Index

Accessory apartments, 41-42, 262 Adjustable rate mortgage (ARM), 51-54

Alternative documentation, 100 Appraised value, 198-200 Appreciation, 229 APRs (annual percentage rates),

94-96, 190-191 ARM adjustments, 92 ARM affordability, 77 ARM assumables, 57 ARM baseline, 92 ARM caps, 92-93 ARM conversions, 93-94 ARM index, 88-90 ARM margin, 91-92 ARM risks, 73-74 Assumable mortgage, 54-57, 79-80, 144, 153, 177, 196-198 Automated underwriting, 4-5

Bait and switch, 85, 209 Balloon mortgage, 155-156 Bankruptcy, 116-118 Bed and breakfast, 262 Biweekly baloney, 243 Blanket mortgage, 143

Bond money, 54

Bruss, Robert, 147, 151, 160

Buydown, 64-65

California recession, 77 Capacity, 100 Character, 34, 99-100 Closing costs, 190-192 Co-borrower, 34-35 Co-investor, 35 Collateral, 101-103 Commitment, 102-103 Community development loans, 19

Community lending, 131-132 Community Reinvestment Act,

133-134 Compensating factors, 30-31, 101

Consistency, 99 Consumer Credit Counseling

Service, 114-115 Consumer price index (CPI),

82-83 Contract rate, 86-87 Contract shock, 87 Contract-for-deed, 156-159 Co-owner, 34-35

Cosigner, 34-35, 62 Court conscience, 186 Credit blemishes, 206-207 Credit counseling, 115 Credit management, 113 Credit profile, 97-98, 198 Credit Repair Organization Act, 115

Credit repairs, 113-114 Credit reports, 106-107,

110-113 Credit risk, 97-98 Credit scores, 29, 103-113 Credit strength, 104-105

Debt, 27-28

Debt counseling agencies, 170 Debt coverage ratio, 24 Debt management, 115 Default risk, 45

Department of Veterans Affairs

(VA), 19 Dialing for dollars, 206 Direct endorsement, 125 Discount points, 191-192 Discrimination, 207-208 Disinflation, 83-84 Diversification, 231 Down payment assistance,

137-138 Due-on-sale clause, 57-58

Eight Cs, 98, 206 Employer assistance, 62-63 Equity build-up, 45-46, 234-235

Equity sharing, 36 Escrow, 248-250 Escrow waiver fee, 249 Ex-spouse dilemma, 118

Federal Housing Administration

(FHA), 18, 115 Federal Trade Commission, 113

FHA 203(b), 122-125 FHA 203(k), 126-129 FHA advantages, 124-125 FHA drawbacks, 125 FHA/MIP refund, 248 FHA/VA assumables, 57, 79-80 FICO (Fair Isaac) score, 104-106 15-year vs. 30-year loans, 44-47

Financial discipline, 252-253 Fine print, 183-184 Firm, The (Grisham), 62 Fixed-rate loan, 44-48 Flake, 99 Foreclosure, 102 Foreclosure pro, 171-172 Foreclosure sale, 171 Fourplex, 37-38, 67-68 Freddie Mac, 17, 66, 138 Future value, 201, 202-204

Garbage fees, 187-189 Good faith estimate (GFE),

189-191, 210 Government-backed loans, 18

Graduated payment mortgage,

76-78 Guarantor, 35, 63

Habitat for Humanity, 134 Hard money, 102 Hidden defects, 159 Home equity loans, 250-254 Homebuilder incentives, 66 Homebuyer counseling, 30 Homeowner association (HOA),

167-168 Homesaver mortgage, 261 Housemates, 39-41 Housing finance agencies, 53-54

HUD homes, 150, 173-175 Hybrid, 52

Income tax savings, 69-72 Installment sale, 156-159 Interest only, 101, 155 Interest rate forecasts, 82-84 Interest rate spreads, 45 Inverted yield curve, 91

Joint credit, 118-119 Jumbo mortgages, 66

Land contract, 156-159 Lease option, 160-161 Lease purchase, 161-162 Lender REOs, 179-182 Leverage, 259 Liar's loans, 34, 100, 216 Loan products, 251

Loan status, 42 Loss mitigation, 181-182 Lowball appraisals, 200-202 Lowball rate quotes, 209-210

Market downturn, 77-78 Market rate, 215 Market research, 166-167 Market value, 198-200 Maturity risk, 45 Millionaire Next Door, The (Stanley and Danko), 252 Morgan, J.P., 34, 99 Mortgage bond programs, 19 Mortgage credit certificate, 61-62

Mortgage delinquency, 254-256 Mortgage insurance premium

(MIP), 246, 248 Mortgage payment table, 21, 50 Mortgage workout, 255-257 Myvesta, 114

Negative amortization, 92 NINA (no income, no assets), 32

No closing costs, 191-192 No-cost refi, 235-236 Nominal interest rates, 82-83 Not-for-profits, 134-136 Nothing down, 121-122, 127

Oil Can Harry, 156 106 Common Mistakes That Homebuyers Make, The (Eldred), 42

Option ARMs, 101 Owners in distress, 169-170

PAWs (prodigious accumulators of wealth), 252 Payment shock, 76, 83 Perils of Pauline (film), 156 Personal property, 202 Piggyback loan, 141-142 Pledged collateral, 142-143 PMI cancellation, 236-237,

246-248 PMI rate breaks, 139 Points, 63-64 Portfolio lender, 18, 51 Preforeclosure workout, 168-171 Prepay penalty, 193-195, 207 Private mortgage insurance (PMI),

138-139, 144 Property risk, 241 Property yields, 241-242

Qualifying income, 23-26, 35, 100

Qualifying ratios, 20-23

Rapid rescoring, 112 Rate float, 210-212 Rate locks, 210-212 Rate quotes, 43, 205, 208-210 Real Estate Settlement and Procedures Act (RESPA), 189, 249

Real interest rates, 82-83 Refi blend, 153-154 Refinance, 233-242

Regulation, 215-217 Rent credits, 163 Repossession, 158 RESPA, 189, 249 Reverse annuity mortgage, 261 Right to assigns, 163 Rural Development Administration, 19, 131

Second mortgage, 67 Seger, Bob, 105 Seller benefits, 147-148 Seller contributions, 202 Seller financing, 151-153 Seller second mortgage, 154-155 Share-a-home, 262 Short-term strategy, 79-80 Sister Carrie, 101 Speculation, 242 Start rate, 86-87 Stock market fallacy, 241 Stock risk, 241

Stocks vs. property, 228-230, 241

Stop Renting Now! (Eldred), 36 Streamline refi, 237 Subject to, 57-59 Subprime, 91

Tax advantages, 259-260 Tax-free gain, 230-231 Teaser rates, 84-87 Theory of Investment Value, The

(Williams), 242 Truth in lending, 190 Two-step, 52-53

UAWs (under accumulators of wealth), 252 U.S. Senate mortgage hearings, 216 Upfront mortgage broker, 217-218

VA loans, 129-130 VA REOs, 175-177 Verifications, 32-33 Volatility, 232

Wealth building, 238-241 Wraparound financing, 164-165

Yield curve, 78, 87, 90, 244 Yield spread premium, 205-207 Your Credit Score (Weston), 114

Zoning, 42

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