It’s no secret that things are a little tough out there for would-be home buyers. Even though the first-time home buyer tax credit has been extended, there are still some difficulties with regard to getting a mortgage. Unlike the borrowing that went on between 2000 and 2007, mortgage lenders now require things like credit worthiness and proof of income. Dale Siegel teaches Mortgage Loan Originator Certification at New York University and is the president of Circle Mortgage Group in White Plains, New York. She has written a book designed to guide home buyers through the mortgage process: The New Rules for Mortgages.
Siegel writes in an accessible style, and clearly states the needed elements when it comes to getting the right mortgage for you, at a good interest rate. Her book follows a logical progression, starting with credit scores and their importance, and then moving through rules of income (including for those who are self-employed) and additional funds. Siegel also includes helpful information on using gifts and other sources of funding for your down payment.
Some of my favorite chapters in The New Rules for Mortgages deal with different types of mortgages, how you can choose the best mortgage for you, and where you can go to find the best mortgage options. Siegel also breaks down the closing process, and helps you understand the different types of property available, as well as red flags to look for in the home you are considering. There is also a chapter on protecting your home in the event of divorce, death and dispute.
Bottom line: If you are looking for a practical guide to getting a mortgage, this book can be a great resource.