FINANCING YOUR CONDO, CO-OP, T

Erscheinungsjahr 2009
ISBN: 978-0-8144-8062-5
Verlag: McGraw-Hill Education

Buch, Englisch, 240 Seiten, Format (B × H): 150 mm x 231 mm, Gewicht: 363 g

Finding a condo, co-op, or townhouse to call home is hard enough, but finding financing to buy this kind of property is even more challenging. As a veteran mortgage banker and author of Mortgages 101, David Reed has helped thousands of buyers through this complicated process. Financing Your Condo, Co-op, or Townhouse offers readers invaluable advice, including information on developer financing, specialty loans, government programs and refinance loans, streamlining the approval process, appraisals, closing costs, and more. Readers will discover: • the differences among condos, co-ops, and townhouses • how to find the right type of property for them • the rules governing loans for condos, co-ops and townhouses •how to evaluate which loan type is best and lock in the lowestrate • why the percentage of owner-occupied units is important • what to consider when buying new construction or conversion properties • the financial considerations unique to each type of home Whatever the property, whatever the question…this handy guide to financing has the answers.

Autoren/Hrsg.

Reed, David

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Betriebswirtschaft: Theorie & Allgemeines

Inhaltsverzeichnis

CONTENTS Preface vii Chapter 1 Condos, Co-ops, and Townhouses: How Are They Different and How Are They Similar? 1 Condos 2 Co-ops 5 Townhouses 6 The Lifestyle 9 The HOA 12 Lawsuits, Fees, and HOAs 15 Chapter 2 What to Look for in a Property and How to Find the One That’s Right for You 17 Using a Realtor 18 Buying from a Developer 21 Chapter 3 Financing Your Condo, Co-op, or Townhouse the Right Way 29 Fixed-Rate Mortgages 30 Adjustable-Rate Mortgage 36 The Hybrid 39 Option ARMs and Negative Amortization 42 How Mortgage Rates Are Set 44 How Lenders Set Their Rates 47 Types of Mortgage Lenders 48 How to Find the Best Loan Officer 57 How to Find the Best Rate 62 Factors That Can Affect Your Rate Quote 71 How to Change Mortgage Companies Midstream 77 How to Lock in the Mortgage Rate 79 Debt Ratios and How Lenders Calculate Them 83 Chapter 4 Specialty Loans, Government Programs, and Refinance Loans 85 Interest Only 85 Equity 87 No Money Down 88 Government Bond Programs 89 Portfolio 90 Refinancing 91 Government Programs for Condos and Townhouses 104 Down Payment Assistance 113 Chapter 5 Rules Governing Loans for Condos, Co-ops, and Townhouses 115 Warrantable Versus Nonwarrantable Projects 122 Chapter 6 The Impact of Credit on Your Ability to Buy a Condo, Co-op, or Townhouse 127 Check Your Credit First 132 Find Out Your Credit Scores 136 Credit Score Facts and Fallacies 143 Credit Scores and Qualifying 147 Repairing Credit 149 Alternative Credit 155 Bankruptcies and Credit 156 Subprime Mortgage Loans 158 Chapter 7 Closing Costs: What They Are and How to Negotiate Them 161 Appraisal 162 Credit Report 165 Application Fee 165 Tax Service 166 Flood Certificate 167 Lender Fees 167 Mortgage Broker Fees 168 Settlement or Closing Fee 168 Title Insurance 169 Document Fees 170 HOA Fees 171 Attorney Fees 171 Courier Fees 172 Government Fees 172 Prepaid and Nonprepaid Items 174 Good-Faith Estimate 175 Using the Annual Percentage Rate to Compare Lenders 179 Negotiating Closing Costs 182 Fees and Refinancing 184 No–Closing Cost Mortgage 185 Appendix: Monthly Payment Schedules 187 Glossary 193 Index 221

Über Autor(innen)

David Reed (Austin, TX) is the author of several books including Mortgages 101(978-0-8144-0166-8), Mortgage Confidential (0-8144-7369-6), The Real Estate Investor’s Guide to Financing (978-0-8144-8061-8), and An Insider’s Guide to Refinancing Your Mortgage (978-0-8144-0935-0). As a senior loan officer, he has closed more than 2,000 mortgage loans. He is a columnist for Realty Times and a contributing editor and columnist for Mortgage Originator magazine