Homebuyers Beware (Intro & Chapter 1): Getting the World’s Cheapest Loan
Homebuyers Beware (Intro & Chapter 1): Getting the World's Cheapest Loan
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This is the eBook version of the printed book. If the print book includes a CD-ROM, this content is not included within the eBook version.
Read the following excerpt from Homebuyers Beware: Who-s Ripping You Off Now?--What You Must Know About the New Rules of Mortgage and Credit, Introduction.
The loan shark who bragged about making $40,000 in commissions off of one homeowner contacted me again. Last time we met, we enjoyed filet mignon at an upscale restaurant, Daniel-s Broiler, overlooking Lake Washington, and he divulged to me his secret for overpricing loans, which I revealed to the world in Mortgage Rip-Offs and Money Savers. What would he have to say to me now? I wondered if he-d be angry.
I couldn-t help but shudder at the sound of his voice over the phone, and yet, I couldn-t resist the invitation to meet with him again. I just had to know how his -story- ended. Had he reached his goal of retiring rich while still a young man?
He suggested we get together at Starbucks, quite a step down from the elegant steak house we dined at before, but I didn-t care. For me, it was all about the insider information.
So with a tall skinny DoubleShot in hand, I settled comfortably into a mocha-hued leather chair to hear what Mr. Big Commissions had to say. He wasted no time getting right to the point.
-What if I could show you how people can pay off their 30-year mortgage in seven to ten years without refinancing and without changing their current lifestyle-would you be interested?- he asked. To continue reading, purchase and download now.
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Rating
As a student of business finance for over 40 years, I’ve been in the trenches of real estate and Mortgage lending for over 25 years. I assure you that my assessment of the latest block busting book on fraud and duplicity in this industry is this:
If you are planning to buy a home or refinance your current mortgage, you must heed Carolyn Warren’s “Homebuyers Beware”…….
Avoid unscrupulous banks, brokers and lenders of all kinds. YES, UNSCRUPULOUS loan officers still lurk in the brick and morar of those behemoth lending institutions, the BANKS!!!!! Find out what their tricks are. You need to read, NO, study this easy to read guide to stress free engagement of this industry. Do NOT, and think of this: would you jump out of an airplane without a parachute ???
Wether it’s finding the lowest cost loan,improving your credit score for the lowest rate, homebuyer guidance or avoiding mortgage fraud and scams, Carolyn Warren has given Main Street how to navigate these tracherous waters.
Buy it !!! Try it !!! Fly with it !!! And you won’t kick yourself for “being in it, to win it”.
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As a small businessman and even smaller real estate investor,a licensed R.E.Broker and General Contractor,I wholeheartedly recommend Homebuyers Beware to all home buyers,first timers and seasoned investors alike.
I read Carolyn Warren’s first book,Mortgage Rip-Offs,a few months ago and liked it so much I contacted her for consultation re:refinancing of my properties.Eventhough I bought my first home over 30 years ago and many since,I must confess I know NOTHING about yield spread premium and the way brokers/lenders use YSP to add income to themself before reading that book.The YSP information alone was worth thousand times the cost of the book(approx.$13 from AMAZON.COM)because I know absolutely, definitely that the brokers’ additional income must come only from one source : borrowers like you and me.
There were other important information for ALL mortgage seekers in the first book :how to negotiate for lower fees and rates,whether to pay point,how and what to do with junk fees etc.All those and more were explained and clarified further in Carolyn’s second book,Homebuyers Beware.
In her new book,Carolyn takes her readers to the real estate mortgage market situation today.This is most important due to the fact that rules for qualifying for new and refi mortgages changed substantially in the last 2 years it’s like we’re looking at 2 different creatures altogather :
—no more easy no loan docs. loan,no more easy qualifying loans
—good credit is a must.So are substantial down payment required in most cases
—W-2,income tax returns and bank staments are all standard required docs.
—etc.,etc
Carolyn explained all of the above in practical details,with intended benefit for the consumers.Even for readers who’ve no credit,with bankruptcy/shortsale in their credit report or who want to repudiate bad info. in his/her credit files.The book is,like her first book,very easy to read and full of helpfull pointers that can be used to save unnecessary fees/chrges made by lenders/brokers.
This book will save you many,many times the price you pay for it.
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After the recent meltdown of the mortgage and finance industry. the federal government put laws and policies into place that make it safer for consumers to have credit to buy a mortgage, right? Wrong! While it appears that laws are being enacted to protect borrowers in the future, the overall guideline of “buyer beware” still applies because you’re still walking into shark infested waters when you take on debt or sign a mortgage for a home.
This being the case, what should you do to protect yourself from the dangers and pitfalls of mortgages? You educate yourself about credit and learn as much as you can about the mortgage industry and this book can help you do just that.
This book is organized in 30 short chapters that each include several valuable tips that include topics like identity theft, misleading radio ads, false “free appraisals”, home value ripoffs, and the truth about fees. This book goes a long way towards making you a smarter and wiser home buyer and I consider it to be a essential reading for anyone planing to buy a home.
You’ll never regret reading this book but you will regret not reading it if you go ahead and sign a mortgage without having this knowledge.
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As a nation, we can no longer afford to skim over the fine print and yet, as the human nature compels us, we want to… Who, after all, wants to bother reading all that legal mumbo-jumbo, particularly, in fine print? Well… read it enlarged, in a conveniently organized, competently narrateed fact-finding book that reads like a thriller. Warren’s book is fiscal vaccination, an anti-dote to many a mortgage scam that is awaiting a potential home buyer or a current home owner.
Pavel Somov, Ph.D., author of “Eating the Moment” (2008), “Present Perfect” (2010), “The Lotus Effect” (2010)
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Finally, someone from inside the mortgage industry has come in from the cold and laid out the ‘dirty little secrets’ of the home loan business. Her new tell-all on the mortgage industry exposes so many of the lending industry’s favorite frauds, identified all the major dangers amateur real estate investors need to be aware of, and provided many useful tips for getting the right price and the best financing. 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.
So many mortgage guides are outdated or prioritize the easy loan types to discuss (e.g., conventional), ignoring that FHA and other government-backed loans are rapidly increasing in use by buyers coast to coast. Not so with “Homebuyers Beware.” Warren covers topics I have never seen covered elsewhere, but that I hear real-life buyer/borrowers ask about all the time, and she covers them concisely yet thoroughly. For example, she shatters the common misconception that those free credit reports one can order via the TV commercials are a good substitute for the reports pulled by mortgage brokers. She covers what happens when you go online and click on those “let mortgage lenders compete for your business” adverts. She gives some bullet points about when you can buy another home after you’ve lost one to foreclosure or short sale. She covers how to know when you should lock your interest rate. And the answers she gives ring truly useful for those who actually want to close their transactions, unlike the authorial advice I’ve seen in many books, which recommend borrowers take courses of action unlikely to ever result in a closed escrow.
For anyone who are considering to buy a house in the future, this book is Highly Recommended!
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This is a must have book if you are applying for a mortgage now or think you might at some point. I’ve listed some of the key points below. Everything is presented in a clear and very readable manner. There is no jargon but important terms are presented and clearly defined.
“Homebuyers Beware” starts of with an introduction the pitfalls in applying for a home loan and in the process provides definitions for the terms and concepts you are likely to encounter. Following that there are several chapters on Credit Scores; what they are, how you can make them worse without knowing it, how to make them better, and how to fix them when they’re in real bad shape. There are even sample phone scripts and mail templates for you to use. (These few chapters can be worth the price of the book )
Ms Warren then provides tools for mentally preparing to purchase a home, something I haven’t seen in other books. There are a couple slightly out of place (albeit very useful) chapters, I guess they had to go some place, about recovering from a foreclosure and on protecting yourself from Identity Theft.
Then, in chapter eight and after all this “bonus material” she gets into the nitty-gritty of finding a star lender. (Funny thing, what I would have thought was the best approach not only isn’t but could wind up hurting your credit score and chances of securing a loan. After that there are several chapters detailing the fees you might be charged as part of your loan application and how to separate the wheat from the chafe. You learn more than enough about YSP (again, something worth the price of the book), different loan types and how to determine which is best for you, why you need a buyer agent, how to spot tricks commonly (and uncommonly) used by loan officers, and which popular items are really scams you should avoid.
There is lots more, I’ve only wanted to identify some of the high points. This books reminds me of one I read back in the last century, Don’t Get Taken Every Time: The Ultimate Guide Buying or Leasing a Car, in the Showroom or on the Internet, where I was able to apply a single idea from that book and save myself $1200 when I bought a new car. ($1200 was real money back then.) I think the techniques presented here can easily provide you with many times that in savings the next time you apply for a mortgage.
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If I were going to buy a new home, I would read this book very carefully because it’s filled full of information that you need to know to be prepared. For one thing, you really can’t trust anyone but yourself to look out for your best interest. She gives great examples of how people have been ripped off and they thought they were getting a bargain. For instance, the “no down” when buying a house may be no down payment then, but you will pay for it later and in another way. There are lots of costs added on that you can avoid if you read this ahead of time and go prepared.
She recommends always having your own real estate agent and mortgage broker (check them out to make sure they are honest though!). After reading about all the trouble you can get into on your own, I am in agreement with her.
She also explains how you can get your credit rating up, how foreclosing on a house can hurt it bad and how you can get it back to normal. Since banks are no longer loaning credit for houses except to people with excellent credit rating, then it makes sense to have yours in great shape before you even try to buy.
She tells of all the fees involved (some aren’t even needed but you’ll have to read the book to find out which ones they are) and how you can get them lowered and save thousands of dollars.
And there are a lot of scams going on for home buyers that you need to be aware of.
It’s well written, easy to read and easy to understand, and the author writes with a sense of humor, so it’s a fun read too.
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This Book is a must read for anyone who is thinking of buying or even renting a home. The author Carolyn Warren did an extremely brilliant job of going into great detail on all the little loop-holes and hidden scams that are in the housing / mortgage market today. She also gives you tips on finding the best interest rates and how to negotiate so that you and your family can get the best deal on your new home.
Even if you’ve faced foreclosure, have bad credit, or just don’t have a clue and need some where to start. This is the perfect book and in today’s market I would highly recommend it.
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Carolyn Warren has written an invaluable tool for homebuyers. She exposes secrets and scams used by the mortgage industry to take more money from homebuyers. I found this book easy to read, and VERY enlightening. I really wish I had this book before we bought our home, or when we refinanced it a few years ago. I actually took out my closing papers and found hundreds of dollars of bogus charges on our closing papers that I never knew about. I have learned so much from this book! I cannot recommend it enough to people! Banks and mortgage brokers everywhere will be sweating it now this book exposes their scams! If you are buying or refinancing your home, this book could easily save you thousands. That is a worthy investment in my opinion!
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… unless you get ready for kids in college. But even then, who can say they can afford to skip on potential thousands of Dollars because they were not informed regarding their mortgage? This book provides the latest and greatest regarding your loan – including tactics used to get one to pay more. It gives practical examples, analyzes various topics among its 30 chapters, topics such as credit, lower cost loans, fraud and scams, etc. Do the simple math – it may take a few hours to read this book, but if you divide the savings by the few hours, you’ll realize that you may never save that much money in a few hours. Definitely get this book if you plan on buying a home or just refinancing.