MrsDrPoe: Mortgages 101

For this week's Reading Review, I have another book on mortgages for you, "Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan" by David Reed:

This book is fantastic, and as a testament to that fact, we are planning to purchase a copy (this one's from the library) to keep as a reference.  Unlike "All About Mortgages," "Mortgages 101" has a multitude of basic information about mortgages for the every-man.  It's written in question and answer format, and Mr. Reed has a writing style that makes it feel like he is sitting across the desk from the reader answering his/her questions in person.

In the work, Mr. Reed not only sheds light on mortgages in general, but he also gives tips on what loans are best for those with good credit and with bad credit, questions to test the knowledge and ability of your potential loan officers, advice on how to choose the right lender, and suggestions for cutting closing costs.  I have made several notes from this book, and I think it has given me the confidence I needed to speak to lenders without feeling like I'm being taken advantage of.  Most refreshing of all is that this information is also given with an air of caution; Mr. Reed encourages readers throughout the text to seriously consider their financial comfort when choosing a mortgage payment plan.  

I would definitely recommend this book to anyone who's considering buying a house- especially if it's your first home purchase- building a house, or refinancing their current home loan.

MrsDrPoe: All About Mortgages

Recently I finished the book I'll be presenting for the next Reading Review, "All About Mortgages: Insider Tips to Finance or Refinance Your Home" by Julie Garton-Good.

 

While finance isn't my cup of tea, I enjoyed reading this book.  It was well written and in a question and answer format that (paired with the index) made finding specific topics easy.  Throughout the text, Ms. Garton-Good inserts a multitude of websites where more information about policies and procedures can be found as well as charts, tables, and worksheets for quick personal application of the material discussed.  The book contains detailed information on a multitude of mortgage topics, including VA loan programs and tips for mortgage holders who find themselves falling behind on payments.

I definitely learned a good bit about mortgages from this book; however, I think I may have been better off beginning with something a bit less technical (like "Mortgages for Dummies"...which unfortunately is only available at my local library in audiobook).  Another thing to keep in mind about this book is that, since the copyright date of the third edition is 2004, some of the advice/tips presented may be a bit risky considering the current state of the housing market.

I would recommend this book to people with mid-level knowledge of real estate and mortgages who also understand their financial situation well enough to apply or avoid the appropriate "insider tips."

Do you have any mortgage book recommendations?