by Carolyn Warren
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Product Description
Mortgage Rip-offs and Money Savers reveals how the mortgage industry cheats borrowers out of billions in extra costs every year. Mortgage industry insider Carolyn Warren taps her decade of experience with lenders to expose the tricks, lies, and dirty little secrets they don't want you to know. With her expert guidance, borrowers will save tens of thousands when they avoid the traps so many consumers fall into. Having this inside information is the only way borrowers can truly get the best possible deal. 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.
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Average Customer Review:
1 of 1 people found the following review helpful:
Carolyn Excels As a Mortgage Coach, 2008-09-18
Can somebody please clone Ms. Warren? We can all benefit from her in-dept knowledge and experience of mortgage issues, not to mention making a perfect life-coach. Being that I'm a novice in the mortgage world, she has illuminated all the tips and tricks of securing the best mortgage for the money. This is fair-warning for people who don't buy this book before they take their first mortgage or even re-finance. You *WILL* be sorry!
1 of 1 people found the following review helpful:
Excellent, but needs an update, 2008-08-17
This is a great, highly readable and very informative book for anyone looking to buy or refinance a house. The take home message is that your mortgage broker is in the same category as your car salesman, except that your home will cost at least 10 times what your car will cost. You can't afford to go into the process ignorant or you are a sitting duck.
My only caveat is that there are a few missing pieces about how to translate the YSP percentage into the mortgage rate effect - how much, exactly, does a 1% YSP increase your mortgage rate? A little more explanation would clear that up.
In addition, this book badly needs a second edition. It was obviously written either before or just at the start of the recent mortage/foreclosure debacle. She never talks about the effects of the current tight credit market on a consumer's ability to borrow and what fees might be charged and how much you can actually negotiate today. Her FICO scoring categories, for example, are very out of date. Also, I know that there has been some crackdown on the mortgage industry, and some of the practices she mentions may have been actually made illegal, or at least come under more scutiny, but I'm not sure which ones. An update here would help.
Overall, this is a great book. You will get your money's worth and much, much more.
2 of 2 people found the following review helpful:
very useful, 2008-08-06
Michelle Singletary recommended this book in the Washington Post. It's clearly written, full of very useful information, and fun to read. I only wish I'd had it before I signed the loan contract. But, no worries, an email to the author, a quick reply, and I received more valuable advice. Don't get a home loan without reading this book first.
2 of 2 people found the following review helpful:
mortgage rip-offs and money savers, 2008-08-02
This is a great book for anyone thinking of taking out a loan for a home or home equity. This book can literally save you thousands of dollars and give you a good working knowledge of the mortgage industry and all the scams they run to drive up their profit at your expense.
3 of 3 people found the following review helpful:
Don't get a loan until you have read this book, period!, 2008-06-14
Unless you work in the mortgage industry yourself this book is a must read before picking up that phone and calling a loan officer. Even if you have had gotten loans in the past, this book will be the best guide through the, at time seems mysterious/dark, mortgage alley. It is everything you will need to know to ensure and feel confidence that you have gotten a good loan. And that's big for me, to know and be able to sleep at night on a relatively big financial decision. ALL your questions will be answered in this one book. It is all collected and packaged for you. Why spend hours to search online, browse numerous websites and collect this valuable knowledge? It is all right here! It was an easy read too! I personally read it like a novel, the next page seems to answer exactly what I was about to ask. Please read, learn and be a savvy loan consumer for you own sake. It will save you and your loan officer a lot of time, grief and MONEY when you guys are speaking the same lingo.
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