Mortgage Basics: Table of Contents

Chapter 1: Should you buy or rent?
There's no easy answer. Emotions, family and personal reasons all come into play in any home buying decision.

* Should you buy or rent?
* How much house can you afford?

Chapter 2: How mortgages work
You can get a mortgage in many places, but they all share the same characteristics. We explain.

* Fixed-rate mortgages
* Adjustable-rate mortgages
* Deciding between an ARM and a fixed-rate mortgage
* Subprime mortgages
* Other types of mortgages
* Which type of lender is right for you?

Chapter 3: Your mortgage payment
Your monthly payment is determined by the rate and the amount of the loan, but there's much more to it.

* Your credit score
* Down payment
* Low down payments
* Points
* How lenders set rates

Chapter 4: Paperwork and fees
Prepare to gather a lot of paperwork, negotiate your loan terms and make sense of all the fees.

* Prequalified or preapproved borrowers have an edge
* Questions to expect from mortgage lenders
* 10 questions to ask your mortgage lender
* Necessary paperwork for a buyer
* The good-faith estimate
* Other lender paperwork

Chapter 5: Underwriting
You can help speed the verification of your information while the appraisal and inspection are done.

* Underwriting
* Inspection and insurance
* Special circumstances
* Turned down for a mortgage

Chapter 6: Closing
It's your last chance to alter the deal, and the last chance for someone to sneak something past you.

* Understanding the closing process
* Understanding escrow accounts

Chapter 7: Ownership, after closing
You have the keys, but you're not done. Your mortgage needs periodic maintenance, too.

* When your mortgage is handled by a mortgage servicer
* Payment changes
* Paying ahead
* Removing private mortgage insurance
* Refinancing
* Avoiding foreclosure