Help me. Please recommend a good book for first time Home buyers.

[leeroysphitz]

Anyone know the name of a book that really covers what first time home buyers need to know?

Something that covers different types of mortgages and how they work over time. Interest rates. The home buying process including appraisals inspections closing etc...

I'd really appreciate any suggestions TIA.

[leeroysphitz]

1. self kick cuz I needs a good book.

[joneschick]

2. are you a member of a credit union?

ours offers a long list of workshops for the members interested in buying. I've worked in mortgages and I would definitely tell you to work with a credit union. Community colleges sometimes offer worthwhile workshops. I would look into those options before I invested in a book and I adore books. Try your public library too. and, good luck :hi:

[Gormy Cuss]

3. Look for books by Robert Irwin or Ilyce Glink

they both have several on the topic. Both have beginner's books on the general process. I can't recall if either has a recent and exhaustive list of mortgage types but they should have basic descriptions of fixed, ARM, etc.

[leeroysphitz]

4. Thanks for the Author names Gormy Cuss. I appreciate the

reply! :)

[babylonsister]

5. May I recommend that you post your question here?

This group gets a lot of viewers.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topics&forum=287

[aePrime]

6. I don't have this book

But I have a couple of the other Dummy books by the same author (Eric Tyson). This may be pretty good:

http://www.amazon.com/Home-Buying-Dummies-Eric-Tyson/dp/0471768472/sr=8-7/qid=1157940264/ref=pd_bbs_7/002-1579255-0964814?ie=UTF8&s=books

[gmoney]

7. Rent "The Money Pit" starring Tom Hanks...

...that or fast forward to the Ned Beatty "squeal like a pig" scene in Deliverance. It's a pretty accurate depiction of the mortgage lending process.

[radwriter0555]

8. Every single answer you need to know is on the internet. Google really

is your best friend; the info you get will be instant and up to the minute. Type in your local city and see what resources are offered, home buying seminars, like another poster said, credit union seminars are a great way to go, etc.

My most important tip however is, while shopping for your house learn about the home buyer's insurance plan (known as the Home Buyer's Warranty) that the seller must purchase for you (in the escrow) when you buy the house. It covers everything in the house (other than contents) including plumbing, electrical, structural, roofing, water heater and so on, from light switches, outlets to leaks and breaks in the line(s). If you add them on, it will also cover all the appliances. The seller buys it for you the first year and it costs about $300 bucks. Every year thereafter you're given the option to purchase it on your anniversary. BUY. IT.

Do not hesitate, do not even think of cancelling it. KEEP it and use it. Read the coverage thoroughly so that you understand exactly what it covers and how you can use it. Be creative! I used mine to re-pipe an entire house at $30 per visit, and to repair all the electrical problems. I ended paying under $500 to have several thousand dollars worth of work done.

What's important is that you find and insist the seller purchase for you the right company's policy. There aren't many, again, google is your friend. However stay away from American Home Shield, they suck. Find a company that contracts with a local repair company that's got a good reputation.

As far as your mortgage, make sure you include your taxes and property insurance in the monthly payment. DO NOT GET AN ADJUSTABLE RATE MORTGAGE. Go for the lowest possible payments over the longest period of time at the lowest possible interest rate.

And make sure you get an additional annual policy covering contents, theft and fire. They're pretty cheap.