If you seek information that will help save you money on a mortgage transaction, you've found it!
Kevin Melody spells out trade secrets of the mortgage industry from an insider's perspective, with frank honesty and in plain English. He shows how most borrowers shop for mortgages like they shop for cars: they find the product they want, at a price they believe is fair, then they strike a deal. Unfortunately, unlike a car purchase, a mortgage transaction will not close on the day the "deal" is made. Therefore, unless the borrower is sophisticated enough to know how to make it stick, he really has no deal at all. He has committed himself to the lender, but the commitment may not be mutual. In fact, the rates, costs, even the product itself may change later; at a time when the borrower has, not only an emotional stake in proceeding with the transaction, but also a financial one; and is therefore unlikely to cancel. Whether you're a first-time buyer, or a property owner with many mortgage transactions under your belt, you will save time, money, and frustration by reading this book.
Most Helpful Customer Reviews
I've been in the mortgage industry for many years and am always on the lookout for a good mortgage book I can share with clients and associates, but this book isn't one of them. The author gives out very bad advice, speaking poorly on Bi-Weekly payments, which is a very smart thing to do. The author also mentions how to calculate mortgage payments, which is very incorrect! I would not recomend this book to anyone who wants real information about mortgages. The author did not even show examples of the Good Faith Estimate, Truth In Lending, or the 1003 Apoplication which are the most important documents of the mortgage transaction. I would however strongly recommend 'The Mortgage Book'!