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Even the dumbest dummy knows "Mortgages for Dummies" (IDG Books, $16.99) is bound for the real estate non-fiction bestseller list.
And, with so many mortgage money tomes to peruse, that's good news for the
weary real estate consumer trying to sort out the best deal for what could be
his or her most valuable purchase ever.
The latest in the "Dummies" real estate line, "Mortgages for Dummies" prepares
you for the mortgage application and it helps you locate a loan and land a
lender. It also teaches you about refinancing and other mortgage loans, it
reveals prepaying loan secrets, offers 10 mortgage "don'ts" and it includes the
obligatory amortization tables and helpful glossary.
"Mortgages for Dummies" comes with the proven punch of the Ray Brown-Eric Tyson
realty writing team in combination with IDG's trademark icons -- reminders,
tips, warning bombs, beware (shark fins), cartoons, wisecracks, anecdotes and
"The Part of Tens" lists.
Whether you are buying a new home, moving up or refinancing your current
mortgage, it's a book destined to find a permanent space on your bookshelf.
Belying the implication of its trademarked name, the "Dummies" book never talks
down to readers, but renders tedious mortgage information palatable with the
insightful humor and concise writing of two of the best real estate authors.
In one of the nation's most volatile real estate markets, Brown is a veteran
San Francisco-based real estate broker with more than two decades of field
experience who also talks a good story as a radio talk show host (Ray Brown on
Real Estate) and public speaker.
Tyson is a Stanford MBA of a personal finance counselor, syndicated freelance
writer and author of the personal finance, investing, mutual funds and taxes
"Dummies" guides, as well as a lecturer and sought-after media source for
interviews on a variety of financial and economic subjects.
The two previously teamed up for IDG best sellers "
Home Buying for Dummies" and "
House Selling for Dummies," both $16.99.
Certainly no dummies about today's mortgage shopper, who in growing numbers
turn to the Net to find a mortgage, Brown and Tyson were sure to include among
"The Part of Tens," "Ten Tips for Using the Internet's Mortgage Sites."
Many mortgage sites resemble Yellow Pages. If you use the Net to mortgage
shop, check out the way the site compiles its list of lenders. If the site
won't tell you, think twice about using it. In most cases, you can click on a
link that will tell you how much the site charges lenders to join the site or
how it attracts lenders.
Quality control is rare. Yellow Page mortgage sites are the equivalent of
an advertising directory and the only "objectivity" used to select a lender to
list is the lender's willingness to pay the listing fee.
On-line affordability calculators can be simplistic. Many on-line
calculators let you know the maximum amount the lender will let you sign for,
not what you can really afford. Don't let software make your personal financial
decisions.
Mortgage sites let you shop around. One of the best reasons for shopping
on-line is that there's no direct sales pressure and you can shop on your own
time for rates and programs.
You can save money online, but that's not a guarantee. Mortgage broker fees
vary and no where is it more likely that the broker will take a smaller cut
than on-line. However, if you find a good on-line deal ask traditional
mortgage brokers or lenders to match it. If he or she does you'll have the best
of both worlds: a competitive rate and hand holding you can't get on the Web.
Don't forget government Web sites. Assistance for low-income buyers and
information about Federal Housing
Authority loan programs is available on the
U.S. Department of Housing and Urban Development's Web site. Military
veterans can visit the U.S.
Department of Veteran's Affairs' site. And Fannie Mae and Freddie Mac offer myriad innovative goverment-sponsored mortgage programs and related information designed to put
more and more Americans in their own homes.
HSH Associatiates is a Web portal for
mortgage information junkies. The firm is the nation's largest collector and
publisher of mortgage information, from up-to-the minute rates, to trend
graphs. HSH retains some objectivity by not charging lenders fees for including
them in its reports.
E-Loan rules. An original on-line mortgage trend-setter, Palo Alto, CA-based E-Loan is a good place to research, compare mortgage loans and apply for one. If you do apply, the site lets you track its progress right up until
closing. The experts say it's among the best in the business.
Guard your privacy. On-line or off-line, know your lender's security and
confidentiality polices. Reputable lenders, on- or off-line, make this
information easily accessible. Determine how the lender handles your personal
and financial information. Steer clear of lenders who share or sell your
information with any outside organization except to verify your
creditworthiness or otherwise determine your financial fitness for loan
approval.
Shop off line, too. Even if you find a good deal online you won't know
it's the best deal unless you compare it with traditional brokers. Mortgage
sites are best used to educate yourself, to research the marketplace and as an
adjunct to traditional mortgage hunting.
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