Table of Contents
Introduction ix
Chapter 1 The Mortgage Loan Process. The Good, Bad, and Ugly, but the Real 1
Chapter 2 Who the Players in the Process Are 29
Chapter 3 The Items Needed for the Application and Why 41
Chapter 4 Types: FHA, VA, USDA, Conv, ARM, Rev, Amortization, ECOA 55
Chapter 5 Subprime and Hard Money, The Shark Loans 71
Chapter 6 Equity 2nds oka HELOCs (and O/O, N/O/O Rentals, Second Homes) 81
Chapter 7 Fannie Mae, Freddie Mac, and Ginnie Mae/Mortgage Insurance and Harp 91
Chapter 8 Credit-The FICO Score and Where You Fit 103
Chapter 9 Assets and Reserves - What Are They and How Much Is Needed? 121
Chapter 10 Income - Howls It Calculated and Why? 125
Chapter 11 You're Approved! Conditionally 131
Chapter 12 While You Wait: What To Expect & DocuSign 137
Chapter 13 Pre-Approval Letter, Offer, and Acceptance 143
Chapter 14 4 Ways to Recover Your Earnest Money 151
Chapter 15 The Home and Pest Inspections: What You Should Know 159
Chapter 16 The Appraisal Vs CMA Comparative Market Analysis 165
Chapter 17 Media Search Engines vs. Real Estate Office Sites 175
Chapter 18 Title insurance, Deeds, and Promissory Note 179
Chapter 19 APR and interest Rate Lock…When and How Does This Occur? 187
Chapter 20 A Word about Home Warranty 193
Chapter 21 PTD, Clear to Close, and PTF…What They Mean 199
Chapter 22 TRID-Why the Change to Escrow and What to Expect 201
Chapter 23 Escrow-What They Do and When You Finally Close 205
Chapter 24 When Should You Reserve the U-Haul? 211
Chapter 25 Where Does Your File Go? 215
Chapter 26 Tax Form 1098 Home Mortgage Interest Deduction 221
Chapter 27 The Circle of Money - Where the Dollars Travel 223
Chapter 28 Deed in Lieu, Short Sale, Foreclosure, REO, Mods & Harp 229
Chapter 29 Construction Loans and Rehab Loans 237
Chapter 30 From Park Model RVs to Triple-Wide Mobile Homes 243
Chapter 31 Mortgage Broker vs. Bank and the Credit Union 249
Chapter 32 Condo vs. Townhome - How Lenders See Them 255
Chapter 33 Deals Sometimes Do Blow Up or Come Really Close 261
Chapter 34 Market Cycles and How to Leverage Against a Crash - Surviving COVID-19 (Coronavirus) 279
Chapter 35 The Moral of the Story in an Ever-Changing Industry 289
Chapter 36 Reality Check: What You Need to Know Before Coming to Work As a Commissioned Loan Professional or Real Estate Agent 293
Chapter 37 A Little Background on the Author with Some Fun Stories 303
Appendix: What My Clients Have to Say 315
Endorsements: 327