Homebuyers Beware (Intro & Chapter 1): Getting the World's Cheapest Loan

Homebuyers Beware (Intro & Chapter 1): Getting the World's Cheapest Loan

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by Carolyn Warren
     
 

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This is the eBook version of the printed book. If the print book includes a CD-ROM, this content is not included within the eBook version.

Read the following excerpt from Homebuyers Beware: Who's Ripping You Off Now?--What You Must Know About the New Rules of Mortgage and Credit, Introduction.

The loan shark who bragged about making $40

Overview

This is the eBook version of the printed book. If the print book includes a CD-ROM, this content is not included within the eBook version.

Read the following excerpt from Homebuyers Beware: Who's Ripping You Off Now?--What You Must Know About the New Rules of Mortgage and Credit, Introduction.

The loan shark who bragged about making $40,000 in commissions off of one homeowner contacted me again. Last time we met, we enjoyed filet mignon at an upscale restaurant, Daniel's Broiler, overlooking Lake Washington, and he divulged to me his secret for overpricing loans, which I revealed to the world in Mortgage Rip-Offs and Money Savers. What would he have to say to me now? I wondered if he'd be angry.

I couldn't help but shudder at the sound of his voice over the phone, and yet, I couldn't resist the invitation to meet with him again. I just had to know how his "story" ended. Had he reached his goal of retiring rich while still a young man?

He suggested we get together at Starbucks, quite a step down from the elegant steak house we dined at before, but I didn't care. For me, it was all about the insider information.

So with a tall skinny DoubleShot in hand, I settled comfortably into a mocha-hued leather chair to hear what Mr. Big Commissions had to say. He wasted no time getting right to the point.

"What if I could show you how people can pay off their 30-year mortgage in seven to ten years without refinancing and without changing their current lifestyle-would you be interested?" he asked. To continue reading, purchase and download now.

Product Details

ISBN-13:
9780137054657
Publisher:
Pearson Education
Publication date:
10/14/2009
Sold by:
Barnes & Noble
Format:
NOOK Book
Sales rank:
464,319
File size:
219 KB

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Homebuyers Beware 3 out of 5 based on 0 ratings. 12 reviews.
AbbottJack More than 1 year ago
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.
Anonymous More than 1 year ago
Not bad.
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Anonymous More than 1 year ago
Just based on the first chapter, it looks like this will be readable, but not as much depth as the intro suggests.