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THE MORTGAGE LOAN PROCESS by Adrean J.  Rudie

THE MORTGAGE LOAN PROCESS

The Good, Bad, and Ugly—But the Real

by Adrean J. Rudie

Pub Date: Sept. 5th, 2020
ISBN: 978-1-09831-239-8
Publisher: Self

A mortgage broker exposes and explains the inner workings of mortgage loans.

One of the more frustrating and sometimes perplexing financial experiences is applying for a mortgage loan. It is often a painful rite of passage for many homeowners and a typically unpleasant chore for those who wish to refinance their mortgages. While Rudie’s debut can’t promise to make getting a mortgage loan any easier, it does the next best thing: It thoroughly explains the process so an applicant can be forearmed with authoritative information as well as expert guidance. As an experienced mortgage loan professional (she worked for large firms before starting her own business), Rudie is exceptionally qualified to discuss the process. In addition, Rudie is a licensed real estate broker, so she can give the perspectives of both provider and applicant. At first, this book may appear intimidating, with its 37 chapters and more than 300 pages, but Rudie manages to dress up a topic she readily admits can be boring by adding plenty of humor and interesting anecdotes. The opening chapter, which offers a solid overview of the entire mortgage loan process, is written as if the reader were one of Rudie’s clients. This serves to establish a personal, me-to-you relationship with the reader. Still, it is a comprehensive walk-through of the various loan application requirements with helpful caveats, such as: “Please include all pages, even if the last one is blank…the lender’s auditor will hold up funding on this.” Subsequent chapters go into considerable but useful detail.

Rudie covers the individuals and institutions typically involved in preparing, approving, and executing mortgage loans—useful in making sense of the bewildering number of players in mortgage transactions. Types of loans, lines of credit, and credit scores are discussed, as are such real estate activities as appraisals, home inspections, and title insurance. Readers who consider mortgaging a mobile/manufactured home will find authoritative advice, such as how to evaluate the best home/land loan and private financing options. A chapter on deals that “blow up” details six client stories illustrating some intriguing reasons why mortgage loans fall through. Rudie also includes mention of the potential effect of the coronavirus pandemic on the mortgage market. This handbook is likely to be as comprehensive a resource on mortgage loans as any. It covers the basics with flair and provides sensible advice along the way. Rudie’s conversational writing style and jocularity are engaging enough to ward off dullness and boredom; for example, “Yep, you guessed it! That last magic person in the loan process is actually the county clerk.” Perhaps one of the strongest aspects of the work is the author’s ability to weave in relevant client stories, some of which are very amusing while others are sad and even tragic. Rudie’s candor in selecting stories that reflect on her own errors is particularly refreshing. Most of the stories demonstrate that the process must be followed, no matter how absurd it may seem, and no mortgage loan is guaranteed until the final approval is granted.

A real eye-opener, especially for first-time mortgage loan applicants.

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