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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:
Mortgage Rip-offs September 23, 2007
4 out of 4 found this review helpful
Extremely informative. I liked it so well I had copies sent to my sons.
 must read before next mortgage September 8, 2007
1 out of 1 found this review helpful
The author has done a great job explaining about mortgage. Asking for mortgage rate instead of Good Faith Estimate tells the lender/broker that you are not educated consumer! Well done, Carolyn! If you buy this book, you will definitely save a bundle!
You MUST have this book if............ September 3, 2007
2 out of 3 found this review helpful
If you have a purchase or refi in your future, you MUST read this book. You may not want to review past loans. It will make you reel seeing how you helped pay for your lender's new Lexus.
Re-Fi August 24, 2007
7 out of 7 found this review helpful
I knew absolutely NOTHING about the mortgage industry. I'm looking to refinance right now and am finding this book invaluable. I wish I had this before my last mortgage. Carolyn also e-mailed me back within a day. When I get my GFE's, I will definitely use the Money Saver service found on her website. THANK YOU Carolyn!
Not an option to skip this book.... August 23, 2007
14 out of 15 found this review helpful
This book is absolutely amazing.
I'm currently shopping for a mortgage and was *almost* roped in by several of the tactics Carolyn outlined in her book. My husband and I started our house buying process with the intent to use the builder's financial mortgage services. We got pre-approved using my ss#, income and asset info which was a fairly straightforward process. The builder threw in a 12,500k lot discount and offered us $1,500 credit on closing costs. Our mortgage consultant spent a great deal of time going through various options and even talked about interest rates (6 months outside of the close date). At the time I had no idea what I was doing and so I trusted her to provide me with all of the information I needed to make a decision.
Fast forward to five weeks ago (today is 8/20).
My mortgage consultant essentially faded away. She didn't return calls. She didn't respond to requests for GFEs (if you don't know what that is, buy this book), but finally did after the forth request. Although Carolyn suggests that you shouldn't 'shop' mortgages, I did after reading the 'secrets' and changed my whole approach to the process.
First, my builder's mortgage lender considered us a slam dunk. We were locked into using them otherwise we'd lose our discounts. After reading the book, I decided to call two other brokers one of who responded with 4 GFEs within 45 minutes. I made it easy for him to get them for me because I outlined all of the information Carolyn stated that he needs to generate these. In addition, I asked him point blank the questions that SO MANY people fail to ask!! I'm not going to give you the list because it's in the book (if I quit my job to write a book about the secrets, I wouldn't want someone spilling the beans)!
I asked about some of the fees and here's how he responded:
App & Commitment Fees: With my stellar credit and all of my paperwork ready to go, I promise it will be a very clean loan. "The commitment fee is the only charge from the lender. It is to cover their cost of doing business. I have no leeway in reducing or waiving that fee. As a broker, every lender we have use will have a similar fee. As for the application fee, this is our only fee and I can look into reducing it but I can't waive it completely."
Attorney Courier Fees/Copy/Fax/Email Fee: Again, I'll have all of my paperwork to you early August for a September 12th close date. "Just based on our conversations I can believe that this loan will be very clean and painless for both parties. You are a much more educated borrower than we normally see. The fees that the attorney charges for your closing that is shown on the GFE are an estimate that should cover most attorneys no matter where they are. If you have an attorney that you want to use (and it is your choice) that will negotiate their fees, please let us know. Again this is a third party fee that I cannot negotiate or reduce, whatever they charge is passed along to you with no mark up on our end."
I was amazed when he said, "Your much more educated borrower than we normally see." All of my questions and comments to him came from understanding these dirty little mortgage secrets.
To make a long story short: this book gives you all of the information you need in order to make an educated decision about one of the most important decisions in your life.
The builder's mortgage lender's closing costs are $11635.00 and the new broker's are $6,800.00 and he disclosed every fee and commission (whereas the builder's lender would not). The builder's lender charges a higher rate than the new broker even though I have stellar credit. The builder's lender didn't even try to find a competitive rate for us because they *knew* the discounts would keep us hooked.
My personal mortgage tip for the day: when you see these types of discounts continue to do your homework!! Do not be fooled and by all means, don't sign something saying you'll lose them if you use someone else (like we did).
In the end, we were able to finally negotiate the discount and closing fees using another lender. Had I not purchased and read this book, we would have paid a lot more for our mortgage.
buy today....
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