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Title: How to Save Thousands of Dollars on Your Home Mortgage, 2nd Edition by Randy Johnson ISBN: 0-471-22327-1 Publisher: John Wiley & Sons Pub. Date: 19 July, 2002 Format: Paperback Volumes: 1 List Price(USD): $17.95 |
Average Customer Rating: 4.9 (21 reviews)
Rating: 5
Summary: An excellent book
Comment: This is one of the books I bought when I bought my first house. It's a fine reference source if you want to know what all the different mortgage options are (e.g., what's the difference between a fixed-rate mortgage and an adjustable-rate mortgage, what indexes are ARMs tied to, etc.). And the author--Randy Johnson--makes honest recommendations on which mortgages best suit certain typical lifestyles or income scenarios. Also, one of the books great strengths is the discussion of how many discount points to pay. The one thing I found missing, though*, was at least one real-world scenario that you're likely to see used if you visit a mortgage broker in my neck of the woods [Silicon Valley], or other high-priced regions. And that is the use of a 'first' and a 'second' mortgage in a so-called "piggyback financing" or "80-10-10 financing" arrangement which can help you eliminate Private Mortgage Insurance (PMI). There's no in-depth discussion of this technique--which is very common--which I found incredible. There's all this advice on getting an ARM tied to the CD index vs. the LIBOR index with a balloon payment if you stay in your house for 3 years instead of 10 years and so on and so forth...but nothing about getting a conforming, fixed-rate, 30-year first mortgage and a smaller second in a technique to reduce your overall payments during the lives of the loans. It's a simple technique, and very worth a detailed analysis, but I couldn't find it. Anyway, like I said, if you want to know esoteric information about mortgages, then this is a worthy book. It helped me, it's just a little shy of a full-fledged 5-star effort.
*Please Note: The review written above pertained to the 1st edition which I initially gave a 4-star rating. The second edition--which I now own also--has effectively covered "Piggyback" loans (i.e, 80-10-10 transactions), which I think propels this book into a solid 5-star work. The second edition also has updated information on shopping for a mortgage on the Internet, and some [though not all] of the examples that show different types of mortgages have had their interest rates brought more into line with present-day (i.e., 2002) rates. This is an excellent book for folks who want to know all about mortgages.
Rating: 5
Summary: Invaluable
Comment: If you've ever stumbled blindly through the process of getting a mortgage, you'll feel like you're reading an expose as you go through this book. Johnson completely demystifies how the "system" works. He explains the differences between mortgage brokers and loan reps, what all those fees are on your closing statements, who's getting your money and why, the approval process, the advantages and disadvantages of the many different loan types, how brokers and loan reps can benefit from your ignorance, and more.
The book is written in plain English, and Johnson does what most of the people in the industry can't or won't: He explains things to you like he *wants* you to understand what he's saying.
If forewarned is forearmed, you'll go into the process armed to the teeth after reading this book.
Rating: 5
Summary: A Must Read for Home Owners
Comment: As both a home owner and a mortgage reseacher, I found Randy's book, "How to Save Thousands of Dollars on Home Mortgage", to be invaluable both from personal perspective and professional perspective.
Through this very well written book with lots of practical guides and hints, Randy tought me a lot of details about home mortgage, mortgage refinancing, and saving a lot of money on your next home purchase or refiance.
So read Randy's book and save yourself money!
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Title: The 106 Common Mistakes Homebuyers Make (and How to Avoid Them), 3rd Edition by Gary W. Eldred ISBN: 0471126586 Publisher: John Wiley & Sons Pub. Date: 18 January, 2002 List Price(USD): $16.95 |
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Title: 100 Questions Every First-Time Home Buyer Should Ask, Second Edition : With Answers from Top Brokers from Around the Country by Ilyce R. Glink ISBN: 0812932358 Publisher: Three Rivers Press Pub. Date: 31 December, 1999 List Price(USD): $18.00 |
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Title: Home Buying for Dummies by Eric Tyson, Ray Brown ISBN: 0764553313 Publisher: For Dummies Pub. Date: 19 January, 2001 List Price(USD): $21.99 |
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Title: The 106 Mortgage Secrets All Homebuyers Must Learn--But Lenders Don't Tell by Gary W. Eldred ISBN: 0471263958 Publisher: John Wiley & Sons Pub. Date: 21 March, 2003 List Price(USD): $16.95 |
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Title: How to Buy a Home When You Can't Afford It by Robert Irwin ISBN: 0071385185 Publisher: McGraw-Hill Trade Pub. Date: 24 June, 2002 List Price(USD): $14.95 |
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