Mortgage Ripoffs and Money Savers

A Review by Eric Hammer

Mortgage Ripoffs and Money Savers, by Carolyn Warren - Wiley 2007

So just what does it take to get a real mortgage these days? While it's a tad dated, from before the housing bust and credit crunch currently engulfing the country, Mortgage Ripoffs and Money Savers by Carolyn Warren is still, even today, the book that you need to read before you enter the shark infested waters of getting a mortgage.

In fact, this book is probably the book that everyone should have read before the whole mortgage crisis took off. Had this happened, we might be living in a very different country today. It's almost comical to read about some of the strong arm tactics that were used (and sadly still are used) by mortgage brokers and lenders. The same tactics which today we know have gotten our country into really deep economic trouble.

Lies, Damn Lies and Mortgage Lenders

You've heard the old saying about how there are lies, damn lies and statistics? This book upends that whole concept and instead suggests that there are lies, damn lies and mortgage lenders. It's true - mortgage lenders, especially then, but even today will do whatever they have to do in order to make the sale. They don't earn a living after all for giving you a good deal. They earn a living for selling you a mortgage.

Ms. Warren explains to you for example why and how to shop around for a mortgage. She tells you that getting a good faith estimate is not a matter of running your credit and in fact why you shouldn't shop around in the traditional way (the traditional way to shop for a mortgage means applying over and over again, which in essence makes your ultimate costs much more expensive because of the fact that your credit rating drops every time someone runs your credit report).

Know What Information to Have Available and What to Demand

Mortgage Ripoffs and Money Savers doesn't just tell you about what to do in order to get the best deals on a mortgage. It also helps you to clearly navigate these shark infested waters by having all the documentation and information that a potential lender will need in order to offer you an estimate and how to get the right kind of a quote.

You'll learn about things like fees, which are the bane of most borrowers. Believe it or not, just because you are being offered a "discount" by one mortgage lender doesn't mean you are getting a good deal for example. The fees that this lender charges you could more than make up for going elsewhere and taking out a loan from some other company.

Not to mention that you need to understand how to read a list of fees and how to ask about fees. Few things are as complicated as getting a mortgage and the mortgage lenders are more than happy to keep you in the dark. Mortgage Ripoffs and Money Savers takes you out of the dark, holds your hand and lets you clearly understand what you need to know in order to get a real deal instead a of a raw deal.

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