003e \u003cp\u003eMaking your mortgage payments 10\u003c\/p\u003e \u003cp\u003ePaying property taxes 12\u003c\/p\u003e \u003cp\u003eTracking your tax write-offs 13\u003c\/p\u003e \u003cp\u003eInvesting in insurance 14\u003c\/p\u003e \u003cp\u003eBudgeting for closing costs 14\u003c\/p\u003e \u003cp\u003eManaging maintenance costs 17\u003c\/p\u003e \u003cp\u003eFinancing home improvements and such 17\u003c\/p\u003e \u003cp\u003eConsider the Impact of a New House on Your Financial Future 17\u003c\/p\u003e \u003cp\u003eActing upon your spending analysis 21\u003c\/p\u003e \u003cp\u003eEstablishing financial goals 22\u003c\/p\u003e \u003cp\u003eMaking down-payment decisions 23\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2: Qualifying for a Mortgage\u003c\/b\u003e\u003cb\u003e 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGetting Preapproved for a Loan 25\u003c\/p\u003e \u003cp\u003eThe worst-case scenario 26\u003c\/p\u003e \u003cp\u003eLoan prequalification usually isn’t good enough 26\u003c\/p\u003e \u003cp\u003eLoan preapproval is the way to go 27\u003c\/p\u003e \u003cp\u003eEvaluating Your Creditworthiness: The Underwriting Process 28\u003c\/p\u003e \u003cp\u003eTraditional underwriting guidelines 29\u003c\/p\u003e \u003cp\u003eNew underwriting technology 32\u003c\/p\u003e \u003cp\u003eEyeing Predicament-Solving Strategies 34\u003c\/p\u003e \u003cp\u003eInsufficient cash for a down payment 34\u003c\/p\u003e \u003cp\u003eExcessive indebtedness 38\u003c\/p\u003e \u003cp\u003eInsufficient income 39\u003c\/p\u003e \u003cp\u003eCredit blemishes 40\u003c\/p\u003e \u003cp\u003eLow appraisals 41\u003c\/p\u003e \u003cp\u003eProblem properties 45\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3: Scoping Out Your Credit Score\u003c\/b\u003e\u003cb\u003e 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefining Credit Scores 48\u003c\/p\u003e \u003cp\u003eAssessing Your Credit History 48\u003c\/p\u003e \u003cp\u003eWhat goes into your credit report 49\u003c\/p\u003e \u003cp\u003eCheck your credit report 50\u003c\/p\u003e \u003cp\u003eUnderstanding How Scores Work 51\u003c\/p\u003e \u003cp\u003eFICO scores can differ between bureaus 51\u003c\/p\u003e \u003cp\u003eWhat a FICO score considers 52\u003c\/p\u003e \u003cp\u003eWhat FICO scores ignore 60\u003c\/p\u003e \u003cp\u003eInterpreting scores 61\u003c\/p\u003e \u003cp\u003eGetting your score 61\u003c\/p\u003e \u003cp\u003eManaging your score 62\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 2: Locating a Loan \u003c\/b\u003e\u003cb\u003e63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4: Fathoming the Fundamentals\u003c\/b\u003e\u003cb\u003e 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGrasping Loan Basics: Principal, Interest, Term, and Amortization 66\u003c\/p\u003e \u003cp\u003eDeciphering Mortgage Lingo 67\u003c\/p\u003e \u003cp\u003eSo what’s a mortgage? 67\u003c\/p\u003e \u003cp\u003eHow to scrutinize security instruments 68\u003c\/p\u003e \u003cp\u003eEyeing Classic Mortgage Jargon Duets 70\u003c\/p\u003e \u003cp\u003eFixed or adjustable loans 70\u003c\/p\u003e \u003cp\u003eGovernment or conventional loans 71\u003c\/p\u003e \u003cp\u003ePrimary or secondary mortgage market 72\u003c\/p\u003e \u003cp\u003eConforming or jumbo loans 74\u003c\/p\u003e \u003cp\u003eLong-term or short-term mortgages 75\u003c\/p\u003e \u003cp\u003eIntroducing the Punitive Ps 76\u003c\/p\u003e \u003cp\u003ePrepayment penalties 76\u003c\/p\u003e \u003cp\u003ePrivate mortgage insurance (PMI) 78\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5: Selecting the Best Home Purchase Loan\u003c\/b\u003e\u003cb\u003e 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThree Questions to Help You Pick the Right Mortgage 82\u003c\/p\u003e \u003cp\u003eHow long do you plan to keep your mortgage? 82\u003c\/p\u003e \u003cp\u003eHow much financial risk can you accept? 83\u003c\/p\u003e \u003cp\u003eHow much money do you need? 84\u003c\/p\u003e \u003cp\u003eFixed-Rate Mortgages: No Surprises 85\u003c\/p\u003e \u003cp\u003eAdjustable-Rate Mortgages (ARMs) 87\u003c\/p\u003e \u003cp\u003eHow an ARM’s interest rate is determined 88\u003c\/p\u003e \u003cp\u003eHow often does the interest rate adjust? 92\u003c\/p\u003e \u003cp\u003eWhat are the limits on rate adjustments? 92\u003c\/p\u003e \u003cp\u003eDoes the loan have negative amortization? 93\u003c\/p\u003e \u003cp\u003eFine-Tuning Your Thought Process 96\u003c\/p\u003e \u003cp\u003eFinding funds 96\u003c\/p\u003e \u003cp\u003eMaking the 30-year versus 15-year mortgage decision 97\u003c\/p\u003e \u003cp\u003eGetting a Loan When Rates Are High 98\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6: Surveying Special Situation Loans\u003c\/b\u003e\u003cb\u003e 99\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding Home Equity Loans 100\u003c\/p\u003e \u003cp\u003eUsing home equity loans 100\u003c\/p\u003e \u003cp\u003eOperating instructions 101\u003c\/p\u003e \u003cp\u003eConsidering tax consequences 103\u003c\/p\u003e \u003cp\u003eEyeing 100 Percent Home Equity Loans 104\u003c\/p\u003e \u003cp\u003eTaking a Closer Look at Co-Op Loans 107\u003c\/p\u003e \u003cp\u003eIdentifying the legal structure of co-op loans 107\u003c\/p\u003e \u003cp\u003eDealing with deal-killing directors 108\u003c\/p\u003e \u003cp\u003eTracking down a loan 109\u003c\/p\u003e \u003cp\u003eGrasping Balloon Loans 110\u003c\/p\u003e \u003cp\u003e80-10-10 financing 110\u003c\/p\u003e \u003cp\u003eBridge loans 114\u003c\/p\u003e \u003cp\u003eConstruction loans 115\u003c\/p\u003e \u003cp\u003eRenovation\/remodel loans 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 3: Landing a Lender\u003c\/b\u003e\u003cb\u003e 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7: Finding Your Best Lender\u003c\/b\u003e\u003cb\u003e 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGoing with a Mortgage Broker or Direct Lender? 120\u003c\/p\u003e \u003cp\u003eConsiderations when using brokers 120\u003c\/p\u003e \u003cp\u003eDeveloping a list of brokers and lenders 122\u003c\/p\u003e \u003cp\u003eInterviewing and working with mortgage brokers 124\u003c\/p\u003e \u003cp\u003eFiguring out how to interview lenders 125\u003c\/p\u003e \u003cp\u003eSeller Financing: The Trials and Tribulations 127\u003c\/p\u003e \u003cp\u003eConsidering\/soliciting seller financing 127\u003c\/p\u003e \u003cp\u003eOvercoming borrower problems 128\u003c\/p\u003e \u003cp\u003eNegotiating loan terms 128\u003c\/p\u003e \u003cp\u003eDeciding whether to provide seller financing 129\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8: Searching for Mortgage Information Online\u003c\/b\u003e\u003cb\u003e 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eObeying Our Safe Surfing Tips 132\u003c\/p\u003e \u003cp\u003eShop to find out about rates and programs 132\u003c\/p\u003e \u003cp\u003eQuality control is often insufficient 133\u003c\/p\u003e \u003cp\u003eBeware simplistic affordability calculators 133\u003c\/p\u003e \u003cp\u003eDon’t reveal confidential information unless 133\u003c\/p\u003e \u003cp\u003eBe sure to shop offline 134\u003c\/p\u003e \u003cp\u003eBeware of paid advertising masquerading as directories 135\u003c\/p\u003e \u003cp\u003ePerusing Our Recommended Mortgage Websites 136\u003c\/p\u003e \u003cp\u003eUseful government sites 136\u003c\/p\u003e \u003cp\u003eMortgage information and shopping sites 138\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9: Choosing Your Preferred Mortgage\u003c\/b\u003e\u003cb\u003e 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTaking a Look at Loan Fees 142\u003c\/p\u003e \u003cp\u003eThe point and interest rate tradeoff 142\u003c\/p\u003e \u003cp\u003eAnnual percentage rates 144\u003c\/p\u003e \u003cp\u003eOther lender fees 145\u003c\/p\u003e \u003cp\u003eAvoiding Dangerous Loan Features 147\u003c\/p\u003e \u003cp\u003ePrepayment penalties 147\u003c\/p\u003e \u003cp\u003eNegative amortization 148\u003c\/p\u003e \u003cp\u003eComparing Lenders’ Programs 149\u003c\/p\u003e \u003cp\u003eFixed-rate mortgages interview worksheet 149\u003c\/p\u003e \u003cp\u003eAdjustable-rate mortgages interview worksheet 153\u003c\/p\u003e \u003cp\u003eApplying with One or More Lenders 158\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10: Managing Mortgage Paperwork\u003c\/b\u003e\u003cb\u003e 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePounding the Paperwork 159\u003c\/p\u003e \u003cp\u003eFilling Out the Uniform Residential Loan Application 162\u003c\/p\u003e \u003cp\u003e1 Borrower information 162\u003c\/p\u003e \u003cp\u003e2 Financial information — assets and liabilities 166\u003c\/p\u003e \u003cp\u003e3 Financial information — real estate 167\u003c\/p\u003e \u003cp\u003e4 Loan and property information 168\u003c\/p\u003e \u003cp\u003e5 Declarations 170\u003c\/p\u003e \u003cp\u003e6 Acknowledgments and agreements 170\u003c\/p\u003e \u003cp\u003e7 Demographic information 172\u003c\/p\u003e \u003cp\u003eIntroducing Other Typical Documents 173\u003c\/p\u003e \u003cp\u003eYour right to receive a copy of the appraisal 173\u003c\/p\u003e \u003cp\u003eEqual Credit Opportunity Act 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 4: Profiting from Smart Mortgage Strategies\u003c\/b\u003e\u003cb\u003e 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11: Refinancing Your Mortgage\u003c\/b\u003e\u003cb\u003e 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRefinancing Rationales 180\u003c\/p\u003e \u003cp\u003eCost-Cutting Refinances 181\u003c\/p\u003e \u003cp\u003eApplying the 2 percent rule 182\u003c\/p\u003e \u003cp\u003eCrunching the numbers 183\u003c\/p\u003e \u003cp\u003eRestructuring Refinances 186\u003c\/p\u003e \u003cp\u003eRestructuring when you need to 186\u003c\/p\u003e \u003cp\u003eGetting a fixed-rate to avoid ARM phobia 188\u003c\/p\u003e \u003cp\u003eResetting ARM caps 188\u003c\/p\u003e \u003cp\u003eChoosing the fast-forward mortgage 190\u003c\/p\u003e \u003cp\u003eCash-Out Refinances 190\u003c\/p\u003e \u003cp\u003eExpediting Your Refi 192\u003c\/p\u003e \u003cp\u003eBeating Borrower’s Remorse 194\u003c\/p\u003e \u003cp\u003ePhase I borrower’s remorse 194\u003c\/p\u003e \u003cp\u003ePhase II borrower’s remorse 195\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12: Paying Down Your Mortgage Quicker\u003c\/b\u003e\u003cb\u003e 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOne Size Doesn’t Fit All 198\u003c\/p\u003e \u003cp\u003eInterest savings: The benefit of paying off your mortgage quicker 198\u003c\/p\u003e \u003cp\u003eQuantifying the missed opportunity to invest those extra payments 198\u003c\/p\u003e \u003cp\u003eTaxes matter but less than you think 199\u003c\/p\u003e \u003cp\u003eDeciding Whether to Repay Your Mortgage Faster 200\u003c\/p\u003e \u003cp\u003eDoes your mortgage have a prepayment penalty? 201\u003c\/p\u003e \u003cp\u003eHow liquid are your assets? 201\u003c\/p\u003e \u003cp\u003eHave you funded retirement savings accounts? 201\u003c\/p\u003e \u003cp\u003eHow aggressive an investor are you? 202\u003c\/p\u003e \u003cp\u003eWhat are your refinancing options? 203\u003c\/p\u003e \u003cp\u003eConsidering psychological and nonfinancial issues 203\u003c\/p\u003e \u003cp\u003eDeveloping Your Payoff Plan 204\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13: Reverse Mortgages for Retirement Income\u003c\/b\u003e\u003cb\u003e 205\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGrasping the Reverse Mortgage Basics 205\u003c\/p\u003e \u003cp\u003eConsidering common objections 207\u003c\/p\u003e \u003cp\u003eWho can get a reverse mortgage? 208\u003c\/p\u003e \u003cp\u003eHow much money can you get and when? 209\u003c\/p\u003e \u003cp\u003eWhen do you pay the money back? 210\u003c\/p\u003e \u003cp\u003eWhat do you owe? 211\u003c\/p\u003e \u003cp\u003eHow is the loan repaid? 212\u003c\/p\u003e \u003cp\u003eWhat’s the out-of-pocket cost of getting a reverse mortgage? 212\u003c\/p\u003e \u003cp\u003eWhat are the other reverse mortgage costs? 213\u003c\/p\u003e \u003cp\u003eWhat’s the total annual rate? 214\u003c\/p\u003e \u003cp\u003eHow do reverse mortgages affect your government-sponsored benefits? 215\u003c\/p\u003e \u003cp\u003eShopping for a Reverse Mortgage 215\u003c\/p\u003e \u003cp\u003eMaking major choices 216\u003c\/p\u003e \u003cp\u003eCounseling 217\u003c\/p\u003e \u003cp\u003eDeciding Whether You Want a Reverse Mortgage 217\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 5: The Part of Tens\u003c\/b\u003e\u003cb\u003e 219\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14: Ten-Plus “Must-Knows” About Foreclosure\u003c\/b\u003e\u003cb\u003e 221\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDeal with Reality 222\u003c\/p\u003e \u003cp\u003eReview Your Spending and Debts 223\u003c\/p\u003e \u003cp\u003eBeware of Foreclosure Scams 223\u003c\/p\u003e \u003cp\u003eConsider Tapping Other Assets 223\u003c\/p\u003e \u003cp\u003eMake Use of Objective Counseling 224\u003c\/p\u003e \u003cp\u003eNegotiate with Your Lender 224\u003c\/p\u003e \u003cp\u003eUnderstand Short Sales 225\u003c\/p\u003e \u003cp\u003eSeek Legal and Tax Advice 225\u003c\/p\u003e \u003cp\u003eUnderstand Bankruptcy 226\u003c\/p\u003e \u003cp\u003eConsider the Future Impact to Your Credit Report 226\u003c\/p\u003e \u003cp\u003eUnderstand the Realities of Investing in Foreclosed Property 228\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15: Ten Mortgage No-Nos\u003c\/b\u003e\u003cb\u003e 229\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDon’t Let Lenders Tell You What You Can Afford 229\u003c\/p\u003e \u003cp\u003eNever Confuse Loan Prequalification with Preapproval 230\u003c\/p\u003e \u003cp\u003eAvoid Loans with Prepayment Penalties 231\u003c\/p\u003e \u003cp\u003eDon’t Reflexively Grab a Fixed-Rate Mortgage 231\u003c\/p\u003e \u003cp\u003eSteer Clear of Toxic 100 Percent Home Equity Loans 232\u003c\/p\u003e \u003cp\u003eWatch Out for Mortgage Brokers with Hidden Agendas 233\u003c\/p\u003e \u003cp\u003eShun Negative Amortization Mortgages 234\u003c\/p\u003e \u003cp\u003eDon’t Let the 2 Percent Rule Bully You When Refinancing 234\u003c\/p\u003e \u003cp\u003eDon’t Assume That All Reverse Mortgages Are the Same or Bad 235\u003c\/p\u003e \u003cp\u003eAvoid Mortgage Life Insurance 235\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 6: Appendixes \u003c\/b\u003e\u003cb\u003e237\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAppendix A: Loan Amortization Table 239\u003c\/p\u003e \u003cp\u003eAppendix B: Remaining Balance Tables 245\u003c\/p\u003e \u003cp\u003eAppendix C: Glossary 271\u003c\/p\u003e \u003cp\u003eIndex 281\u003c\/p\u003e \u003cp\u003e\u003cb\u003eEric Tyson, MBA,\u003c\/b\u003e is a financial counselor and the bestselling author of \u003ci\u003eInvesting For Dummies\u003c\/i\u003e, \u003ci\u003ePersonal Finance For Dummies\u003c\/i\u003e, and \u003ci\u003eHome Buying Kit For Dummies\u003c\/i\u003e.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eRobert S. Griswold, MSBA,\u003c\/b\u003e is a successful real estate investor, hands-on property manager, and the author of \u003ci\u003eProperty Management Kit For Dummies\u003c\/i\u003e.\u003c\/p\u003e   \u003cul\u003e \u003cli\u003eChoose, manage, and pay off your mortgage\u003c\/li\u003e \u003cli\u003eMatch your mortgage to your financial goals\u003c\/li\u003e \u003cli\u003eQualify for a mortgage even when money is tight\u003c\/li\u003e \u003c\/ul\u003e  \u003cp\u003e\u003cb\u003eQuickly make sense of mortgages\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003eTaking out a mortgage to purchase real estate is a huge decision, one that could affect your family's finances for years to come. This easy-to-follow guide explains how to secure the best and lowest-cost mortgage for your unique situation. Whether you select a 15- or 30-year mortgage, you'll get all the tips and tricks you need to pay it off faster—shortening your payment schedule and saving your hard-earned cash.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eInside…\u003c\/b\u003e  \u003c\/p\u003e\u003cul\u003e \u003cli\u003eFine-tune your finances\u003c\/li\u003e \u003cli\u003eQualify for a mortgage\u003c\/li\u003e \u003cli\u003eSecure the best loan\u003c\/li\u003e \u003cli\u003eFind your best lender\u003c\/li\u003e \u003cli\u003eRefinance your mortgage\u003c\/li\u003e \u003cli\u003ePay down your loan quicker\u003c\/li\u003e \u003cli\u003eMust-knows about foreclosure\u003c\/li\u003e \u003cli\u003eTop mortgage no-nos\u003c\/li\u003e \u003c\/ul\u003e","brand":"For Dummies","offers":[{"title":"Default Title","offer_id":47989655699685,"sku":"NP9781119387794","price":24.99,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119387794.jpg?v=1761784979","url":"https:\/\/k12savings.com\/products\/mortgage-management-for-dummies-isbn-9781119387794","provider":"K12savings","version":"1.0","type":"link"}