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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: $10.02
You Save: $7.93 (44%)
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Avg. Customer Rating:  (73 reviews)
Sales Rank: 15258
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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| Editorial Reviews:
Product Description
Carolyn Warren better get a bodyguard. Her new tell-all on the mortgage industry exposes so many of the lending industry's favorite frauds, every loan officer from Seattle to Miami is going to be gunning for her! Mortgage Rip-Offs and Money Savers is like a map that guides you around the carefully camouflaged landmines laid by lenders. And it gives you simple, step-by-step directions for saving tens of thousands of dollars. If you're looking for ways to save a king's ransom on your mortgage and monthly payments, you simply must read this book. -- Clayton Makepeace, founder and president, The Profit Center 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.
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| Customer Reviews: Read 68 more reviews...
Vital for first-time homebuyers . . . or anyone getting a mortgage! May 26, 2009
1 out of 1 found this review helpful
We are in the process of buying our first house, and we are so glad to have seen a review of this book in the newspaper. We bought it, read it, and couldn't have made it this far without it. We had few other places to turn for honest, clear, unbiased advice.
Carolyn Warren's 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.
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! AMAZING! We were totally blown away by her offer to do this for us, and her advice was so helpful in making us feel comfortable about the lender we have chosen.
If he hasn't done so already, President Obama should consult Ms. Warren about how to fix the mortgage lending process in the United States. Hers is an important voice advocating a fair, honest, and economically sound road to the American Dream of home-ownership.
Sincerely,
A. M. Lambe & K. M. Mercik
You won't get ripped-of with this book!!!! April 20, 2009
1 out of 1 found this review helpful
I have refinance mortgages at least 7 times in the past and every time thought that I did a great job in seeking out the best deal. WRONG!!! The author even provides a web site with additional help if you have any questions along the way (not that you will because the author does a great job explaining all the pit falls of financing and refinancing.) Just buy it. You won't regret it!
Absolute Must Read March 24, 2009
2 out of 2 found this review helpful
READ THIS BOOK! I have never written a recommendation for a book before but this is so important - I absolutely had to. Since it's the biggest purchase you'll ever make, you must do your homework. I never read the book from cover to cover, just concentrated on the sections that applied to my situation. This book actually saved me thousands of dollars. Your banker or broker will know you've done your homework and they will be less inclined to RIP YOU OFF"
The most amazing thing is the author says to e-mail her your GFE (if you don't know what that is then you need to read the book - because this is where they can nail you), and for a nominal fee, she will make sure it's legit. If she can't save you some money, there's no charge. What do you have to lose?
Late one evening, I e-mailed Carolyn not expecting too much. Much to my surprise, I received a response the next morning. Fortunately - since I had read her book - my GFE looked good. She did tell me that I could get a better interest rate. I told her I was locked in at 6.375 and she told me to have them change it, regardless of the fact that I was locked in and if they wouldn't that I should tell them to find another bank that would. I tried this tactic and it totally worked. Within the next day my rate was down to 6%.
Not only was I able to communicate with the author of the book, but I also saved thousands of dollars and avoided getting ripped off.
Thank you Carolyn
Quick read, arm yourself before buying/refinancing February 17, 2009
1 out of 1 found this review helpful
The most valuable contribution that this book has made is a good dissection of the mortgage or refinancing process. 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.
The book explains a number of ways how you can get robbed while buying house. In this market, however, a lot of the questionable practices identified in this book are either gone or reconfigured to look more reputable. You might look over your previous loan documents and find "junk" fees that, had you been better informed, you could have negotiated. Or not. It appears that finding a reputable lender is more than half the battle. Applying for a loan in person may give a person more security than a phone call or an online application. When buying a house, you should understand how interest works - if you don't, then you are in danger of not understanding when someone is hoodwinking you.
If the fees are in question, one thing to consider is that negotiating fees or rates is likely easier said than done. When it comes down to saying "I don't like this fee" it is a battle of the wills, just like it is at a car dealership or the poker table. The loan officer and his or her manager might just stare you down until you buckle or walk out. Warren's recommendation to bring several estimates to the table is likely a good one, because then you've got something to work with and walking away is a real threat. It also depends on whether or not the officer/company you are working with is based on a commission structure. It appears that the commissions are the source of predatory lending evils, which is no surprise. Direct greed is often the source of many problems.
The housing market looks much different than it did when this book was written just a year or two ago. Hopefully a lot of the scum involved in questionable lending practices have fallen away by now (good riddance). Over time this book may serve more value as a historical document explaining how bad it was. Future economists looking for the "why" behind this market slump might get a unique insider's peak from this book, but we can only hope that it gets better from here.
Great Book February 12, 2009
I'm no expert when it comes to buying a home, especially the mortgage process. Being that my wife and I will be purchasing our first home in hopefully about six months or so, I decided to become a bit more educated on the subject. This book just happens to be one of four I selected, and it is the one I chose to read first. Simply put, this book is easy to read, entertaining, and gets right to the point. Warren really seems to have a passion for her chosen career. In my opinion, the vast majority of this book simply translates a lot of issues one may be faced with when securing a mortgage for a home purchase/refinance. Regardless of whether or not this advice is 'perfect' or not really doesn't matter much - I feel more confident and informed - able to make good choices in my financing decisions. I highly recommend this book.
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