66. Eric Tyson - Mortgages for Dummies

"For many of us, the single biggest financial transaction is buying a house. Even more significant than the hefty down payment we fork over is the 15- to 30-year mortgage that needs feeding every month. If you have this much at stake, a little knowledge can go a long way, which is where Eric Tyson and Ray Brown come in. In Mortgages for Dummies, Tyson and Brown (who also wrote Home Buying for Dummies and House Selling for Dummies) provide a comprehensive introduction for anyone who is contemplating a mortgage. The book tells you how to evaluate your creditworthiness, determine your borrowing power, and shop for a lender, as well as covering the various types of loans. The authors also devote a section to refinancing and discuss what you should consider when prepaying a loan. They include amortization and remaining-balance tables, and a useful glossary. Whether you're a first-time home buyer or are just looking to refinance, you'll find this a valuable, easy-to-use guide." - Amazon.com

Since the Hubby and I are in the process of buying a new home, I picked up a copy of this book at the library. It is a fantastic resources since it really does explain a lot about the nightmare of getting a mortgage. However, even though it's the 2004 edition, I felt it was already out of date. The author doesn't discuss 80-20 mortgages (only 80-10-10 and 80-15-5) and the new 40-year fixed rate mortgages. Maybe they're very new, but they were options for me and I would've like to know more about them. Even still, it was very worth it to read.