Harrison, New York (PressExposure) December 02, 2009 -- Buying a home was a very different process just one year ago: lower credit scores were no problem; minimal down payments were no obstacle; and with banks lending billions of dollars a week, refinancing was the talk of the town. Then, in late 2008, the mortgage industry imploded, the housing bubble burst nation wide and the fall-out has re-written the rules of home buying.
Advice that had served homebuyers well for decades no longer applies. The New Rules for Mortgages (ISBN: 9781592579488, Alpha Books, September 2009, $14.95) helps home-buyers navigate the new environment, including:
- Understanding the all-important FICO score, and how a credit profile affects borrowing power - Explaining the new lender guidelines that apply to qualifying for a mortgage - Shedding light on some of the issues that can arise, including the new Federal appraisal guidelines, contract and down payment issues, and home inspections; - How big a down payment should be - and how much cash to keep "in reserve"; - Figuring out what type of mortgage is right for a buyer - and what risks are too big to shoulder; - Knowing when it's time to refinance - and making sure the benefits outweigh the effort and expense.
Author Dale Robyn Siegel, an attorney and real estate and finance expert, explains the new rules of mortgages in an easily readable format that makes sense to beginners while still serving as a handy reference for experienced buyers and industry professionals. Using real-world examples, it covers the home buying and financing process in every situation, providing tips and exposing secrets that enable readers to improve their current or future position in the housing market. After the turbulent after-shocks of the housing collapses' first few months, the rules of borrowing mortgage money have stabilized into the new industry standard. The New Rules for Mortgages helps homebuyers and homeowners looking to refinance navigate the industry's changes with ease.
About the Author: Dale Robyn Siegel is an attorney and current President of Circle Mortgage Group in Harrison, New York. She teaches the Mortgage Originator Certification Course at New York University as well as real estate and finance courses at Baruch College. She is the editor for the blog "Diaries of a Mad Mortgage Broker" and is frequently quoted as a financial expert in national publications. Siegel does public and private seminars nationally and writes about the changes in the mortgage guidelines and the effects on consumer home financing.
Siegel holds both an MBA and a Law degree which have given her the base to be a leader in her field. She has worked for New York Law firms representing banks, buyers and sellers in real estate transactions, has been a full time real estate developer, and has worked in the wholesale side mortgage banking.