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Mortgage Basics

Chapter 1:

How much house can you afford?

Homeownership

Should You Buy or Rent

Summary

 
Chapter 2:

Adjustable-rate mortgages

ARM and a fixed-rate mortgage

Fixed-rate mortgages

How mortgage works

Which type of lender is right for you?

Other types of mortgages

Subprime

Summary

 
Chapter 3:

Your credit score

Down Payment

How lenders set rates

Low down payments

Mortgage insurance

Your mortgage payment

Mortgage Points

Summary

 
Chapter 4:

The good faith estimate

Inspection and Insurance

Necessary paperwork for a buyer

Other lender paperwork

Paperwork and fees

Prequalification and preapproval

Special circumstances

Summary

 
Chapter 5:

Ten questions to ask

Turned down for a mortgage

Underwriting

What lenders ask

Summary

 
Chapter 6:

Understanding the closing process

Escrow

Summary

 
Chapter 7:

When your mortgage is sold

Avoiding foreclosure

Paying ahead

Payment changes

Refinancing

Removing mortgage insurance

Summary

Summary

 

After closing, you may find that you don't have any money left. Pretty soon, credit card offers and home equity loans start looking like good ways to furnish or update your new home.

 

Be careful. Don't let yourself build more debt that you can handle. Save your money for repairs and improvements, so that you don't have to charge that new hot water heater when it dies.

 

It is normal to lose some sleep before and after you buy a home. It's a large amount of money that you now owe. If you followed the advice outlined in these seven chapters, you won't need to worry. Good luck.


 

 
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