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Amazon Books:
Residential Mortgage Lending: Principles and Practices -
This book communicates and explains the fundamentals of residential mortgage lending in a simple and concise manner. It is designed for either a new employee of a mortgage lender or anyone studying real estate finance who desires to learn practical residential mortgage lending fundamentals. No prior knowledge of finance is assumed.
Basics of Mortgage-Backed Securities - The purpose of Basics of Mortgage-Backed Securities is to provide readers with a fundamental understanding of mortgage securities as an integral part of investment in fixed-income securities. The second edition of this MBS classic provides the latest information on the U.S. residential mortgage market, adjustable-rate mortgages and mortgage pass-throughs, relative value analyses and performance characteristics.
All About Mortgages: Insider Tips for Financing and Refinancing Your Home - This new edition includes a resource guide listing Internet sites, as well as names and contact information for consumer lending organizations and other valuable consumer resources.
The Loan Officer's Practical Guide to Residential Finance -
The reader learns how to understand rate and point quotes, how to use a financial calculator, how to make basic computations customers require, how to understand loan programs and compare product features. The student progresses through understanding loan specifications - Conventional Conforming/Jumbo/FHA/VA and Sub-Prime program guidelines - to a practical understanding of ratios, income, assets and closing costs, debts and credit history. This is then placed in the context of the loan application - how to collect all the required documents and disclosures and supervise a loan from application to closing. Beyond the basics, students learn how to finance various property types; condos, PUDs, new construction and investment property. A detailed chapter on refinancing addresses the issues which most often confront the loan officer in a period of heavy refinancing - 10 reasons to refinance. Finally, understanding how loans are made in the secondary market and the basics of interest rate quoting and behavior are covered.
Mortgages for Dummies - Mortgages For Dummies is for anyone who needs a loan to buy their first home or wants to refinance their existing mortgage. This friendly, easy-to-understand guide will help anyone to shop for the best home-purchase mortgage,
overcome loan qualification obstacles, negotiate lower loan fees and closing costs, save by refinancing the house and increase retirement income with a reverse mortgage.
Mortgage Loan Options - Going Exotic
by Dan Lewis
In the past, a person had limited options when borrowing money for a home purchase. These days, there are exotic mortgage loan options that satisfy just about every borrowing need.
Creative Mortgages
Getting a loan for a home purchase can be very stressful. What if you don't qualify? How humiliated will you be? These days, there's no reason to worry. The mortgage lending market has a solution for just about everyone.
1. Do the Two Step. The Two-Step Mortgage is a mixed interest rate loan. Essentially, the loan provides a lower fixed interest rate for a period of 5 years or so and then adjusts to a new rate at the end of the period. The new rate is dependent upon the interest rates being charged at the time of the change. This loan can be helpful for borrowers who are squeezing into a loan since the initial period tends to have a lower interest rate than a straight fixed interest loan.
2. Graduated Payments - Graduated Payment Mortgages are loans that, well, have a graduated payment schedule. Depending on the specific lender, the first five to seven years of mortgage payments will be 10 to 20 percent lower than a fixed rate mortgage. After the prescribed time, the payments will actually be higher than a fixed rate loan. The advantage of this loan is two fold. First, it lets you borrow more money than a fixed loan because you can qualify for the lower initial payments. Second, the loan is optimal if you are expecting to sell the house within the initial five-year period after significant appreciation.
3. Sharing Appreciation - Shared Appreciation Mortgages are typically provided by private investors and even family members. In essence, you borrow money to purchase a home by agreeing to "share" a percentage of future appreciation in the home with the lender. Private lenders can want as much as fifty percent of the appreciation, but they will significantly lower the interest rate on the loans. SAMs should really only be used if you have horrible credit and no other options.
There three loan options are only the tip of the iceberg when it comes to mortgages. If you need to get creative, find a reputable mortgage broker in your area and see what they can come up with for you.
About the Author
Dan Lewis is a mortgage broker with http://www.gwhomeloans.com - San Diego mortgage brokers providing home loans and refinances. Visit http://www.gwhomeloans.com/services.html to learn more about options for San Diego mortgages.
