American Mortgage: Everything U Need to Know about Purchasing and Refinancing a Home
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Trevor Rhodes is founder and CEO of AmerUSA, the nation's trusted partners in real estate to both homeowners and investors, and is a nationally recognized leading authority in real estate.
Introduction 1Mortgage Basics: The Lender's Security Instrument 3Promissory Note 4Mortgage 13Deed of Trust 30Meet the Mortgage Industry Wranglers: Roles and Responsibilities 51Lenders 52Correspondent Lenders 53Mortgage Bankers 53Loan Officers 54Mortgage Brokers 55Real Estate Agents 56Appraisers 57Title Insurance Agents (Including Attorneys) 57Homeowners Insurance Agents 58An Overview of the Mortgage Process: From Start to Finish 59Pre-Approval 60Application 61Conditional Approval 62Closing 63How the Industry Billions Are Made: The Real Truth in Lending 65Interest 66Points and Origination Fees 66Junk Fees 67Yield Spread Premium (YSP) 69Speaking to a Loan Officer or Mortgage Broker: What's Happening Behind the Scenes 73How Your Rate is Quoted 74Selling Techniques 76The "Bait andSwitch" Technique - Borrower, Beware! 79The Almighty Interest Rate: What You Thought You Knew 81Despite What You've Been Told, It's Usually Negotiable 82Fixed Vs. Adjustable 82Interest Only Option 84Annual Percentage Rate (APR) 96Rate Lock 100Your Property May Be Costing You More: Why Each Type Is Different 103Detached Single-Family Residences 104Condominiums 104Cooperatives (Co-Ops) 105Multi-Family Homes 105Townhouses 106Mobile/Manufactured Homes 106Rural Properties 107The Four Types of Lenders: Understanding the Differences 109Conforming 110Alt-A 111Nonprime (Subprime) 112Hard Money 113Income and Asset Programs: Choosing Your Best Option 115Know Your Debt-to-Income Ration (DTI) 116Full Documentation (Full Doc) 119Lite Documentation (Lite Doc) 120Stated Income Verified Assets (SIVA) 120Stated Income Stated Assets (SISA) 122No Ratio 122No Income No Asset (NINA) 124No Documentation (No Doc) 125Mortgage Homework: What to Do Before You Apply 127What a Lender Wants to See 128Preparing Your Income 130Preparing Your Assets 132Check Your Credit 132Shop Around 134Raising Your Credit Score in 10 Days: Fast Fixes When Applying for a Mortgage 135The Rapid Re-Score 136Determining the Factors That Are Affecting Your Score 137Assembling Your Evidence 138Fast Fixes That Do Not Require Money 139Fast Fixes That Require Money 144The Major Deal Breakers: Why Many Mortgages Never Close 149Appraisal Problems 150Sales Contract No-No's 152Borrower Blunders 154Taxes and Insurance: To Escrow or Not to Escrow? 157What Is an Escrow Account? 158How This Decision May Affect Your Rate 159A Little Each Month Is a Lot Easier Than a Lot Next Year 159Application Documents and Disclosures The Most Important Ones to Know and Why 161Uniform Residential Loan Application (1003) 162Good Faith Estimate (GFE) 168Truth in Lending Disclosure (TIL) 171Mortgage Brokerage Business Contract 173Authorization to Release Income Tax Transcripts (4506-T) 177Refinancing, Equity Loans and Lines of Credit: Should You Mess with a Good Thing? 181Refinancing for a Reason, Not the Season 182An Equity Loan or Line of Credit, Why You May Regret It 184Exercising Your Right of Rescission 186Conclusion 189Government Publications: Resources for Financing a Home 191HUD Buying Your Home: Settlement Costs 193HUD Fair Housing: Equal Opportunity for All 221FTC Real Estate Marketplace Glossary 237Looking for the Best Mortgage? Shop, Compare, Negotiate 255Mortgage Servicing: Making Sure Your Payments Count 265RESPA: Real Estate Settlement Procedures Act 271TILA: Truth in Lending Act 339Bonus CD-ROM: The American Mortgage Resource Center 433Installation Instructions 433Terms of Use 434How to Personalize a Real Estate Form 434The End Result 435Index 437
