For typical homeowners, the monthly mortgage payment is either their largest or, after income tax, their second-largest expense item. When you’re shopping for a mortgage without the proper knowledge you could easily waster 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.
Updated with the very latest on every kind of load, 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 for refinancing the house, or increase retirement income with a reverse mortgage. You can also determine your borrowing power, find the best lender and options and avoid fiscal pitfalls.
A helpful companion to the related "Dummies" titles on home buying and personal finance, this guide explains every aspect of applying, qualifying, and paying for a home mortgage. It's a cautionary tale that teaches how to do the preparation, avoid the pitfalls, and manage the practicalities necessary to get approved for a mortgage that's within your means to handle. In addition to explaining title insurance, liens, foreclosure, rate adjustments, prepayment penalties, appraisals, and property taxes, the authors offers advice on overcoming poor credit and managing spending so money can be saved for a down payment. Even when word combinations are clumsy, Brett Barry makes everything sound smooth and understandable. He handles the authors' attempts at humor with grace and sounds perfectly in tune with the program's intentions. T.W. (c) AudioFile 2007, Portland, Maine
About the Author
Eric Tyson, MBA, is a financial counselor, syndicated columnist, and the author of bestselling For Dummies books on personal finance, taxes, home buying, and mutual funds including Real Estate Investing For Dummies.
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