First time home buyer - Any good books/reading material?

thing85 · #1 07-29-2007, 12:55 AM

I realize the topic of home buying and mortgages comes up semi-frequently on this forum, but nothing in my search lead me to any good reading material.

Sometime in the next year or so I'm going to be a first time buyer in the Chicago area (probably looking for a condo), but I don't want to go into the process blind. I'm looking for a good book geared toward first-time buyers that discusses good things to know about mortgages, down payments, credit implications, when it's better to buy or rent, etc. I have an accounting/finance background, so a "technical" book doesn't bother me (although I'm not sure how much accounting/finance knowledge will help me).

If you don't know of a good book, are there any decent reads online?

Thanks in advance, I appreciate it.

Nomad84 · #2 07-29-2007, 09:17 PM

I saw a recommendation in another thread for "All About Mortgages" by Julie Garton-Good. I haven't read it yet, but I did pick it up from the library so I'll be reading it soon.

mindflayer · #3 07-30-2007, 01:25 PM

I suggest getting this from the library or on audio tape if they have it..
The Automatic Millionare

thing85 · #4 07-31-2007, 08:14 PM

mindflayer,

How much of that book is dedicated to the topics I mentioned above? Thanks for the suggestion, I'll look into it when I get the chance.

Anyone else have any suggestions?

mindflayer · #5 08-03-2007, 04:31 AM

It is 100% your topic unless i have it confused with another book.

Fishhead24 · #6 08-03-2007, 08:39 AM

I can't imagine learning more from a book than what one reads on these forums.

Nomad84 · #7 08-03-2007, 02:55 PM

[ QUOTE ]
It is 100% your topic unless i have it confused with another book.

[/ QUOTE ]

Did you mean to say "The Automatic Millionaire" or "The Automatic Millionaire Homeowner"?

Both are good books, IMO.

I am currently reading "All About Mortgages" and I am finding that some of the information is very useful, but some is outdated advice. As an example, it says that having lots of available credit is bad, so you should close some of your credit cards to improve your score. I think it's pretty widely agreed that this can do more harm than good since it will increase your utilization and may affect the average age of your credit history.