How to Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye ™: A Comprehensive Guide for First Time Home Buyers and Home Buyers Getting ... To Without Sticking A Fork In Your Eye)

by Elysia Stobbe

Did you know that over 50% of mortgages don't close? Do you know how much home you can buy? Do you know how much paperwork is involved? Most people don’t know how much home purchasing power they have, how much to expect for closing costs (varies by state), or how much paperwork is involved when applying for a home loan. Most people have no idea the difference between loan programs from bank to bank, lender to lender, or broker to broker— or what the differences are between the main types of residential mortgage providers. Most people have no criteria for choosing a lender, the type of loan to seek, or how much down payment is best for them. For example, are there differences between the types of property that may affect down payment? The mortgage industry is packed with nuance, which can lead to confusion for the consumer. While trying to buy a home, you may have people from many different professions telling you what you should do and how to make decisions—who should you listen to in which situations? Your most personal financial information is critical to the mortgage process and yet do you know who you are sending it to? What about mortgage insurance? Why is it required and when? The two questions I most often hear “What’s the payment?” and, “What’s the interest rate?” While these questions are important, there are several other questions that are just as what is the right loan type for me; is there an up-front funding fee for this loan; what are the differences in available mortgage insurance; how will property type restrictions affect my loan; what are the pros and cons of this loan; what is the down payment requirement with this loan choice over another; what are the closing costs associated with each loan type; and, who is allowed to pay the closing costs? Successfully navigating the maze of questions, regulations, and requirements ultimately leads to a mortgage closing. Through over ten years of experience, thousands of clients, hundreds of Realtor and builder transactions (time line constraint purchases), and, as a licensed loan originator in 9 states and the District of Columbia, I have developed a wealth of knowledge about regulations and requirements. My commitment to client service and caring about their home buying experience has driven my passion for the individual personal experience in the mortgage industry and how the regulations and requirements affect real people in real time. With this book I’m privileged and excited to share my knowledge and experience with you. After reading this book, you will have an understanding of the big corporations that loan money to homebuyers, what other options you have and how to navigate government regulations and requirements to your advantage. I feel that an educated consumer is my best customer and I am happy to share these mortgage tools and tips with you in the hopes that you educate yourself and find the best mortgage and the mortgage professional that is right for you. In addition, I want you to know what to expect, what to ask, and, who to ask to get the answers you want and to understand what those answers really mean. With each chapter I will guide you through the mortgage process, from choosing between different loan types, to understanding the difference between a Good Faith Estimate and an Itemized Fee Worksheet, to the necessity of submitting certain documents in a particular method, and finally how to enter Closing Day stress-free and knowing that you have gotten the mortgage that makes the most financial sense for your future. The goal is to help you get the best mortgage possible for your individual needs and get to closing on time, stress free!

Genres: Nonfiction, Finance, Business

226 pages, Kindle Edition

First published June 25, 2015

Reviews

[em_wemily · Rating 5 out of 5]

Dry but fantastic reference material for a first time home buyer. This skews more towards people interested in gov-backed loans (There's an entire chapter in here on VA loans) but is useful for anyone. The 'making sense of the jargon' sections were very helpful and the interview sections less so. There was some overlap in information, like restating the importance of get pre-approved and how you need to shop around for homeowners' insurance very carefully. The interviews also contained a bit of promotion. Other than that, this was concise and effective, and I would recommend this to anyone brand new to home-buying.

[Kelle Campbell · Rating 4 out of 5]

This book does a good job of explaining the whole process. Plus, it comes with glossaries of terms at the end of the different chapters as well as checklists of what when selecting a lender, a checklist of documents required for loan application, a different one of documents required for loan processing, another for processing & underwriting, etc., etc.

One of the things I didn't know, but appreciate being informed about is not to shop for lenders on the basis of the interest rates offered. Ms. Stobbe does a very good job of explaining why. She also gives advice on choosing a real estate agent, a home inspector, etc. And she provides links to sources for making sure you get qualified individuals.

I'm going to have to read it again to make sure I don't miss anything when the time comes. The book makes it clear that this will be no time to be unprepared and faint of heart! I feel a little daunted at the prospect but I can only imagine how I'd feel if I'd tried to dive in without reading this.

[Mohammad · Rating 5 out of 5]

For someone who is a first time home buyer like me and knows absolutely nothing about the process, it was a god send. Many interesting points and nuggets that would never cross my mind and gives me confidence to start with a good understanding of where I am and my challenges. Would not recommend to someone who has been around the block though.

[Sherry-ann Springer · Rating 5 out of 5]

Pick up a copy of this book, you won't regret your decision. Highly Recommended!!!

Detailed, easy to read, informative, and loaded with examples and tips. An excellent read for a first time home buyer walking into unknown terrority.

[Chris · Rating 5 out of 5]

Awesome

This book was a great read, a must for all serious buyers and sellers. Dee wealth of information, helps to provoke your thinking and decision making.

[Lesley Looper · Rating 3 out of 5]

I learned some things about getting a mortgage. Getting a mortgage isn't on my horizon yet, but it's good to know a bit more, just in case. Good grab on Kindle Unlimited.

[Melissa · Rating 4 out of 5]

This was a solid overview.

[Liyfworld · Rating 4 out of 5]

Very informative

Good overview on loan application from initiating to closing combined with home purchasing process and easy to understand explanations of real estate jargons

[Mary Wicks · Rating 5 out of 5]

Great if your clueless like me. I learned a lot from this book

[Alexis · Rating 5 out of 5]

Very, very helpful for someone that knew nothing about any of this. I will continue to refer back to it as I continue the process.

[Donna · Rating 4 out of 5]

I found a lot of good information in this book. I was looking for books written after the mortgage crisis for first time home buyers and this was one of the few I went with.

[Ankush D'Souza · Rating 5 out of 5]

Very informative!

First time home buyer and learned a lot. Highly recommend it to everyone. Wish I had read it a bit earlier.