Cracking the code on home finance

Book Review: 'The Mortgage Encyclopedia'

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If ever there was a time America needed a mortgage professor, that time would be now. In the subprime days, consumers needed mortgage education, but they didn’t know it, because it was so easy to achieve their overarching aim of qualifying for a home loan.

Now, not only is it much more difficult to qualify for a mortgage, the average American’s mortgage goals center more around making the best decision, selecting the best mortgage for their lives, and, ultimately, scoring the best mortgage deal, than simply taking any mortgage that comes their way.

To feed America’s next-generation mortgage education needs, enter Jack Guttentag, professor of finance emeritus at Wharton (and also a columnist for this column’s syndicator, Inman News), with the second edition of his book, "The Mortgage Encyclopedia: The Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls."