Book Reviews
Lessons From a First-Time Home Buyer: “Buying & Financing Your New Home” Book Review
Over the past couple of years, I’ve written a lot about my experience as a first-time homebuyer and then a first-time homeowner. The only problem is that I can really only share my own personal experience with the processes, woes, and wins of homeownership. So, when I was able to claim a free copy of Buying & Financing Your New Home: Find the Right Home & the Best Possible Mortgage in Any Market by Casey Fleming at FinCon last year, I knew it was a book I wanted to read and share.
First, while this book does make good on its title, be aware that there’s definitely more of an emphasis on the “financing” part. That makes perfect sense, seeing as Fleming is a long-time mortgage advisor. As a result, the book dives deep into a variety of mortgage options that are available today, including some you may not have heard of or have only seen discussed negatively.
Backing up, to kick off this guide, Fleming looks at the age-old question of whether it’s better to rent or buy. Hint: it depends! After that, the author gives a brief overview of the homebuying process. Again, it’s not surprising to see that the first step mentioned as part of this process is “Start with Financing.” Obviously, that recommendation comes from Fleming’s bias, but he does make a compelling case for this tip. Namely, as he explains, knowing about your mortgage options ahead of time will help you to get your finances in order so you set yourself up for success. Plus, checking this off your list could save you heartbreak should you find. your “dream home,” only to be turned down for a mortgage.
From there, the book dives even deeper into the world of home financing. This not only includes details on different mortgage types and tables comparing the numbers for these options, but also a breakdown of all the different entities that are part of the mortgage process.
Perhaps my favorite part of the Buying & Financing Your New Home was the last chapter, in which Fleming highlights a few examples from his clients over the years. For each, the author lays out what the client was looking for, as well as what his ultimate recommendation was (and why). In my view, this chapter helped put the theoretical concepts you learn about throughout the book into practice. Ultimately, it gives me a greater understanding of what each of these mortgage products is best used for.
On that note, you may come across some personal finance points in Fleming’s book that you disagree with. For example, I know some financial writers who would cringe at the idea of borrowing from your 401(k) to buy a house. But the beauty of this book is that Fleming isn’t saying that’s what everyone should do — he’s merely mentioning it as a possibility. At the end of the day, his overall advice is to do what you’re most comfortable with and what works best for your situation.
At 149 pages, Buying & Financing Your New Home is a quick read. Of course, its slim price (currently under $10 on Amazon, with the paperback costing less than a $1 more than the Kindle version) matches that.
Ultimately, if you’ve been curious about how mortgages actually work and what options are out there, I think that Buying & Financing Your New Home is an incredibly useful read that also makes all the jargon easy to understand. However, my biggest takeaway from the book is that I’m glad we worked with a professional when we applied for our mortgage! Even though I now better understand the process and options, I’m very glad that we had someone in our corner who could handle all of this the first time around. To that point, Buying & Financing Your New Home also offers tips for finding a pro to work with, providing one more reason why I’d recommend checking this book out if you’re considering buying financing a home in the near future.
Buying & Financing Your New Home
“Buying & Financing Your New Home” Offers a Deep But Accessible Dive into Mortgage Options
4
Available formats
Paperback, Kindle
Number of pages
149 (paperback edition)
In “Buying & Financing Your New Home,” long-time mortgage advisor Casey Fleming walks readers through the homebuying process, with an emphasis on figuring out the financing. What follows is an intriguing look at some popular (and less popular) mortgage options, with examples of when these products may be a good fit. Plus, Fleming breaks down the sometimes-confusing world of mortgage financing to help readers better understand what they’re in for. Therefore, those who want to know more about the homebuying process before they start it will be well served by this short read.
Pros
- Looks at real-world examples of how mortgage options are used
- Makes complex math and concepts understandable for readers
Cons
- It’s a short read
- Focuses more on financing than the rest of buying
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