Amazon link: https://www.amazon.com/dp/1507673442
Books2Real link: https://www.books2read.com/u/3nOEgR
This book is written with the idea of helping the general public understand real estate loans. It is written from a perspective of being a loan officer and real estate agent. While there are lessons of mindset and how to think that might assist a beginning loan officer or an experienced real estate agent herein, it is not intended to be a technical work or one that is capable of creating a finished loan officer by the reading. In order to do that, I’d have to teach the ins and outs of processing, and that’s not the kind of book this is. I’m also going to talk about the interactions of the loan process with the purchase process, but from a point of view of understanding loans. Learning about what a buyer of real estate needs to know is a different subject. This book is to learn about loans, not buying or selling real estate.
This is not about ‘get rich quick’; this is about ‘learn how to get better loans while spending less money.’ It’s also about how to put yourself in a position where your loan will be approved when you apply for it, and how not to sabotage your loan approval by something you might do without knowing any better. What I’m trying to do here is teach an average person enough to understand the loan process, put yourself in a better situation before you start, and avoid the most common pitfalls, like the ones that caused the housing meltdown of 2005-2008, primarily on the individual consumer level. Readers should also be far less vulnerable to the most common scams in the loan market. While there is some general market material in this book, I’m always trying to show you how to make the most of your situation. I will start by discussing how to prepare to apply, proceed to show how to calculate how much loan you can afford, how to shop, compare, and choose loans, and what to do between application and recording. Notice I did not say approval or funding. Neither of those marks the end of the loan process, and through my website (www.searchlightcrusade.net) I have had a large number of conversations with people to whom that was not explained, and they proceeded to kill their own loan through ignorance of this fundamental fact. It wasn’t their fault – their loan officer should have explained it – but nonetheless the consequences were theirs to deal with. The process can be byzantine, but is actually mostly intuitive and comprehensible when you understand how lenders and underwriters think, and how they make their decisions. Consumers don’t have to understand every dotted i and crossed t. It is sufficient for consumers to understand a few basic thought processes behind it all. I am going to explain the basics of what a credit report is, and how to improve yours. I’m going to talk about how to make yourself eligible with even comparatively small down payments, and how to avoid things which are common ‘loanbusters’, or reasons that loans get declined.
Copyright 2015 Dan Melson. All Rights Reserved.
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