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| Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance | 
 enlarge | Author: Carolyn Warren
Publisher: Wiley
Category: Book
List Price: $17.95
Buy New: $9.57
You Save: $8.38 (47%)
Buy New/Used from $7.99
Avg. Customer Rating:  (64 reviews)
Sales Rank: 25825
Languages: English (Original Language), English (Unknown), English (Published)
Media: Paperback
Number Of Items: 1
Pages: 256
Shipping Weight (lbs): 0.7
Dimensions (in): 8.9 x 5.9 x 0.9
ISBN: 0470097833
Dewey Decimal Number: 332.7220973
EAN: 9780470097830
ASIN: 0470097833
Publication Date: May 4, 2007
Availability: Usually ships in 1-2 business days
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| Customer Reviews:
Everyone Should Read This Book Before Buying!! January 11, 2008
4 out of 4 found this review helpful
This book is great! It covers all the dirty little secrets of loan brokerages that I never would have thought of. I can't even begin to realize how many thousands I've been scammed out of over many years and many mortgages. Terms like "Par Rate" and Yield Spread Premium (YSP), commonly called "back-end commissions" where they can get you for even more money, thereby making their "cut" even bigger! On page 80 it states that 85 to 90 percent of loans have a YSP. You really need to protect yourself and your money by reading this book.
Educational Expose: Don't be a sheep to the wolves January 1, 2008
3 out of 3 found this review helpful
Carolyn Warren's guts will impress you as much as her smarts. Exposing the sleights of hand and outright cons that contributed to the collapse of the sub-prime mortgage market, this easy-to-read tell-all must have had the crooks in the mortgage business pulling out their hair. And the honest brokers and lenders cheering. The good news is that there are honest professionals in the mortgage industry, says Warren, a savvy veteran whose own example proves her claim. Indeed, a borrower's best protection is an honest loan officer or mortgage broker who will guide you through the potentially hazardous lending process safely and economically. The other piece of good news is that, whether or not you find that trustworthy lender (and Warren has a web site to help you locate the mortgage "stars" in your area), this book also exposes the tricks of misdirection and mystification that unscrupulous lenders use to get your signature on those stacks of documents that guarantee fat paydays for them and thousands in needless expenses (and potential financial ruin) for the rest of us.
In addition to the stories of scandal, the book also teaches the nuts and bolts of the mortgage process: what is a GFE and a YSP; what are points and what will they cost you; what are ARMS and Balloons: the mortgage industry has a language all its own, and learning to talk the talk will help you keep your lender in line. You'll also learn what to look for in the fine print before signing your life away and how to make yourself the strongest candidate for the best deals in the market, whether you're a first-time home buyer, a real estate investor, or a mortgagee looking to refinance. The author also has a Web site where she answers readers' questions personally. I had a question about my debt-to-income ratio (a thing I'd never heard of before reading this book), and Carolyn Warren emailed me an answer within hours--on a weekend, at night.
I'd like to say that a book like this can put an end to the exploitation of borrowers and the tragedy of families losing their homes. Sadly, however, too few consumers ever bother to educate themselves before making the biggest financial decisions of their lives. Don't be one of them: read the book.
This book saved me money, time, and embarrassment December 19, 2007
7 out of 7 found this review helpful
The first time I bought a condo, I didn't do enough research beforehand and got burned, so this time, I read three books about buying condos and two about getting a mortgage. Of these five books, this one made me feel the most prepared. I quickly found a straightforward broker who didn't hide anything, or look guilty and start tap-dancing when I asked about YSPs.
I had never heard of YSPs before reading this book, but after reading it, I knew that the important thing about them is that they be disclosed in the Good Faith Estimate (not at the closing), and that brokers are required by law to disclose them, but bankers and direct lenders are not.
Incredible Response Time November 30, 2007
2 out of 2 found this review helpful
As a first-time home buyer, I found this book to be an invaluable resource. I was easily able to find the information that was relevant to my specific needs, and the descriptions made even the most complicated parts of the process easier to understand. What's more, Carolyn Warren has an excellent web site for additional support and she provided incredibly prompt responses to my questions. Both her book and web site are definitely worth using before making what will likely be the most expensive decision of your life.
Very helpful November 17, 2007
2 out of 2 found this review helpful
I'm in the proces of buying my first home, this book had a lot of very useful information and will pay for itself many times over. Easy and quick reading too!
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