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Index
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
Determine Your Potential Homeownership Expenses
Consider the Impact of a New House on Your Financial Future
Chapter 2: Qualifying for a Mortgage
Getting Preapproved for a Loan
Evaluating Your Creditworthiness: The Underwriting Process
Eyeing Predicament-Solving Strategies
Chapter 3: Scoping Out Your Credit Score
Defining Credit Scores
Assessing Your Credit History
Understanding How Scores Work
Part 2: Locating a Loan
Chapter 4: Fathoming the Fundamentals
Grasping Loan Basics: Principal, Interest, Term, and Amortization
Deciphering Mortgage Lingo
Eyeing Classic Mortgage Jargon Duets
Introducing the Punitive Ps
Chapter 5: Selecting the Best Home Purchase Loan
Three Questions to Help You Pick the Right Mortgage
Fixed-Rate Mortgages: No Surprises
Adjustable-Rate Mortgages (ARMs)
Fine-Tuning Your Thought Process
Getting a Loan When Rates Are High
Chapter 6: Surveying Special Situation Loans
Understanding Home Equity Loans
Eyeing 100 Percent Home Equity Loans
Taking a Closer Look at Co-Op Loans
Grasping Balloon Loans
Part 3: Landing a Lender
Chapter 7: Finding Your Best Lender
Going with a Mortgage Broker or Direct Lender?
Seller Financing: The Trials and Tribulations
Chapter 8: Searching for Mortgage Information Online
Obeying Our Safe Surfing Tips
Perusing Our Recommended Mortgage Websites
Chapter 9: Choosing Your Preferred Mortgage
Taking a Look at Loan Fees
Avoiding Dangerous Loan Features
Comparing Lenders’ Programs
Applying with One or More Lenders
Chapter 10: Managing Mortgage Paperwork
Pounding the Paperwork
Filling Out the Uniform Residential Loan Application
Introducing Other Typical Documents
Part 4: Profiting from Smart Mortgage Strategies
Chapter 11: Refinancing Your Mortgage
Refinancing Rationales
Cost-Cutting Refinances
Restructuring Refinances
Cash-Out Refinances
Expediting Your Refi
Beating Borrower’s Remorse
Chapter 12: Paying Down Your Mortgage Quicker
One Size Doesn’t Fit All
Deciding Whether to Repay Your Mortgage Faster
Developing Your Payoff Plan
Chapter 13: Reverse Mortgages for Retirement Income
Grasping the Reverse Mortgage Basics
Shopping for a Reverse Mortgage
Deciding Whether You Want a Reverse Mortgage
Part 5: The Part of Tens
Chapter 14: Ten-Plus “Must-Knows” About Foreclosure
Deal with Reality
Review Your Spending and Debts
Beware of Foreclosure Scams
Consider Tapping Other Assets
Make Use of Objective Counseling
Negotiate with Your Lender
Understand Short Sales
Seek Legal and Tax Advice
Understand Bankruptcy
Consider the Future Impact to Your Credit Report
Understand the Realities of Investing in Foreclosed Property
Chapter 15: Ten Mortgage No-Nos
Don’t Let Lenders Tell You What You Can Afford
Never Confuse Loan Prequalification with Preapproval
Avoid Loans with Prepayment Penalties
Don’t Reflexively Grab a Fixed-Rate Mortgage
Steer Clear of Toxic 100 Percent Home Equity Loans
Watch Out for Mortgage Brokers with Hidden Agendas
Shun Negative Amortization Mortgages
Don’t Let the 2 Percent Rule Bully You When Refinancing
Don’t Assume That All Reverse Mortgages Are the Same or Bad
Avoid Mortgage Life Insurance
Part 6: Appendixes
Appendix A: Loan Amortization Table
Appendix B: Remaining Balance Tables
Appendix C: Glossary
About the Authors
Connect with Dummies
End User License Agreement
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