Read up on lending process—April 4, 2008
If the current mortgage crisis can teach you anything about debt, it is to “do your research” before you buy. Whether negotiating for a first time home or a current home owner needing to reverse a home mortgage, the Hastings Public Library has books available to explain the lending process.
Save thousands of dollars when you approach a lender by understanding your credit score. Find information about today’s credit scoring system from Liz Pulliam Weston’s book “Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future.” Weston explains why your credit score matters, how credit scoring works and how to improve it, the impact your credit score has on your insurance and much more.
Have poor credit? Bob Hammond guides you out of trouble and reveals unethical and illegal practices of the credit repair industry in his book “Repair Your Own Credit.” In her book “Debt No More: How to get Totally Out of Debt Including Your Mortgage”, Carolyn J. White suggests that acts as simple as buying a car one or two years old, buying wholesale, knowing where to find discounts and knowing what to look for at auctions can not only help pay off personal debt but also help pay off your mortgage 10-20 years early. Michael Burdick tells you the seven most common ways that brokers cheat you in his book “Theft by Mortgage: What “They” Don’t Want You to Know.”
Use the books “Mortgages 101: Quick Answers to Over 250 Critical Questions about Your Home Loan” by David Reed and “The Mortgage Kit” by Thomas C. Steinmetz to prepare for meetings with lenders. Reed explains industry jargon such as “hybrids”, gives you lending formulas and informs you about the “fine print.” Steinmetz provides forms, worksheets and checklists to help you save money.
Get assistance from “The Reverse Mortgage Handbook: A Consumer’s Guide for Senior Homeowners” by T. E. Ballman or “The Complete Guide to Reverse Mortgages: Turn Your Home Equity Into Instant Income!.” Find information about eligibility requirements, funds disbursements and associated costs.
These and other books about home buying, real estate laws, etc. can be found at the Hastings Public Library.