Brought by -> Single Mom Financial Help.com We have compiled all the mortgage information needed for single moms to get a home loan. This complete guide is extremely powerful and will help you secure a mortgage as soon as you are done reading it. Not all mortgages are ideal for every situation and the wrong type of mortgage can cost tens of thousands of dollars or more over the lifetime of the loan. This guide shows you how to identify the ideal loan for your situation, including: Tips for finding and choosing a mortgage lender for single moms The most popular mortgage types, and what makes them differ A step-by-step explanation of the process of applying for a mortgage Lets get started… Chapter 1: Mortgage Basics We start out with the mortgage basics and explain the difference between fixed rate, adjustable rate and Government mortgages. We cover what you can expect for a typical mortgage payment, how amortization works and why you need to know how it works. In this chapter we talk about interest rates and the risks involved with getting a high interest loan. We also talk about tax benefits and tell you how to deduct 100% of your mortgage interest and taxes. Chapter 2: Fixed Rate Mortgages In this chapter we cover the advantages and disadvantage of a fixed rate mortgage. We explain how a balloon loan works and talk about what a negative amortization loan is and why you need to stay away from one at all costs. Chapter 3: Adjustable Rate Mortgages The ARM (adjustable rate mortgage) chapter covers the advantages and disadvantage of this type of loan. We cover when and how the interest can adjust and it’s tied to the rate index and margin. This chapter covers Interest Only ARMS and why you should never choose one. We also talk about adjustable frequencies, convertibility and caps. Chapter 4: Government Issued Mortgages The US Government supervises an array of agencies that provide loans to single moms, veterans and first time home buyers. We explain how it all works and if it will be worth your time to get through all the Government paperwork involved. Chapter 5: How To Prepare For Your Mortgage In this chapter we explain how to do a complete evaluation of your financial situation before you move forward. We help you review your financial situation including your income, debt, assets and expenses. We walk you through creating a monthly budget, how to determine your debt-to-income ratio and help you determine how much you can afford. We also talk about how to get your credit score and report as well as what information you need to know about your lender. Chapter 6: Selecting The Right Mortgage Here is where we explain how to choose between a fixed rate and adjustable mortgage based on your financial evaluation above. We cover what is known as the “Affordability Trap” of an adjustable rate mortgage and talk about whether you should get a 15 or 30 year mortgage Chapter 7: How To Pick The Right Mortgage Lender The mortgage lender is the financial institution or bank that issues your mortgage loan. We cover the benefits of trying to find a loan yourself as well as using a mortgage broker. If you do use a mortgage broker we explain how to pick the right one and how to stay away from brokers who only want the commission from your loan. Also, did you know that you should never, ever tell a mortgage broker your maximum budget? We explain why as well as what you should and shouldn’t tell a broker Chapter 8: The Mortgage Application Process Once you find a broker you are comfortable with you need to know how to get pre-approved or pre-qualified for the loan. You will also need to know how to locate a home at a good purchase price, how to evaluate the loans offered by your broker/lender, fill out the application, get a good faith estimate, supply mortgage and/or homeowners insurance and what to expect at the final closing of your loan. We explain all of this in easy and straight forward steps so you know everything ahead of time. Chapter 9: How To Refinance Your Mortgage If you are looking to refinance this is the chapter for you. We explain the tax advantages and disadvantages as well as the costs involved with refinancing. We walk you through a 3 step process and help determine if in fact you should refinance or not Chapter 10: Second Mortgages In this chapter we talk about how a second mortgage is sometimes mandatory when buying a house. We also cover what is called an 80/10/10 loan and how second mortgages are sometimes the same as a home equity loan. Chapter 11: Reverse Mortgages A reverse mortgage is an option for some home buyers but not everyone. We explain why this can work in certain situations and if it will be worth your time to go down this road.