How the mortgage industry cheats borrowers out of billions in extra costs every year? There are many books talk about "how to get a mortgage", but Mortgage Ripoffs and Money Savers is vastly different, because it reveals the insider secrets even many mortgage professionals don't know.
Mortgage industry insider Carolyn Warren taps her decade of experience with lenders to expose the tricks, lies, and dirty little secrets they don't want you to know. With her expert guidance, borrowers will save tens of thousands when they avoid the traps so many consumers fall into. Having this inside information is the only way borrowers can truly get the best possible deal. This book presents that knowledge in an interesting and easy format that anyone can understand. Readers won't be victims of the mortgage industry with this invaluable resource in hand. Instead, they'll get the best possible rates, avoid bogus fees, and get the great deal they deserve.
Review:
Carolyn did a great job with this book, goes into great detail on Home buying process, Refinance process, and "Unique Situations." The author spends a great deal of time explaining to you what all the terms are, why they are bogus charges, and the like. For example, the section on "Prepay Penalties" was very helpful for us, since we now know we can demand it removed before signing. Instead of finding out 10 years from now that we are going to get charged $10-$20k due to ignorance at the time of purchase.
This book gives countless pieces of vital information about the mortgage process. It gives tips, answers questions, and gave us information about things of which we wouldn't even have been aware otherwise. It truly has been a lifesaver.
Carolyn Warren will educate you, giving you a reasonable "how to" guide for working with lenders when buying or refinancing property. For what should be a straight forward process, loan documents appear to be intentionally confusing. Some inside the lending business have learned how to capitalize upon the confusion and make you give away your money.
Everyone always wants to know what the closing costs will be, and this book reveals that the amount of closing costs should not be an uncertainty, and the loan officer should know a rough number up front. If the loan officer does not know, then somebody is padding somebody's wallet, and the book explains how. Warren also describes why knowing the rate isn't important. The rate itself is yet another way for a lender to potentially steal from you. "Buying down" the interest rate is just another way to put money in somebody's pocket (not yours). Quoting you one rate doesn't necessarily mean that it is the going rate for the day - it is the rate the lender thinks you'll take.
What is even more impressive than the book (if that's possible!), however, is the fact that we e-mailed Ms. Warren with a specific question on the off chance that she would receive our message and reply . . . and not only did she respond within a couple of hours but also she offered to look over the GFEs (Good Faith Estimates) we were considering from a few different lenders and tell us which one was the best. You will totally blown away by her offer to do, and her advice was so helpful in making us feel comfortable about the lender we have chosen.
The good faith estimate (GFE) form that the book talks about was updated in early 2010. Many of the items on the new form are similar to the old form, but it is a waste of time to understand a term to find out that it is called something else on the new form. Case in point, the Yield spread premium (YSP), which the author calles the "biggest secret" of the industry, and worries that it is easy to miss on the old GFE. Well on the new GFE, it is called a "Credit" and is mentioned much more clearly. The author talks about the new GFE in her new book: "Homebuyers Beware: ...", but this book should be updated ASAP.
Mortgage industry insider Carolyn Warren taps her decade of experience with lenders to expose the tricks, lies, and dirty little secrets they don't want you to know. With her expert guidance, borrowers will save tens of thousands when they avoid the traps so many consumers fall into. Having this inside information is the only way borrowers can truly get the best possible deal. This book presents that knowledge in an interesting and easy format that anyone can understand. Readers won't be victims of the mortgage industry with this invaluable resource in hand. Instead, they'll get the best possible rates, avoid bogus fees, and get the great deal they deserve.
Review:
Carolyn did a great job with this book, goes into great detail on Home buying process, Refinance process, and "Unique Situations." The author spends a great deal of time explaining to you what all the terms are, why they are bogus charges, and the like. For example, the section on "Prepay Penalties" was very helpful for us, since we now know we can demand it removed before signing. Instead of finding out 10 years from now that we are going to get charged $10-$20k due to ignorance at the time of purchase.
This book gives countless pieces of vital information about the mortgage process. It gives tips, answers questions, and gave us information about things of which we wouldn't even have been aware otherwise. It truly has been a lifesaver.
Carolyn Warren will educate you, giving you a reasonable "how to" guide for working with lenders when buying or refinancing property. For what should be a straight forward process, loan documents appear to be intentionally confusing. Some inside the lending business have learned how to capitalize upon the confusion and make you give away your money.
Everyone always wants to know what the closing costs will be, and this book reveals that the amount of closing costs should not be an uncertainty, and the loan officer should know a rough number up front. If the loan officer does not know, then somebody is padding somebody's wallet, and the book explains how. Warren also describes why knowing the rate isn't important. The rate itself is yet another way for a lender to potentially steal from you. "Buying down" the interest rate is just another way to put money in somebody's pocket (not yours). Quoting you one rate doesn't necessarily mean that it is the going rate for the day - it is the rate the lender thinks you'll take.
What is even more impressive than the book (if that's possible!), however, is the fact that we e-mailed Ms. Warren with a specific question on the off chance that she would receive our message and reply . . . and not only did she respond within a couple of hours but also she offered to look over the GFEs (Good Faith Estimates) we were considering from a few different lenders and tell us which one was the best. You will totally blown away by her offer to do, and her advice was so helpful in making us feel comfortable about the lender we have chosen.
The good faith estimate (GFE) form that the book talks about was updated in early 2010. Many of the items on the new form are similar to the old form, but it is a waste of time to understand a term to find out that it is called something else on the new form. Case in point, the Yield spread premium (YSP), which the author calles the "biggest secret" of the industry, and worries that it is easy to miss on the old GFE. Well on the new GFE, it is called a "Credit" and is mentioned much more clearly. The author talks about the new GFE in her new book: "Homebuyers Beware: ...", but this book should be updated ASAP.
