David Reed's new book Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan accomplishes the nearly impossible - it's fun to read.

Having a background in stand-up comedy doesn't hurt. The Austin, Texas resident has a cowboy boot-wearin' drawl you don't get to hear in print, but the country-sly wit is there nonetheless, such as when he mentions in his acknowledgments that his mom and dad and still have the first pre-school story he ever wrote about an airplane called "Spitfire."

"For some reason it never made it to the big screen," writes Reed.

Written in Q & A, the advice in Mortgages 101 is unvarnished and to the point. Reed takes a dry subject and makes literally years of hard-gained knowledge digestible and usable in a thumbable loan manual.

For this reason, it's a good book for Realtors to have in their libraries as they are often asked many of the same questions that Reed answers in his book.

How many times, for example, have you been asked by buyers what the point is of a preapproval letter? Reed says, "You know before you go," and then goes on to explain how preapproval letters speed the loan process.

Maybe it's not in the same class as "If the glove doesn't fit, you must acquit," but it's a catchy response that most agents and buyers should be able to remember.

But where Reed can really help real estate agents is in saving their sales - by saving their clients from themselves.

How many times, for example, have you lost a sale due to rate lock issues?

In attempts to get better deals, buyers may lock loans with one lender, and if rates happen to go down, abandon that lender for another with a lower rate.

Reed doesn't castigate buyers for doing that, but he does carefully explain when it's reasonable to ask a lender to re-lock or shop elsewhere or leave well enough alone.

"If your initial purchase contract says that you'll close within thirty days, you don't have the luxury of shopping your mortgage around till the cows come home. At maximum you should give yourself two full weeks of mortgage processing time. And this is only if you've already been approved by your lender and provided them with all required documentation."

He also answers the questions that your buyer won't ask you, that you should have the answers for anyway, like - "How do I know if the loan officers my real estate agent suggests are any good or not?"

Unlike some lenders, Reed is Realtor-friendly, but he definitely likes experience for this one - "Top agents use loan officers who will close deals with no problems....Top loan officers also know that if they mess up a deal they'll likely never get another lead from that top agent."

As he points out, Reed's been asked all 250 questions in his book by homebuyers, and that's why Mortgages 101 is the kind of book you can read with a highlighter pen.

But it's also a good guide to what you as a Realtor should also know about loans, in case you're ever asked by a buyer.

Published: August 6, 2004

Use of this article without permission is a violation of federal copyright laws.

Blanche Evans is the award-winning senior editor of Realty Times, the Internet's leading independent real estate news service. She is featured daily on the Realty Times Video Network in the "Realty Viewpoint" segment. Blanche has been named one of the "25 Most Influential People In Real Estate" by REALTOR Magazine, and has been twice recognized as a "notable." In 2005, she was named "Top Reporter Covering the NAR" by Delahaye-Bacon's. Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68. Order Now Review - Honors In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.       Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans. Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR "The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors Coverage from WSMV, Nashville - 8-14-2007 That Interview Guy - Get Inside The Head Of Today's Generation 2007 AE Institute Session - To purchase 2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9 HouseValues Mastermind call - Parts 1 2 Blanche's fireside chat with Jeremy Conaway, HAR - Click here. To contact Blanche, email her at . For more articles by Blanche, click here.