Do you have mortgage questions and are you looking for mortgage advice but you are not sure where to turn for unbiased answers.  Look no further because the ultimate mortgage book is here.  Mortgages: What You Need to Know, Strategies to Take Control of Your Financial Future answers most of your mortgage questions.  This book covers:

• The different types of mortgages
• Understanding adjustable rate mortgages
• How an amortization schedule works for a 30-year fixed rate mortgage, and
• It provides mortgage questions you need to ask yourself in order to determine which mortgage is right for you? 

The last chapter covers how to find a good mortgage planner in your neighborhood and what questions you should ask this person to ensure they have your best interests at heart.

Financial literacy is a big issue and this book will provide you with everything you need to know about mortgages so you can make smarter decisions for your future.  The main theme of this mortgage book is to Educate and Empower the individual:

• To take control of their financial future buy slowing down to understand the mortgage process
• How a mortgage affects short term cash flow while being mindful of long term retirement goals. 

After all, the type of mortgage you choose will directly impact your ability to save for retirement. 

Home Refinance

Q: My wife and I have a five-one ARM on our personal residence that's going to adjust in two years. I want to refinance into a 30-year fixed-rate loan. However, I am walking away from two investment properties, so I won't be able to refi in my name. I want to refi in my wife's name only, but it will have to be a stated-income loan because she is a student. We can show huge, huge cash in the bank. The loan amount is about $720,000. Do you think I have a snowball's chance in hell of getting a decent rate?

A: After reporting a few weeks ago that such loans were virtually impossible to find, I was dressed down by several mortgage professionals who said I didn't know what I was talking about. They told me in no uncertain terms that stated-income and no-verification loans are not only available but are available at some pretty good terms. (see Realty Q&A) That said, you are not giving a lot of information to go on here. But, as you seem to suspect, if you walk away from your two investment properties, your credit rating will sink faster than the Titanic. Worse, says David Muti, a mortgage planner in Parsippany, N.J., and the author of a new book, "Mortgages: What You Need to Know" (Pocket Guide Press), you will have a long road ahead to repair it. According to Muti, who is with Millenium Home Mortgage, you should be able to find a stated income loan with verified assets at any number of small savings-and-loans. Their rates are surprisingly close to fully documented programs, he reports, but the rate is somewhat higher than a fully documented loan and the maximum loan-to-value ratio is usually 75%. Also, applicants must have two years of continuous employment. "The problem you face is that your wife is a student," he says. "Therefore, she won't qualify." But Muti isn't so sure that you need to refinance right now anyway. Since you still have two years left before any adjustment, you have enough time to repair your credit to be able to put the loan in your name again. Furthermore, if you were to refinance today, Muti wouldn't put you in a 30-year loan. Because you aren't likely to live in your home that long or carry the mortgage to fruition, he recommends a hybrid ARM in which the rate is fixed for up to 10 years and then adjusts on an annual basis thereafter. "This would provide you with better use of your cash flow while still providing you with long-term peace of mind with your mortgage," he says. Here's Muti's advice: "Sit down with a local mortgage planner and completely lay out your entire situation to come up with a plan. Once a mortgage planner fully understands your personal circumstances, he will be in a position to make a recommendation that is right for you and your family while taking into account your short- and long-term financial goals. Take the process slow and ensure you understand all of your options and then make your decision."

Q. Is now a good time to refinance?

A. Any time is a good time to refinance your mortgage IF it makes sense for you. All too often people want to refinance to simply get a ¼ point lower on their rate. Although a lower rate sounds good the simple math of dividing the cost of the refinance by your monthly savings does not always make sense as it will take years to break even. Don’t be fooled by the ads that say no cost refinances because the cost is built into a larger loan amount or a higher rate? The real question is what is the material benefit of a refinance? Is it to save on your monthly payment? Lengthen the term of your mortgage from a short term note to a longer one? Consolidate debts thereby improving your overall monthly cash flow? To pay for college or another large expense such as a wedding? No matter the reason, there must be a sound material benefit to the individual that can be calculable. Today the question of whether to refinance or not is more complicated than what is the rate. Any refinance consideration must look at both short term cash flow needs while being mindful of long term retirement goals. This decision should also not be made in a couple of minutes online or over the phone. This is usually the largest expense most have and if you slow down to consider all of the ramifications of your decision with a quality mortgage planner you will come up with a plan that makes sense for you.