Public Relations Handbook or All about Mortgages

Public Relations Handbook

Author: Theaker

The Public Relations Handbook is a comprehensive and detailed introduction to the theories and practices of the public relations industry. It traces the history and development of public relations, explores ethical issues which affect the industry, examines its relationship with politics, lobbying organizations and journalism, assesses its professionalism and regulation and advises on training and entry into the profession.

The Public Relations Handbook combines theoretical and organizational frameworks for studying public relations with examples of how the industry works in practice. It draws on a range of promotional strategies and campaigns from businesses and consumer groups including Railtrack, Voice of the Listener and Viewer, Marks and Spencer, Guinness, the Prince's Trust, Esso, Action Cancer and the Metropolitan Police.

The Public Relations Handbook includes interviews with press officers and PR agents about their examples, press releases and illustrations from arange of campaigns from multinational corporations, local government, small businesses, and charities; specialist chapters on financial public relations, global PR, business ethics, on-line promotion and the challenges of new technology, and over twenty illustrations from recent PR campaigns.

Go to: Introductory Economics or Political Determinants of Corporate Governance

All About Mortgages: Insider Tips to Finance Your Home

Author: Julie Garton Good

There's no denying that Americans continue to buy homes. And record-low interest rates keep mortgage companies busy when consumers refinance. But, as a mortgage consumer, is there any way to gauge up front if the decisions you make are financially sound and in your best interest for the long run? In the newly revised third edition of her bestselling book, All About Mortgages, real estate expert, syndicated columnist, and international speaker Julie Garton-Good shows you how to pick a loan that works in your best interest -- not the lender's. All About Mortgages puts the facts on the table for obtaining a cost-effective loan along with the inside scoop on: How your credit score can save you thousands in mortgage interest, Mortgages that require little or no money down, How to crunch numbers to determine if refinancing makes sense, Creating contract clauses that give you, the buyer, an edge -- even in a seller's market, When prepaying your mortgage makes financial sense, and when it doesn't, Remedies available when payments fall behind.

Table of Contents:

	Preface	xi
1.	Mortgage Market Overview: Players and Process	1
	The Mortgage Lending Process	2
	Consumer Empowerment Via the World Wide Web	6
	Think like an Appraiser to Select a Property	9
	Protecting Yourself in the Purchase Agreement	13
	The Basics of Loan Disclosure	15
	The Loan Application Process	16
	The Loan Underwriting Process	20
	The Loan Closing	25
	What to Do If the Lender Says No	28
	Consumer Booklets to the Rescue	29
2.	Creditworthiness	32
	Creditworthiness: The Backbone of Mortgage Lending	32
	The Credit-Checking Process	33
	What the Credit Report Shows	34
	Special Considerations for Married and Divorced Persons	35
	Major Areas of Credit Evaluation	35
	Credit Scoring--The Creditworthiness Gauge	36
	Credit Scores Vary between Credit Repositories	39
	What Constitutes "Good Credit"?	40
	Ensuring the Best Possible Credit Report	41
	Checking Someone Else's Credit	44
	Getting a Mortgage after Marred Credit	44
	Establishing Credit	45
	Check Your Credit in Advance of the Mortgage Application	46
	Be an Informed Customer	46
3.	Qualifying for the Mortgage	47
	Preapproval: Knowing What You Can Afford	48
	Qualifying Ratios	49
	Qualifying the Self-Employed Borrower	54
	Low-Doc/No-Doc Loans	56
	Subprime Loans: The Answer for Marginal Borrowers	57
	Borrow against Your Retirement Plan	59
	Tax-Free Gifts	59
	Tips for Generating Extra Cash	59
	Tips for Reducing Debt	61
4.	Comparison Shopping	62
	Rent or Buy?	63
	What's the Cost of Waiting to Purchase?	63
	Pay Cash or Get a Mortgage?	64
	Making a Final Decision on the Loan and the Lender	66
	Questions to Ask before Choosing a Loan	70
	Interest Rates, Loan Terms, and Down Payments	71
	Pros and Cons of Small Versus Large Down Payments	74
	Determining Loan Costs	74
	No Closing Cost Loans	75
	Categories of Closing Costs	77
	Discount Points	79
	Using Buydowns	81
	Determining Lockins	82
5.	Conventional Loans	84
	Pros and Cons of Conventional Fixed-Rate Loans	85
	Profile of a Conventional-Loan Borrower	87
	Secondary Market Guidelines	87
	Premium Pricing: Lender Contributions	95
	Using Compensating Factors When Ratios Don't Fit	95
	Little-Known Facts about Underwriting	97
	Borrowers with Bankruptcy or Foreclosure Histories	98
	Types of Qualifying Income and Verification	99
	Verifying the Borrower's Down Payment	100
	Using Gifted Funds as Leverage	100
	Citizenship Is Not a Requirement	101
	Refinancing with Conventional Loans	101
	Closing Costs	102
	Affordable Housing Programs	103
	More First-Time Buyer Loans	106
	Other Conventional-Mortgage Programs	107
6.	Private Mortgage Insurance on Conventional Loans	109
	The Basics of Private Mortgage Insurance	110
	Comparing PMI to a Piggyback Second Mortgage	114
	PMI Approval Guidelines	115
	Removing PMI from a Mortgage	118
7.	The Adjustable-Rate Mortgage (ARM)	119
	Pros and Cons of Adjustable Rate Mortgages	120
	Basics of Adjustable-Rate Mortgages	121
	Indexes	123
	Disclosure Provided by Lenders	125
	Margins	126
	Interest and Payment Caps	128
	Negative Amortization, Carryover, and Adjustment Periods	129
	Convertibility Options	131
	The Qualifying Process	133
	Program Types	134
	Calculation Errors	136
	Determine ARM Savings	137
	Questions to Ask before Taking Out an ARM	138
	Profile of an ARM Purchaser	140
8.	Federal Housing Administration Loans	143
	Levels of Federal Housing Administration Loans	144
	Pros and Cons of FHA Loans	144
	The Basics	146
	Qualification Guidelines	148
	Gifts	152
	Borrowing the Down Payment	153
	Closing Costs	153
	No Cash Reserves Required	153
	Qualifying Income	154
	Determining Debt for Loan Qualifying	157
	Alternative Documentation	158
	Previously Bankrupt Borrowers	158
	Property Guidelines	159
	Leverage	160
	Mortgage Insurance Premiums	161
	Concessions	163
	Assumption Guidelines	163
	Prepayment Penalties	164
	Discount Points and Buydowns	164
	Refinancing	165
	Other FHA Loan Options	166
	Specialized FHA Mortgage Programs	167
	Foreclosure Alternatives When Payments Fall Behind	169
9.	Va Loan Programs	170
	Levels of VA Loans	171
	Pros and Cons of VA Loans	171
	Profile of a VA Buyer	173
	Eligibility	173
	Calculating the Guaranty Amount	176
	Qualification Guidelines	179
	Income Guidelines: Overtime and Part-Time Income	183
	Leverage	184
	Closing Costs	186
	Discount Points	187
	VA Appraisals	189
	Loan Types	190
	Underwriting Guidelines	191
	Assumption Guidelines	192
	Refinancing	196
	Foreclosure Alternatives: Workout Programs	197
10.	Loan Programs with Leverage	199
	Growing Equity Mortgages	200
	Reverse Annuity Mortgages	201
	Graduated Payment Mortgages	203
	Biweekly Mortgages	204
	Bridge Loans	205
11.	Leverage from the Seller	206
	The Power of Leverage	207
	Pros and Cons of Seller Financing	208
	Using Seller Financing	214
	Creative Down Payments	218
	Options for Sellers Holding Financing	223
	Discount Points and Buydowns	228
	Lease-Purchase	231
	Assumptions	233
12.	After the Close: Managing the Mortgage and Your Equity	238
	Escrow/Impound Accounts	239
	When the Mortgage Is Sold	240
	Understand How Mortgage Payments Apply	241
	Prepaying a Mortgage	242
	Tapping Equity to Purchase Investment Real Estate	246
	Communicating with the Lender	247
	Mortgage Trends	248
13.	Refinancing	250
	When Does It Make Sense to Refinance?	250
	When Not to Refinance	254
	Refinancing Roadblocks	255
	Tips and Traps When Refinancing	257
	Refinancing via the Internet	262
	Home Equity Loans	263
	125 Percent Mortgages	264
14.	When the Borrower Falls Behind in Payments	266
	Why Are Foreclosures at a 30-year High?	266
	The Key: Contact the Lender Immediately	268
	Foreclosure Alternatives	269
	Protection against Creditor Harassment	272
	Best Wishes for Growing Your Equity	273
Appendix	Amortization Factors	274
	Glossary	278
	Resource Guide	290
	Index	297