Buying A Home (Financial Literacy: Planning For The Future), by WeissRatings
While my first experience with this particular series was a bit disappointing, this book provided the sort of information I was most interested in. Buying a home is something that many people plan to do and would wish to do, and there are some definite struggles in the way that the purchase can work itself out. One area where this book excels is in providing a lot of information about buying a house, including what was most interesting to me, a county-by-county comparison of median home prices in the United States in the not very distant past, where one can see the massive differences in property values from one area to another. As might be imagined, there are definitely some trade-offs as far as this is concerned, since the lower the price of property in a given area, the more home one can buy for the same amount of money, and the lower the price of property, the lower the prices of taxes, and these are big concerns for many of us. By and large, this is a book that is easy to recommend for those looking to buy a house, and not even necessarily in the near future, given the ways that one can prepare by seeking a good enough credit score as well as enough savings to make the process easier.
This book is a bit more than 120 pages including its appendices. It begins with a look at the housing market when the book was published in 2019, making it a fairly recent book. After that there are sections on preparation, affordability, fair housing, checking one’s credit score, and dealing with online banks as opposed to brick and mortar ones. There are sections on mortgage preapproval, shopping for a home, types of homes, and location. There is a checklist for house hunting, a recommendation to hire a realtor, as well as questions to ask a potential realtor. There are discussions about markets, the length of the home buying process, offers, home inspections, escrow & closing, securing a loan, types of loans, as well as mortgage insurance. After that comes a discussion on special programs that can reduce costs, debt-to-income ratio as well as loan-to-value ratio, benefits and disadvantages of conventional loans and FHA loans, a look at the impact of credit score on loans, loan limits, home owner’s insurance, lawyers, patience, as well as home value and gross monthly rent by county, and highly recommended banks and recommended and weakest homeowner’s insurers. After all of this comes appendices on helpful resources, contact info for state insurance commissioners, a glossary, suggestions for further reading, what the ratings in the book mean, and terms and conditions.
It is not surprising at all why a book on buying a home would end up being such a worthwhile one and something that would be pretty popular with readers. It is also not a surprise that this book is deeply informative. Indeed, there are a variety of ways in which this book is informative in ways that I hadn’t thought of, including the way that the book gives both strong recommendations for A and B rated finance companies and strong negative recommendations for D and F rated finance companies. These are done by state, and it is easy to see that some areas, like Florida, have a lot of particularly poor finance companies, which indicates at least some of the reasons why Florida had such difficulties when it came to the Great Recession. This book certainly provides the reader with a lot to think about, whether it comes to looking at what kind of home loan one is looking for to where one might want to buy a home and who one would want to use in order to finance the home. There are some companies that will likely make some money, and some that will lose some money, because of the recommendations that this book gives.