Mortgage Myths. 77 Secrets That Will Save You Thousands on Home Financing

Transcription

1 Brochure More information from Mortgage Myths. 77 Secrets That Will Save You Thousands on Home Financing Description: In Mortgage Myths, Realtor Ralph Roberts and mortgage consultant Chip Cummings take aim at the 77 mortgage myths that prevent so many would-be homeowners and real estate investors from pursuing their dreams of homeownership. You ll learn the difference between good and bad debt, how to make mortgage approval easier and simpler, and how to use other people s money to leverage your investments. This is the ultimate guide to getting the great deal you deserve. Contents: Foreword. Introduction. Section 1. Where Do I Start? Myth Renting is Better than Buying. Myth I Can't Qualify for a Loan. Myth Only U.S. Citizens Can Qualify for a Mortgage. Myth I Should Look at Some Houses First. Myth I Need a Down Payment - But I Don't Have the Funds. Myth I Should Make the Biggest Down Payment I Can. Myth Mortgage Companies and Loan Officers are Licensed and Regulated. Myth Big Lenders and Major Banks are Always Better. Myth My Best Bet is to Use a Friend (or Someone Local). Myth I'll Find a Better Deal on the Internet. Myth I Can Get a Higher Return by Investing in Stocks. Section 2. Playing "The Mortgage Game". Myth My Main Goal is to Snag the Lowest Interest Rate. Myth The Federal Reserve Controls Interest Rates. Myth Stay with "Fixed Rates" - ARM's Are Just Too Risky. Myth A Shorter Term Always Beats a 30- or 40-Year Term. Myth My Credit History Needs to be Perfect. Myth My "Credit Score" Determines My Loan's Approval. Myth Be Conservative - Don't Stretch Yourself. Myth I'm Divorced or Declared Bankruptcy... So I'll Never Qualify. Myth Special Financing Programs Aren't Available to Me.

2 Myth I Should Avoid "Mortgage Insurance". Myth The "Good Faith Estimate" Guarantees My Closing Costs. Myth I Have to Use the Realtor/Builder's Loan Officer. Section 3. Selecting the "Right" Home. Myth I'll Save Big Money Buying FSBO. Myth I Have to Shop Within a Certain Price Range. Myth Everything Is Included in the Sales Price. Myth The Appraiser Will Specify the Value and Any Required Repairs. Myth The Real Estate Agent Will Protect Us. Myth Condos Are Bad Investments... and Hard to Finance. Myth Seller Disclosures are Complete and Accurate. Myth I Should Buy the Biggest House at a Bargain Price. Myth I Should Always Use an Attorney. Myth I Don't Need an Inspection - It Looks Great to Me! Myth I've Seen Enough.. I've Found the Home I Love! Myth It's Okay to Buy - This Area is Booming. Myth All Sales Agreements and EMD Requirements Are Standard. Myth I Can't Withdraw My Offer It's Too Late. Myth Beware of Foreclosures - They're a Headache. Myth I Make Money When I Sell Not When I Buy. Myth My Tenants Will Finance My Investment Property. Section 4. The Mortgage Process. Myth The Loan Process Takes a Long Time. Myth All Applications and Disclosure Forms Are Standard. Myth We re Approved: Our Worries Are Over! Myth My Interest Rate Is Locked In AND Guaranteed. Myth A Pre-approval is a Pre-Approval. Myth I Have to Let My Lender Escrow Taxes and Insurance. Myth I'm Self-Employed - Getting Approved Will Be Tough. Myth The House Needs Repairs - We'll Do Them Later. Myth Personal 'Profiling" Is Part of the Approval Process.

3 Section 5. It's "Closing" Time. Myth Someone Else Decides the Closing Date and Location. Myth Why Do I Need "Title Insurance"... I Can't Even Select the Provider. Myth It's Cheaper to Close at the End of the Month. Myth I Can't Review Documents in Advance. Myth The Seller's Home Warranty Protects Us. Myth The House Will Be in "Move-In" Condition. Myth It's All Triple-Checked and Ready to Go! Myth I Need Homeowners Insurance to Cover the Entire Purchase Price. Myth I Need Credit Life Insurance to Protect Myself. Myth My House Payment Will Never Change. Section 6. The Refinance Game. Myth Never Refinance Until the Rate is 2% Lower. Myth I Should Never Refinance Into a Higher Interest Rate. Myth I'm Not Allowed to Pay Extra - There's a Pre-Payment Penalty. Myth Reverse Mortgages Are a Bad Idea. Myth My Terms May Change if the Loan is Sold. Section 7. Short of Cash? Creative Financing Solutions. Myth I Can't Use a Gift for a Down Payment. Myth A Bi-Weekly Mortgage Simply Changes My Payment Schedule. Myth Seller Financing is Risky and Expensive. Myth Government Loans Are Only for Low-Income Borrowers. Myth No Bank Will Finance Us. Myth A "Lease Option" Plan is Always a Bad Idea. Myth I Can't Make My Payments... So I'll Lose My Home. Appendix. Forms. Required Application Disclosures. Mortgage Application - Form Sample "Good Faith Estimate". Sample "Truth in Lending" Disclosure. Sample Appraisal.

4 Sample HUD-1 Closing Statement. Homebuyer Checklist. Home Financing Checklist. Refinance Checklist. Personal Qualification Form. Mortgage Payment Calculator. National/State Associations and Regulatory Agencies. Homebuyer Education Classes. Other Website Resources. Terms You Need To Know. Index. Ordering: Order Online - Order by Fax - using the form below Order by Post - print the order form below and send to Research and Markets, Guinness Centre, Taylors Lane, Dublin 8, Ireland.

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