Mortgage Rip-Offs and Money Savers An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance

ISBN-10: 0470097833

ISBN-13: 9780470097830

Edition: 2007

Authors: Carolyn Warren

List price: $22.00
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Description:

The author reveals how the mortgage industry cheats borrowers out of billions in extra costs every year. She exposes the tricks, lies and dirty little secrets of the mortgage industry.
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Book details

List price: $22.00
Copyright year: 2007
Publisher: John Wiley & Sons, Incorporated
Publication date: 5/4/2007
Binding: Paperback
Pages: 256
Size: 6.00" wide x 9.25" long x 0.75" tall
Weight: 0.682
Language: English

Carolyn Warren is the author of Mortgage Ripoffs and Money Savers, a book about which syndicated columnist Robert J. Bruss said, "On my scale of 1 to 10, this superb new book rates an off-the-chart 12." She has interviewed on talk radio, including Bob Brinker's national show Money Talk. She is a member of Pacific Northwest Writers Association and Christian Authors Network. Carolyn lives in Seattle with her husband and has a son and a daughter.

Acknowledgments
Introduction
Eight-Step Guide to Getting the Best Rate and Protecting Yourself from Most Common Scams
Step 1: Boost Your Credit Rating and Prequalify
What Credit Score Do You Need to Buy a Home?Additional Notes about How Lenders Rate Credit
What to Do if You Have Credit Challenges
People with Low Scores Get Ripped Off More Often
Find Out How Much You Qualify For
The Three-Step Preapproval Process
How Do Lenders Decide How Much Money to Lend You?Which Payments Count for Debt Ratio?Pick Your Own Budget
Coming Up
Step 2: Create a Short List of Three Honest Mortgage Lenders
Tricks to Foil Your Shopping Efforts
Selling the Sizzle
Special Deals and Secret Loans
The Loan They Don't Want You to Know About
The Sticky Trick
Creating Your Short List
Write Down Two Mortgage Companies and One Bank
Make One a Referral
Get a Specific Name
Using an Internet Lender
Big National Lenders versus Local Lenders
Listen to Your Instincts
Coming Up
Step 3: Choose the Right Type of Loan for Your Situation
Types of Loans
30-Year Fixed Rate
15-Year Fixed Rate
40-Year or 45-Year Fixed Rate
Adjustable Rate Mortgage (ARM)
Balloon Loan
2/28 and 3/27 "Fixed Rate" Adjustable Loans
Interest-Only Loans
Risky Loans
Loans That Should Be Illegal
Prepayment Penalties: Good and Bad
What Is a Prepayment Penalty and How Does It Work?Hard or Soft Prepayment Penalty?Good Prepayment Penalties
Biweekly Mortgage Savings: Bargain or Rip-Off ?How Does It Really Work?Coming Up
Step 4: Request Three Good Faith Estimates and Compare the Costs
Bad Ideas
Shopping for the Best Interest Rate Is a Bad Idea
Comparing APR Is a Bad Idea
Comparing Ads Is a Bad Idea
How Should You Shop for a Mortgage?How to Ask for Your Good Faith Estimates
What if You Don't Know Your Credit Score?How to Compare Good Faith Estimates
Getting a Guarantee
Finding an Honest Pro
The Key to a Good Borrowing Experience
Coming Up
Step 5: Uncover the Best-Kept Secret of the Mortgage Industry
Stop Paying Too Much!Conversations They Don't Want You to Hear
How Do Commissions Work?How Do Loan Officers' Commissions Work?Who's Getting Par Rate?There Should Be a Law
Deciding between Broker and Banker
Brokers Acting like Bankers
Why Does the Law Treat Brokers and Bankers Dif ferently?What's a Fair Price to Pay for Your Loan?More on YSPs
What Should You Do if YSP Is a Big Secret?What if the YPS on Your Loan Goes Up?Coming Up
Step 6: Negotiate Lower Fees and Rates
Categorizing Fees
Junk Fees: The Dirty Dozen
Questionable Fees
Legitimate Fees and Third-Party Costs
Coming Up
Step 7: Decide Whether It Makes Sense to Pay Points, and Lock In Your Rate-Carefully
The Truth about Par Rate and Discount Points
Are You Protected with a Government Loan?When Does It Make Sense to Pay a Loan Discount?When It Might Make Sense to Buy Down Your Rate
Lock In Your Rate
What Is a Rate Lock and How Does It Work?When Can You Lock In Your Rate?What if Your Loan Doesn't Close on Time?What if Rates Go Down after You Lock?Do Mortgage Brokers Have an Advantage over Bankers?Beware Rate Gambling!Losing on a Rate Lock Gamble
Insider's Guide to Protecting Yourself from Rate Lock Scams
Coming Up
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