Mortgage Management For Dummies

Mortgage Management For Dummies
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The essential not-for-profit GAAP reference, updated with the latest standards Wiley Not-for-Profit GAAP 2017 is the essential accounting resource for not-for-profit organizations, providing quick access to the most up-to-date standards and practical tools for implementation. Designed help you find the answers you need quickly and easily, this guide features helpful visual aids alongside detailed explanations tailored to the not-for-profit sector. Authoritative discussion covers Financial Accounting Standards Board (FASB) Accounting Standards Codification, which includes the standards originally issued in the Statements, Interpretations and Technical Bulletins; Accounting Principles Board Opinions, Accounting Research Bulletins, AICPA Statements of Position and FASB Emerging Issues Task Force statements relevant to the not-for-profit organization. The unique characteristics of the not-for-profit organization demand adherence to specific GAAP; auditors and preparers must understand these standards, stay up-to-date as they continue to evolve and know how to apply them in the course of real-world financial statement preparation. This book provides the guidance you need in a user-friendly format. Get up to date on the latest changes to GAAP affecting not-for-profit organizations Reference authoritative standards for measurement, presentation and disclosure Consult flowcharts, diagrams and charts to find answers at a glance Double-check disclosures against a checklist of GAAP requirements Accounting standards are constantly changing, and the special requirements targeting not-for-profits add an additional challenge to full compliance. Instead of wading through dozens of volumes of official pronouncements to locate relevant information, consult an all-in-one resource targeted specifically to not-for-profit GAAP – one that is updated annually to bring you the most current information available. Wiley Not-for-Profit GAAP 2017 provides clear answers and practical guidance to help you streamline GAAP implementation and ensure compliance.

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Tyson MBA Eric. Mortgage Management For Dummies

Mortgage Management For Dummies by Eric Tyson and Robert Griswold

Introduction

How This Book is Different

Foolish Assumptions

Icons Used in This Book

Beyond the Book

Where to Go from Here

Part 1. Getting Started with Mortgages

Chapter 1. Determining Your Borrowing Power

Only You Can Determine the Mortgage Debt You Can Afford

Determine Your Potential Homeownership Expenses

Consider the Impact of a New House on Your Financial Future

Chapter 2. Qualifying for a Mortgage

Getting Preapproved for a Loan

Evaluating Your Creditworthiness: The Underwriting Process

Eyeing Predicament-Solving Strategies

Chapter 3. Scoping Out Your Credit Score

Defining Credit Scores

Assessing Your Credit History

Understanding How Scores Work

Part 2. Locating a Loan

Chapter 4. Fathoming the Fundamentals

Grasping Loan Basics: Principal, Interest, Term, and Amortization

Deciphering Mortgage Lingo

Eyeing Classic Mortgage Jargon Duets

Introducing the Punitive Ps

Chapter 5. Selecting the Best Home Purchase Loan

Three Questions to Help You Pick the Right Mortgage

Fixed-Rate Mortgages: No Surprises

Adjustable-Rate Mortgages (ARMs)

Fine-Tuning Your Thought Process

Getting a Loan When Rates Are High

Chapter 6. Surveying Special Situation Loans

Understanding Home Equity Loans

Eyeing 100 Percent Home Equity Loans

Taking a Closer Look at Co-Op Loans

Grasping Balloon Loans

Part 3. Landing a Lender

Chapter 7. Finding Your Best Lender

Going with a Mortgage Broker or Direct Lender?

Seller Financing: The Trials and Tribulations

Chapter 8. Searching for Mortgage Information Online

Obeying Our Safe Surfing Tips

Perusing Our Recommended Mortgage Websites

Chapter 9. Choosing Your Preferred Mortgage

Taking a Look at Loan Fees

Avoiding Dangerous Loan Features

Comparing Lenders’ Programs

Applying with One or More Lenders

Chapter 10. Managing Mortgage Paperwork

Pounding the Paperwork

Filling Out the Uniform Residential Loan Application

Introducing Other Typical Documents

Part 4. Profiting from Smart Mortgage Strategies

Chapter 11. Refinancing Your Mortgage

Refinancing Rationales

Cost-Cutting Refinances

Restructuring Refinances

Cash-Out Refinances

Expediting Your Refi

Beating Borrower’s Remorse

Chapter 12. Paying Down Your Mortgage Quicker

One Size Doesn’t Fit All

Deciding Whether to Repay Your Mortgage Faster

Developing Your Payoff Plan

Chapter 13. Reverse Mortgages for Retirement Income

Grasping the Reverse Mortgage Basics

Shopping for a Reverse Mortgage

Deciding Whether You Want a Reverse Mortgage

Part 5. The Part of Tens

Chapter 14. Ten-Plus “Must-Knows” About Foreclosure

Deal with Reality

Review Your Spending and Debts

Beware of Foreclosure Scams

Consider Tapping Other Assets

Make Use of Objective Counseling

Negotiate with Your Lender

Understand Short Sales

Seek Legal and Tax Advice

Understand Bankruptcy

Consider the Future Impact to Your Credit Report

Understand the Realities of Investing in Foreclosed Property

Chapter 15. Ten Mortgage No-Nos

Don’t Let Lenders Tell You What You Can Afford

Never Confuse Loan Prequalification with Preapproval

Avoid Loans with Prepayment Penalties

Don’t Reflexively Grab a Fixed-Rate Mortgage

Steer Clear of Toxic 100 Percent Home Equity Loans

Watch Out for Mortgage Brokers with Hidden Agendas

Shun Negative Amortization Mortgages

Don’t Let the 2 Percent Rule Bully You When Refinancing

Don’t Assume That All Reverse Mortgages Are the Same or Bad

Avoid Mortgage Life Insurance

Part 6. Appendixes

Appendix A. Loan Amortization Table

Appendix B. Remaining Balance Tables

Appendix C. Glossary

About the Authors

Dedication

Authors’ Acknowledgments

WILEY END USER LICENSE AGREEMENT

Отрывок из книги

Welcome to Mortgage Management For Dummies! If you own or want to own real estate, you need to understand mortgages. Whether you need a loan to buy your first home, want to refinance an existing mortgage, seek to finance investment properties, or are interested in tapping some of the value you’ve built up in your home over the years, you’ve found the right book.

Unfortunately for most of us, the mortgage field is jammed with jargon and fraught with fiscal pitfalls. Choose the wrong mortgage and you could end up squandering money better saved for important financial goals, such as covering higher education tuition for your adorable little gremlins, buying that second home you’ve always wanted, or simply having more resources for your retirement. In the worst cases, you could end up losing your home to foreclosure and end up in personal bankruptcy. Just look at what happened in the late 2000s when the real estate market declined in many parts of the country. Folks who overextended themselves with risky mortgages ended up in foreclosure.

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You may deduct the interest on the first $1 million of mortgage debt as well as all the property taxes. (This mortgage interest deductibility covers debt on both your primary residence and a second residence.) The IRS also allows you to deduct the interest costs on additional borrowing known as home equity loans or home equity lines of credit (HELOCs, see Chapter 6) to a maximum of $100,000 borrowed.

To keep things simple and get a reliable estimate of the tax savings from your mortgage interest and property tax write-off, multiply your mortgage payment and property taxes by your federal income tax rate in Table 1-1. This approximation method works fine as long as you’re in the earlier years of paying off your mortgage, because the small portion of your mortgage payment that isn’t deductible (because it’s for the repayment of the principal amount of your loan) approximately offsets the overlooked state tax savings.

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