Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance

Product Details

Topics include:
* Why calling around for the best interest rate is a BAD idea (and what to do instead).
* How to force lenders to disclose their hidden fees.
* The Dirty Dozen: Junk fees You should not pay.
* How to get the lowest possible rate.
* Uncover the best-kept secret of the mortgage industry.
* Avoid the five most common unpleasant closing surprises.
* Turning a denied loan into an approved loan.
* and much more.

Product Reviews

(5 stars) - Is This Book Still Relevant Now?
This is Carolyn Warren, author. I've been receiving emails from people asking if the information in this book is still relevant, so I thought I'd answer that for everyone here.

The information about over-charges, bogus junk fees, secret back-end commissions you pay for, how to properly shop for a loan are all still as relevant today as on the day I wrote it. It applies to both home buyers and home owners refinancing.

To illustrate: Just this week, I received an email from a person saying she used the information in this book to save $1,400 in up front fees. And, I received another email from a gentleman who said this book enabled him to save $73,000 overall in the cost of his loan.

In addition, the information about how to negotiate is still relevant. So is the information about how to turn a denial into an approval, what could go wrong in the middle of the loan process and what to do about it to save your home, etc.

There are new lending laws and, of course, new rip-offs, scams, and marketing ploys that have come out since I wrote this book. And a lot of foreclosures. Those are all covered in my latest book, Homebuyers Beware: Who's Ripping You Off Now?--What You Must Know About the New Rules of Mortgage and Credit

One other question people ask me is if there is duplicate information in the books, and the answer is no. The publishers are two different companies; therefore, all the writing for Homebuyers Beware had to be fresh and new. And since I was (and am still) working as a loan officer when I wrote it, the information is "from the trenches," not from the standpoint of a reporter or a professor or a real estate agent who has never actually ever closed a loan themselves.

I hope this helps to answer questions. Thank you for considering my books. My purpose in writing them is to enable people to get the cheapest financing with the least amount of hassle and stress. Since there is so much "bad theory" given as so-called "good advice" from people who have never worked inside the mortgage industry, I wanted to reveal what really goes on behind closed doors. I think the public has a right to know.

(2 stars) - Badly written but a few good economic points
I've read most of this book as I prepare to buy a home. It gives some good points such as Yield spread premiums and a couple of others. It also points out the astounding fact that banks have paid off congress to allow them to not disclose certain fees they stick to you (YSPs). But it's poorly written and the Good Faith Estimates they show you are poorly done-- hard to read and do not fit in with what the text is saying. I think if the author updated it with some help it could be valuable. It needs to be reorganized --it's as if some high school kid wrote it in an afternoon --just chaotic, even in the important sections of yield spread premiums and par rates. It needs to talk about banks more --not just mortgage brokers and discuss the differences between them. Knowing how par rates come about should be detailed. You need to know where to find par rates for the day and week and this book does not tell you and you have to have some better and more recent figures for average closing costs and lender fees. Someone could make a fortune if they wrote a book that would cover all these points in detail. All the stuff about the process of buying a house is nonsense; the key points are the mortgage and what it costs you in the long run.

Aside from the couple of good points I picked up, it is a very frustrating book to read.

See my review of the NOLO book on "Buying your first home" for a suggestion of where to get some good info.

(5 stars) - Great for First time buyers

This is the best so far. I've read so many books for first time home buying and this book is definitely the best. Take time to read it BEFORE you even go for an approval, it will help & save you a lot of $$$.

(5 stars) - The one book you need when searching for a mortgage
This is quite simply the one book you need when looking to secure a mortgage. I have kept it by me in all my dealings with my bank and mortgage brokers during my current search for a mortgage. It details all the possible pitfalls, shows exactly how brokers make their money, how to quickly identify and negotiate away the junk fees, and how you should never assume your personal bank will give you the best deal.

Just make sure you read this BEFORE you starting working with a broker or bank, to get the maximum advantage!

(4 stars) - Eye opener!
Yep, once you understand the insider view of the mortgage business it gets your dander up. Great insight into why the banks have the biggest buildings in town! No they are not on your side, they are in it for the money, your money and most people are like sheep to the shearing. Keep coming back for more and the mortgage people love it. Quit being sheared, this book will show you how!

Harlan Goerger, Author The Selling Gap, Selling Strategies for the 21st Century
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