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.
User Ratings and Reviews
5 Stars Quick read, arm yourself before buying/refinancing
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.
5 Stars Scott Frenger
Best mortgage book I have ever read. Carolyn Warren shed an entirely new light on how the brokers and banks are out to get you.
5 Stars Great Book
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.
5 Stars Absolute Must Read
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
5 Stars If you’re getting a mortgage or refi, get this book
She doesn’t tell you everything there is to know, but she definitely alerts you to some of the most commonly used tricks. Would you pay an industry insider $15 to give you a thorough list of mortgage tricks that could cost you tens of thousand of dollars? That’s a pretty smart investment.
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