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Choosing a mortgage
The subprime virus : reckless credit, regulatory failure, and next steps
Kathleen C. Engel, Patricia A. McCoy.
New York : Oxford University Press, 2011.
The subprime crisis shook the American economy to its core. How did it happen? Where was the government? Did anyone see the crisis coming? Will the new financial reforms avoid a repeat performance? In this lively new book, Kathleen C. Engel and Patricia A. McCoy answer these questions as they tell the story behind the subprime crisis. The authors, experts in the law and the economics of financial regulation and consumer lending, offer a sharply reasoned, but accessible account of the actions that produced the greatest economic collapse since the Great Depression. The Subprime Virus reveals how consumer abuses in a once obscure corner of the home mortgage market led to the near meltdown of the world's financial system. The authors also delve into the roles of federal banking and securities regulators, who knew of lenders' hazardous mortgages and of Wall Street's addiction to high stakes financing, but did nothing until the crisis erupted. This is the first book to offer a comprehensive description of the government's failure to act and to analyze the financial reform legislation of 2010. Blending expert analysis, vivid examples, and clear prose, Engel and McCoy offer an informed portrait of the political and financial failures that led to the crisis. Equally important, they show how we can draw lessons from the crisis to inform the building of a new, more stable, prosperous, and just financial order.
     
Tips & traps for negotiating real estate
Robert Irwin.
New York : McGraw-Hill, c2011.
Fully revised and expanded, the classic guide to negotiating every aspect of any real estate transactionReal estate guru Bob Irwin breaks down all the common negotiating "tips and traps" when it comes to buying and selling in real estate. Beginning with the golden rule of real estate--everything is negotiable--the all-new third edition of this easy-to-read guide helps homeowners and investors like you maximize profits by avoiding the common pitfalls standing in the way of getting the deal you want. Fully updated for real estate investors in any economic climate, this comprehensive guide delivers useful tools for every step along the way along with rock-solid advice for sellers and buyers on: Getting a better price in a down market Negotiating a quick sale Dealing with reluctant lenders Keeping the upper hand when buying a foreclosed property Talking a seller into financing your purchase And moreRobert Irwinis a real estate broker, investor, and author. He is a regular guest on many radio and television programs as well as the author of more than 35 books on all aspects of real estate, including the McGraw-Hill bestselling Tips & Traps series, which has sold well over a million copies. Irwin lives in Westlake Village, California.
     
Fannie Mae, Freddie Mac, and the federal role in the secondary mortgage market.
 
Washington, DC : Congress of the U.S., Congressional Budget Office : For sale by the Supt. of Docs., U.S. G.P.O., [2010]
  1. "This study was written by Deborah Lucas and David Torregrosa ..."--Pref.
  2. "December 2010."
  3. Shipping list no.: 2011-0150-P.
  4. Includes bibliographical references.
  5. "Pub. no. 4021"--P. [2] of cover.
     
Notary loan signing agent : comprehensive certification course & reference manual
Nancy S. Oram.
[Charleston, SC : Nancy S. Oram], c2010.
Becoming a Notary loan signing agent can change your life by offering you a new lucrative career. As an independent contractor, this home-based business adapts to either full-time or part-time hours. Once you become a Notary in your state, all the information and training you need to become a Notary signing agent is in this very detailed and complete home study course / business guide. Over the last several years I've had the pleasure of coaching many new agents in all the important details required by the loan industry. This course and manual is a direct result of that real-time, one-on-one coaching. And once you've completed the course, it becomes a field manual to refer to as often as you need to. I feel very passionate about upholding the integrity of our dual role--that of commissioned Notary Public and loan signing agent. I hope this training starts you off on a lucrative and fulfilling new career. The industry needs well-trained agents. That's you!
     

Thinking of buying a new condo or house? If so, it is likely you will be choosing a mortgage to finance your purchase.

Types of mortgages

Balloon Payment Mortgage - The final payment is much larger than prior payments.

Biweekly Payment Mortgage - Half monthly payment is made every two weeks,  reducing the principal and length of the term.

Flexible Payment Mortgage - A loan that requires the payment to adjust at some time during the term to amortize the loan. 

Reverse Mortgage - A mortgage loan whereby the borrower receives money, but is not obligated to repay it until no longer residing at the mortgaged property.

Two-step Mortgage -  A program that calls for a one-time adjustment in the interest rate of the mortgage loan after five or seven years.

more

Before considering a new purchase, it is a good idea to have your outstanding debts paid off. Check your own credit history as it will be checked by the mortgage broker before finalizing the mortgage.

Pre-qualifying for a loan gives you an idea of how much you are able to afford. Get an understanding of the different types of loans available and the components to a mortgage.

Your mortgage broker needs to provide you with a "Good Faith Estimate of Settlement Costs," in writing, within three days of giving you a verbal mortgage quotation. The lender will provide you with figures based upon the information as known today.

Information provided within the mortgage quotation includes: Principal and interest payments (P&I), home owner's insurance (HOI), property taxes, and home owner’s association fees (if any). These are not necessarily the final costs that you will have to pay at closing, but a close approximation so that you can be financially ready to afford your new home.

Before finalizing a mortgage, remember to find out about the lender's foreclosure policy. You will have no bargaining power if you do not.

It is up to you, not the lender, or mortgage broker, to decide how much you can afford to pay. Budget wisely, and you should be able to meet all your future mortgage payments.

Article by: St. Louis Public Library staff