Mortgage Management For Dummies

Description

Title Page; Copyright Page; Table of Contents; Introduction; How This Book is Different; Foolish Assumptions; Icons Used in This Book; Beyond the Book; Where to Go from Here; Part 1 Getting Started with Mortgages; Chapter 1 Determining Your Borrowing Power; Only You Can Determine the Mortgage Debt You Can Afford; Acknowledge your need to save; Collect your spending data; Determine Your Potential Homeownership Expenses; Making your mortgage payments; Paying property taxes; Tracking your tax write-offs; Investing in insurance; Budgeting for closing costs; Managing maintenance costs. Title Page Copyright Page Table of Contents Introduction How This Book is Different Foolish Assumptions Icons Used in This Book Beyond the Book Where to Go from Here Part 1 Getting Started with Mortgages Chapter 1 Determining Your Borrowing Power Only You Can Determine the Mortgage Debt You Can Afford Acknowledge your need to save Collect your spending data Determine Your Potential Homeownership Expenses Making your mortgage payments Paying property taxes Tracking your tax write-offs Investing in insurance Budgeting for closing costs Managing maintenance costs. Financing home improvements and suchConsider the Impact of a New House on Your Financial Future Acting upon your spending analysis Establishing financial goals Making down-payment decisions Chapter 2 Qualifying for a Mortgage Getting Preapproved for a Loan The worst-case scenario Loan prequalification usually isn't good enough Loan preapproval is the way to go Evaluating Your Creditworthiness: The Underwriting Process Traditional underwriting guidelines New underwriting technology Eyeing Predicament-Solving Strategies Insufficient cash for a down payment Excessive indebtedness. Insufficient incomeCredit blemishes Low appraisals Problem properties Chapter 3 Scoping Out Your Credit Score Defining Credit Scores Assessing Your Credit History What goes into your credit report Check your credit report Understanding How Scores Work FICO scores can differ between bureaus What a FICO score considers What FICO scores ignore Interpreting scores Getting your score Managing your score Part 2 Locating a Loan Chapter 4 Fathoming the Fundamentals Grasping Loan Basics: Principal, Interest, Term, and Amortization Deciphering Mortgage Lingo. So ... what's a mortgage?How to scrutinize security instruments Eyeing Classic Mortgage Jargon Duets Fixed or adjustable loans Government or conventional loans Primary or secondary mortgage market Conforming or jumbo loans Long-term or short-term mortgages Introducing the Punitive Ps Prepayment penalties Private mortgage insurance (PMI) Chapter 5 Selecting the Best Home Purchase Loan Three Questions to Help You Pick the Right Mortgage How long do you plan to keep your mortgage? How much financial risk can you accept? How much money do you need? Fixed-Rate Mortgages: No SurprisesAdjustable-Rate Mortgages (ARMs) How an ARM's interest rate is determined How often does the interest rate adjust? What are the limits on rate adjustments? Does the loan have negative amortization? Fine-Tuning Your Thought Process Finding funds Making the 30-year versus 15-year mortgage decision Getting a Loan When Rates Are High Chapter 6 Surveying Special Situation Loans Understanding Home Equity Loans Using home equity loans Operating instructions Considering tax consequences Eyeing 100 Percent Home Equity Loans.