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Mortgages For Dummies
For typical homeowners, the monthly mortgage payment is either their largest or, after income taxes, second-largest expense item. When you're shopping for a mortgage without the proper knowledge, you could easily waste many hours of your time in addition to the financial losses suffered by not getting the best loan you can. Choosing the right mortgage can help you save money for more important financial goals such as higher education and retirement. Mortgages For Dummies, Second Edition is for anyone who needs a loan to buy their first home, wants to refinance their existing mortgage, or would like to tap into the equity they've built up. Updated to include the very latest on every kind of loan, this friendly, easy-to-understand guide will help you:
Shop for the best home-purchase mortgage Overcome loan qualification obstacles Negotiate lower loan fees and closing costs Save by refinancing the house Increase retirement income with a reverse mortgage Once you select the right mortgage for your situation, you can explore, step-by-step, how to get the best possible deal. Mortgages For Dummies, Second Edition also covers the following topics and more:
Determining your borrowing power Qualifying for a mortgage Locating and selecting a loan Finding the best lender and options Tackling loan paperwork Refinancing and other money makers For most of us, the mortgage field is jammed with jargon and fraught with fiscal pitfalls. It's up to you to seek the knowledge necessary to make your mortgage process more rewarding. This handy guide shows you everything you need to know to find your way through the home financing jungle and make the best decisions possible.
Shop for the best home-purchase mortgage Overcome loan qualification obstacles Negotiate lower loan fees and closing costs Save by refinancing the house Increase retirement income with a reverse mortgage Once you select the right mortgage for your situation, you can explore, step-by-step, how to get the best possible deal. Mortgages For Dummies, Second Edition also covers the following topics and more:
Determining your borrowing power Qualifying for a mortgage Locating and selecting a loan Finding the best lender and options Tackling loan paperwork Refinancing and other money makers For most of us, the mortgage field is jammed with jargon and fraught with fiscal pitfalls. It's up to you to seek the knowledge necessary to make your mortgage process more rewarding. This handy guide shows you everything you need to know to find your way through the home financing jungle and make the best decisions possible.
283 pages, Paperback
Published January 1, 2004
5 people are currently reading
342 people want to read
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Displaying 1 - 12 of 12 reviews
May 23, 2022
Eric Tyson and Ray Brown’s “Mortgages for Dummies” is a brief, readable introduction to home loans. Nothing they shared was too difficult for a beginner like me.
I took almost 8 iPhone pages of notes. I appreciated how the authors started with the basic definition of a mortgage, how to qualify for one, and components of a loan, and then they dove deeper into terms, questions to ask mortgage brokers, websites, refi, and traps to avoid.
My key critique is that this second edition was published in 2006 before the housing bubble bursted; readers should take some of the advice with a grain of salt.
Still, those looking to get their first mortgage or get smarter about their current or next home loan will get more than a few key insights from this book.
I took almost 8 iPhone pages of notes. I appreciated how the authors started with the basic definition of a mortgage, how to qualify for one, and components of a loan, and then they dove deeper into terms, questions to ask mortgage brokers, websites, refi, and traps to avoid.
My key critique is that this second edition was published in 2006 before the housing bubble bursted; readers should take some of the advice with a grain of salt.
Still, those looking to get their first mortgage or get smarter about their current or next home loan will get more than a few key insights from this book.
This entire review has been hidden because of spoilers.
January 27, 2024
Very outdated. My bad for not checking the publishing date but damn I would’ve thought it’d be updated. Many a 1-800 number listed as means of contacting agencies referenced in the book. 😂 I guess I was more knowledgeable than I was aware, because I knew nearly everything contained within. But still a somewhat worthwhile three hour refresher course!
July 1, 2011
I have to be honest - I didn't finish this book. A whole book about mortgages? Once you get the hang of it, playing with the calculators on Bankrate.com is enough to learn what you need to.
I should have found a book that covered the entire house-buying experience. I'm not sure any book can really prepare you to buy a house, it's a paradigm experience. But surely there's a book that covers more than just mortgages.
That said, this book did have some really great information, and it helped me understand the math involved. It just should have included so much more! The mortgage is a major part of buying a house, but it is almost easy once you get the hang of it.
If I were writing the book, this is what would be in my chapters:
1. Buying a house is more than a mortgage! Before you settle on what you can afford, think about all the other expenses involved. There are taxes($$), repairs and updates you'll need before you can move in($$), more updates you'll want to make as you live there($$), and what if something breaks? A small appliance - no big deal. But a water heater, roof, or air conditioner? And that's just the money associated with the house. What if you have a baby or want a new car? Going back to school? A house is only a valid investment if you can see yourself happy living in it after 5 years.
2. Buying a house is more than a mortgage (part 2)! It's an appraisal, it's a survey, it's realtor fees, it's an inspection, etc. There are so many legal papers to sign and things you didn't even realize you needed to think about. Finding a house you like and can afford is just the beginning! Once you make an offer, there's fast-paced weeks when you have to discover if your new love is a money pit.
3. What can you afford? Keep a budget for at least 6 months - mint.com is a great resource to categorize your expenses. Do you have any savings? What would happen if you lost your source of income? Are you falling in the two-income trap? In my opinion, double your income minus your debt equals the value of a house you can easily afford. Take it easy on yourself - buy something you can easily afford instead of straining to make ends meet every month for 30 years.
4. These are the different kinds of loans, but only stupid people or gamblers choose most of the outrageous options. If mortgage rates are high - get an ARM. If mortage rates are below 8% - get a fixed. After you have your loan, if mortgage rates fall more than 1%, it's probably worth refinancing. There is no difference between a 30-year and a 15-year mortgage other than the time limit. If you want to pay off your 30-year loan in 15 years, all you have to do is make the 15-year payment.
I should have found a book that covered the entire house-buying experience. I'm not sure any book can really prepare you to buy a house, it's a paradigm experience. But surely there's a book that covers more than just mortgages.
That said, this book did have some really great information, and it helped me understand the math involved. It just should have included so much more! The mortgage is a major part of buying a house, but it is almost easy once you get the hang of it.
If I were writing the book, this is what would be in my chapters:
1. Buying a house is more than a mortgage! Before you settle on what you can afford, think about all the other expenses involved. There are taxes($$), repairs and updates you'll need before you can move in($$), more updates you'll want to make as you live there($$), and what if something breaks? A small appliance - no big deal. But a water heater, roof, or air conditioner? And that's just the money associated with the house. What if you have a baby or want a new car? Going back to school? A house is only a valid investment if you can see yourself happy living in it after 5 years.
2. Buying a house is more than a mortgage (part 2)! It's an appraisal, it's a survey, it's realtor fees, it's an inspection, etc. There are so many legal papers to sign and things you didn't even realize you needed to think about. Finding a house you like and can afford is just the beginning! Once you make an offer, there's fast-paced weeks when you have to discover if your new love is a money pit.
3. What can you afford? Keep a budget for at least 6 months - mint.com is a great resource to categorize your expenses. Do you have any savings? What would happen if you lost your source of income? Are you falling in the two-income trap? In my opinion, double your income minus your debt equals the value of a house you can easily afford. Take it easy on yourself - buy something you can easily afford instead of straining to make ends meet every month for 30 years.
4. These are the different kinds of loans, but only stupid people or gamblers choose most of the outrageous options. If mortgage rates are high - get an ARM. If mortage rates are below 8% - get a fixed. After you have your loan, if mortgage rates fall more than 1%, it's probably worth refinancing. There is no difference between a 30-year and a 15-year mortgage other than the time limit. If you want to pay off your 30-year loan in 15 years, all you have to do is make the 15-year payment.
May 20, 2021
It's not a bad audiobook. The reader was a bit monotonous but I still stayed awake driving and listening to this book. I do need to re-listen to it to take notes, as a lot of percentages and things to look out for when talking to banks and such about a mortgage was kinda overwhelming. The book is short, and I'm grateful for that. I would recommend this to my friends and family before they buy their next house.
May 15, 2009
Good basic information combined with entertaining presentation--from what I understand, this is a hallmark of the series, and it was certainly true for this book. Another selection from the house-buying saga of 2006.
January 17, 2008
I got this book when I went to work for Countrywide. Why, oh why can't I throw it away? Because you just don't throw away books, no matter how pointless they are, that's why.
Want to read
February 22, 2008I'm excited to get into this book. I am going to buy a house in the next 5 months.
June 13, 2013
Helpful!
February 18, 2022
Helpful for me since I know nothing about real estate :)
September 17, 2014
I registered a book at BookCrossing.com!
http://www.BookCrossing.com/journal/12907424
http://www.BookCrossing.com/journal/12907424
October 27, 2016
Written for the USA, however still a good overall
June 12, 2020
I made a billion notes. Learned so much. I'm about to buy a house with my family and am so much better informed now.
Displaying 1 - 12 of 12 reviews