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Booklist Review

This is not a guide to buying a house but a unique handbook that provides a valuable overview of the origins, history, and legal and financial underpinnings of the home mortgage. Sloan keeps legalese to a minimum as he explains not only the rationale behind this method of lending money but also the process of obtaining mortgage loans, the legal mechanics that support them (the deed of trust, equity of redemption, lien, promissory note, etc.), and the alternate types of mortgages (variable-rate, FLIP, split-rate, etc.). Additional material covers federal regulations governing the mortgage system and many sample documents such as loan applications, good-faith estimates, commit- ment letters, and others. A brief but eminently informative work for public libraries. Glossary; index. MAB.