Field Guide to Getting a Mortgage
(Updated May 2008)
A mortgage is probably the biggest loan you'll ever take out and it's important to look at all of your options before you sign on the dotted line. In this Field Guide you will find information on the many types of mortgages available, including creative financing options, links to real estate calculators, government programs, do's and don'ts of refinancing and much more. (M. Glick, Senior Information Specialist)
Contents:
Real Estate Financing Basics | Creative Financing | Financial Resources & Programs | Tools You Can Use | Books, eBooks & Other Resources
10 Questions to Ask Your Lender
What are the differant types of mortgages availaible?
Are any of your rates, terms, fees, and closing costs negotiable?
Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required?
Who will service the loan? Your bank or another company?
What escrow requirements do you have?
How long is your loan lock-in period?
How long will the loan approval process take?
How long will it take to close?
Are there any penalties for prepaying the loan?
Used with permission from Real Estate Checklists & Systems.
Source: Handouts for Consumers, (REALTOR® Magazine Online, 2005).
Real Estate Financing Basics
Home rundown: a look at the pros and cons of different types of mortgages -- and which ones may be best for you now, (Wall Street Journal, Jan. 16, 2006). Q
How much can I afford?, (Move.com, 2008).
11 Questions to ask your lendor, (Yahoo.com, May. 2008).
Understanding FHA loans, (REALTOR® Magazine Online, 2005).
Ten questions to ask your lender, (REALTOR® Magazine Online, 2005).
Nothing down, (Ezine.com, Dec. 2005).
Don't be a victim of loan fraud, (HUD.gov., Aug. 2003).
Play the numbers, (HomeStore.com, 2003).
Creative Financing
When mom and dad are the bank; new mortgage tricks emerge for parents helping children; the 'intra-family' loan, (Wall Street Journal, Jan. 21, 2006). Q
Is getting a home loan becoming too easy?, (Wall Street Journal, Nov. 16, 2005). Q
Six creative ways to afford a home, (REALTOR® Magazine, 2005).
Predictions for 2006 for the mortgage lending industry, (Realty Times, Nov. 2005).
REALTORS® warn about risks of specialty loan, (Wall Street Journal, Aug. 19, 2005). Q
Freddie Mac unveils home possible mortgages for borrowers with limited credit, savings, (FreddieMac.com, Feb. 2005).
Banking industry officials fear future costs of today's creative mortgages, (JS Online, Sept. 2005).
VA home loan program, (Veterans Administration, May. 2005).
Freddie Mac: selecting a mortgage, (Freddie Mac, 2005).
AmeriDream down payment gift program, (AmeriDream.org, 2003-2004).
Choices that will affect your loan, (REALTOR® Magazine Online, 2003).
Interest only loans ease monthly obligations, (Realty Times, Jan. 2003).
Financial Resources and Programs
Affordable housing programs, (Federal Housing Finance Board, 2006).
American Dream Downpayment Initiative, (US Dept. of Housing and Urban Dev. July 2005). Q
Nehemiah down payment assistance programs, (Getdownpayment.com, 2004).
NAR hails house passage of American Dream Downpayment Act, (REALTOR.org, Oct. 2003).
Lease purchase programs come of age, (Realty Times, Mar. 2002).
6 common mortgages and who they fit, (REALTOR® Magazine Online).
Government assistance programs, (Homeloanlearningcenter.com). Q
Tools you can use
Today's mortgage rates, (Homestore.com, 2006).
Fannie Mae 2006 single-family mortgage loan limits, (FannieMae.com, Jan. 2006).
Refinancing your home, (www.IRS.gov, Mar. 2005).
Housing affordability index , (Realtor.org).
Mortgage terminology, (Rebuz.com, Mar. 2004).
Free annual credit report, (AnnualCreditreport.com).
Mortgage calculators, Realtor.org, Apr. 2003).
Housing to income ratio calculator, (Homebuyersfund.com).
Specialty Mortgages: What Are the Risks and Advantages, #126-105
Traditional Mortgages: Understanding your options, #126-125
Mortgage Education for Real Estate Professionals, #141-185
eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
How to Save Thousands of Dollars on Your Home Mortgage (Adobe eReader)
The Mortgage Answer Book (Adobe eReader)
The Mortgage Encyclopedia (Adobe eReader)
The Pocket Mortgage Guide (Adobe eReader)
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Programs of HUD: major mortgage, grant, assistance and regulatory programs, (Washington, D.C.: Housing and Urban Development, 2005). HD 7293 H81p
The New reverse mortgage formula: how to convert home equity into tax-free income, (Hobokern, NJ, : John Wiley & Sons, Inc., 2005). HG 2051 K29
Residential mortgage lending: principles and practices, (Mason, OH: South-Western, 2004).
HG 2051 D42r Ed. 5
The Everything homebuying book: all the ins and outs of making the biggest purchase of your life, (Avon, MA: Adams Media Corporation, 2003). HD 1341 W38e
106 mortgage secrets all homebuyers must learn - but lenders don't tell, (Hoboken NJ, : John Wiley & Sons, Inc., 2003). HG 2051 E12
Mortgage industry buyer's guide, (Mortgage publication group, 2002). HG 4521 N21m
Homebuying without the BS!, (Chicago, IL: Hall Street Press, 2002). HD 1341 T39
The Color of Credit: Mortgage Discrimination, Research Methodology, and Fair-Lending Enforcement, (Cambridge, MA: MIT Press, 2002). HG 2040 R67
Field Guides & More
These Field Guides and other resources in the Virtual Library may also be of interest:
Field Guide to Working with First-Time Homebuyers
Field Guide to Buying vs. Renting
>> Have an idea for a new Field Guide? Click here to send us your suggestions!
The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
