The Mortgages 101

Quick Answers to Over 250 Critical Questions About Your Home Loan
2. Auflage 2012
ISBN: 978-0-8144-0166-8
Verlag: AMACOM

Buch, Englisch, 352 Seiten, Format (B × H): 152 mm x 229 mm, Gewicht: 522 g

Autoren/Hrsg.

Reed, David

Inhaltsverzeichnis

Contents Preface000 Section IMortgage Fundamentals 1 Chapter 1Introduction to Mortgages 0 1.1What's the difference between buying and renting? 0 1.2 How do I know if it's better to buy a home or continue renting? 00 1.3 How should I search for a house? 00 1.4 When is a good time to buy a home? 00 1.5 What's the difference between being prequalified and preapproved? 00 1.6 What is the preapproval process? 00 1.7 What are loan conditions? 00 1.8 What are Automated Underwriting Systems? 00 1.9 Who uses Automated Underwriting Systems? 00 1.10 If an Automated Underwriting System approves me, does that mean I get the loan? 00 1.11 What are the benefits of getting preapproved? 00 1.12 What are all these terms? 00 1.13 Who are the key people in a typical loan approval process? 00 1.14 What is the 1003? 00 1.15 What are the ten sections of the 1003? 00 1.16 What happens if the information you put on your application is wrong? 00 1.17 What happens after I fill out the 1003? 00 1.18 Are online applications the same as the five-page 1003? 00 1.19 Is an online application safe? Can someone steal my identity? 00 1.20 What happens after I make an offer for a house? 00 Chapter 2How to Know How Much Home to Buy000 2.1 How do I know how much I can borrow?000 2.2 What are debt ratios?000 2.3How do I calculate my debt ratios?000 2.4How much do debt ratios affect how much I can borrow?000 2.5 How can lenders approve people with high debt ratios?000 2.6 Why do lenders use monthly tax and insurance payments in debt ratios?000 2.7 Why is escrow a requirement for loans with less than 20 percent down?000 2.8 If I have a choice, are escrows right for me? 000 Chapter 3Getting Your Finances Together000 3.1 What will the lender look for when looking at my assets? 000 3.2 How do I document my assets? 000 3.3 How do I document my income? 000 3.4 If I just got my first job, how can I provide a W-2 from last year? 000 3.5 What do you mean by "how you're paid"?000 3.6 Why do lenders ask for the most recent 30-day paycheck stubs? 000 3.7If I get paid in cash, how do I document that? 000 3.8How do I calculate hourly wages? 000 3.9 How do I calculate overtime? 000 3.10 How are bonuses used to figure my income? 000 3.11 How do I figure my income if it is based solely on commissions? 000 3.12 How do I calculate my pay if I have both a salary and a bonus or a commission? 000 3.13If I can deduct a lot of expenses from my income taxes, does that help gross monthly income? 000 3.14 How do I show expenses on my loan application? 000 3.15 How do I calculate my dividends and interest income? 000 3.16 How do I calculate my income if I own my own business? 000 Chapter 4Down Payments and How They Impact Your Mortgage000 4.1 What exactly is a down payment? 000 4.2 What are the risk elements? 000 4.3 How do I know how much to improve another risk element? 000 4.4 What kinds of accounts can I use to fund the down payment? 000 4.5 Can I borrow against my retirement account? 000 4.6 Can my family help me out with a down payment? 000 4.7 What do I do if I don't have a down payment saved? 000 4.8 What is a "seller assisted" DPAP? 000 4.9How do I know if I qualify for a down payment assistance program? 000 4.10 Is there an ideal amount I should put down on a home? 000 4.11How much is a mortgage insurance policy? 000 4.12Can I deduct mortgage insurance from my income taxes? 000 4.13 Can I "borrow" my mortgage insurance? 000 4.14 Will PMI come off of my mortgage automatically? 000 4.15 What about "zero money down" loans? 000 4.16 What is the My Community Mortgage? 000 4.17 How do I buy a house if I need to sell my house for my down payment? 000 4.18 Will I have to qualify with two mortgages? 000 Chapter 5Getting Your Credit Together000 5.1What exactly is credit? 000 5.2How