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.