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The housing market is in turmoil, but if there’s a silver lining, it’s the fact that purchase prices are at historic lows. Sure, there are still plenty of predatory lenders waiting to exploit the naïve potential buyer, but those who do their homework will be rewarded with a fair price and manageable mortgage terms. Decoding the New Mortgage Market is a map to finding the best and most realistic mortgage deals while navigating past potential obstacles and traps. Filled with money-saving advice, this practical guide will help prospective buyers understand: · How new lending and underwriting rules affect today’s homebuyer · Different loan types and lending institutions · Credit issues and other qualifying factors · Creative down-payment solutions · How to reduce closing costs and other fees Because lenders and buyers alike have gotten “burned” in the mortgage crisis, finding and qualifying for a manageable loan may now be more difficult. Readers will find that Decoding the New Mortgage Market makes the search both easier and more fruitful, and that their dreams of home ownership are still within their reach.
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You don’t have to join the crowd and give up on the dream of home ownership. With purchase prices staying remarkably low, it’s a great time to buy a house. Yet thanks to the recent financial crisis and lingering credit crunch, it’s much tougher to find and qualify for a manageable mortgage loan.
Decoding the New Mortgage Market is an invaluable insider’s guide to finding the best and most realistic mortgage deals while avoiding the minefields. A respected industry expert and a veteran loan officer, David Reed tells you everything you need to know to make your dream a reality, without risking default or foreclosure. Inside, you’ll learn the latest, critical information about:
· Underwriting changes that affect Fannie, Freddie, and everyone shopping for a “conventional” loan
· New rules that make it easier to qualify for FHA and VA loans . . . and the “new” government zero-down: USDA loans
· New regulations and loan disclosure requirements for mortgage lenders and mortgages that actually work in the borrower’s favor
· Choosing the best loan officer and comparing available options to find the right mortgage program
· Finding down-payment money through nontraditional sources, including nonprofit agencies, bond programs, and equity transfers
· Overcoming credit issues, including bankruptcy
· New opportunities for saving big on closing costs and other fees
David Reed is the author of many books, including Mortgages 101 and Mortgage Confidential. As a senior loan analyst, he has closed more than 2,000 mortgage loans. He is a longtime columnist for Realty Times and lives in Austin, Texas.
About the Author:
DAVID REED (Austin, TX) is the author of many books including Mortgages 101 and Mortgage Confidential. As a senior loan officer, he has closed more than 2,000 mortgage loans. He is a columnist for Realty Times and Mortgage Originator magazine.
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