Homebuyers Beware: Whos Ripping You Off Now?--What You Must Know About the New Rules of Mortgages and Credit [NOOK Book]

Overview

Get the Best Mortgage Deal in Today’s Real Estate Markets--and Avoid a Whole New Generation of Scams!

  • Exposes new secrets, lies, and scams the mortgage industry doesn’t want you to know about
  • Reveals how to save thousands right now by finding the best rate and negotiating the best deal
  • Guides you step-by-step through improving your credit and preparing to buy, even if you’ve...
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Homebuyers Beware: Whos Ripping You Off Now?--What You Must Know About the New Rules of Mortgages and Credit

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Overview

Get the Best Mortgage Deal in Today’s Real Estate Markets--and Avoid a Whole New Generation of Scams!

  • Exposes new secrets, lies, and scams the mortgage industry doesn’t want you to know about
  • Reveals how to save thousands right now by finding the best rate and negotiating the best deal
  • Guides you step-by-step through improving your credit and preparing to buy, even if you’ve faced foreclosure

Everything you thought you knew about financing a house has changed. Your future depends on knowing today’s mortgage and credit realities: Relying on older information could cost you a fortune or keep you from buying a house altogether. In Homebuyers Beware, Carolyn Warren reveals the new realities of home financing and shows exactly how to take advantage of them, whether you’re buying your first home, refinancing, struggling with imperfect credit, or planning to invest in real estate.

Homebuyers Beware reveals new secrets homebuyers simply can’t afford to miss and exposes new scams that target today’s eager consumers--including new loans that look great on paper but are every bit as dangerous as yesterday’s subprimes. Unlike other mortgage guides, this book fully reflects today’s radically new mortgage requirements, in addition to the latest federal housing legislation and how to improve your credit rating. From its up-to-the-minute guidance on real estate negotiation to its powerful tips on getting lower interest rates and avoiding bogus junk fees, this may be the most valuable book you ever read!

  • Who’s ripping you off now
    High-tech “smoke and mirrors” that can trick you into overpaying
  • Quick, easy, powerful ways to fix your credit
    Innovative ways to raise your credit score or recover from a foreclosure or short sale
  • Uncovering the costly secrets of the Yield Spread Premium
    Get past your banker’s lies, learn the truth, and save a fortune
  • The latest laws and credit rules and what they mean to you
    So-called anti-predatory laws and codes of conduct actually hurt homebuyers. Learn what you can do to protect yourself from big corporation greed.
  • New plans for recovering from bad credit, foreclosures, or short sales
    Step-by-step techniques that erase bad credit and raise your credit score faster than you ever thought possible. Learn how to recover from a foreclosure
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Product Details

  • ISBN-13: 9780137049059
  • Publisher: Pearson Education
  • Publication date: 9/14/2009
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 288
  • File size: 2 MB

Meet the Author

Carolyn Warren has been a mortgage industry insider for more than twelve years. She worked in both retail and wholesale lending for some of the largest national lenders including Full Spectrum Lending/Countrywide Home Loans, Ameriquest, Green Tree Financial/Conseco, and First Franklin wholesale lending.

Carolyn Warren is the author of the best-selling Mortgage Rip-Offs and Money Savers, a book that became The Washington Post’s August 2008 Book Club pick-of-the-month and earned reviews in publications ranging from The Boston Globe to the Orange County Register, The Seattle Times to the Arizona Republic and San Diego Union-Tribune. She has appeared on many radio talk shows, including Bob Brinker’s national Money Talk and The Gil Rose Show in San Francisco.

Currently, she is working as a broker/banker and is the owner of two Web sites, www.AskCarolynWarren.com and www.Mortgage-Helper.com. She lives in Seattle with her husband and Himalayan cat.

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Table of Contents

Introduction: New Rip-Offs 1

Chapter 1: Getting the World's Cheapest Loan 11

Chapter 2: What's New with Credit 19

Chapter 3: Quick, Easy Ways to Raise Your Credit Score 29

Chapter 4: Aggressive, Innovative Ways to Fix Credit 39

Chapter 5: Five-Step Plan for People Working Toward Buying a Home 51

Chapter 6: How to Recover from a Foreclosure or Short Sale 57

Chapter 7: Beware of Privacy Pirates! 57

Chapter 8: Don't Buy a House Until You Read This 63

Chapter 9: When is the Best Time to Buy a Home? 69

Chapter 10: The Loan Process in Ten Easy Steps 81

Chapter 11: Choose the Right Loan for YOU 87

Chapter 12: Broker, Banker, or Direct Lender? 97

Chapter 13: How to Shop for a Loan Without Getting Tricked 103

Chapter 14: The Truth About Fees 113

Chapter 15: Five Things You Need to Know About YSP 135

Chapter 16: How the YSP Controversy Affects You 145

Chapter 17: The Good Faith Estimate: Tricks and Traps 151

Chapter 18: When to Lock in Your Rate, When to Float 165

Chapter 19: What Does It Take to Get Approved? 173

Chapter 20: Why You Need Agent Representation 181

Chapter 21: Ten Things You Must Know Before You Refinance 199

Chapter 22: Is Refinancing a Good Financial Move? 207

Chapter 23: I'm Glad You Asked: Refinancing Q and A 213

Chapter 24: Unique Loans, Unique Situations 217

Chapter 25: Beware of Radio Ads 225

Chapter 26: Stop Clicking on Mortgage Ads 229

Chapter 27: Deception Exposed 233

Chapter 28: Watch Out for the Ten-Million-Dollar Mortgage Man (and His Cohorts) 241

Chapter 29: Home Value Rip-Offs 247

Chapter 30: Final Thoughts 251

Index 255

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Customer Reviews

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( 12 )
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Sort by: Showing all of 12 Customer Reviews
  • Posted May 22, 2010

    I Also Recommend:

    Inside Information for Home Buyers

    This book taught be what goes on inside the mortgage business and enabled me to save over $1,000 in closing costs. For example, I learned about yield spread premium, the back-end commission the loan officers never tell you about. The first loan officer I talked with claimed they didn't have it, but then on further questioning, admitted they did but didn't disclose it because they are a direct lender.

    This is just one of many scams out there. By looking at the list of fees in this book, I knew which were legitimate and which I could negotiate. This saved me $1,050 in cash to close. That is quite a good investment on the price of the book!

    The entire financing process from choosing a lender to closing is covered. For people who need to improve their credit, there are good tips that are more advanced than what you read online. (Who doesn't know to "pay your bills on time"? Carolyn Warren actually tells you how to get a late payment off your report.)

    There are also chapters for people who are refinancing, in spite of the title.

    I recommend this book for anyone getting a mortgage.

    3 out of 4 people found this review helpful.

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  • Anonymous

    Posted October 17, 2013

    Nice sample

    Not bad.

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  • Anonymous

    Posted December 27, 2011

    Note only includes Intro & Chapter 1

    Just based on the first chapter, it looks like this will be readable, but not as much depth as the intro suggests.

    0 out of 2 people found this review helpful.

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