Product Description
Product Description
Mortgage Ripoffs and Money Savers reveals how the mortgage industry cheats borrowers out of billions in extra costs every year. Mortgage industry insider Carolyn Warren taps her decade of experience with lenders to expose the tricks, lies, and dirty little secrets they dont want you to know. With her expert guidance, borrowers will save tens of thousands when they avoid the traps so many consumers fall into. Having this inside information is the only way borrowers can truly get the best possible deal. This book presents that knowledge in an interesting and easy format that anyone can understand. Readers wont be victims of the mortgage industry with this invaluable resource in hand. Instead, theyll get the best possible rates, avoid bogus fees, and get the great deal they deserve.

Synopsis
“Mortgage Rip-offs and Money Savers” reveals how the mortgage industry cheats borrowers out of billions in extra costs every year. Mortgage industry insider Carolyn Warren taps her decade of experience with lenders to expose the tricks, lies, and dirty little secrets they don’t want you to know. With her expert guidance, borrowers will save tens of thousands when they avoid the traps so many consumers fall into. Having this inside information is the only way borrowers can truly get the best possible deal. This book presents that knowledge in an interesting and easy format that anyone can understand. Readers won’t be victims of the mortgage industry with this invaluable resource in hand. Instead, they’ll get the best possible rates, avoid bogus fees, and get the great deal they deserve.

This is not only a must read for anyone thinking of buying, selling or refinancing their home but should be part of any real estate or mortgage professional’s library.

Whether you need a mortgage to buy a home or are refinancing your current home loan, this new book provides insight on some of the mortgage industry’s dirty little secrets.

Authors Clyde and Shari Steiner, who have written this book for the borrower’s (not lender’s) benefit, explain key mortgage terms and procedures in everyday English.

For instance, the authors explain computerized loan origination, the mysterious FICO borrower rating system, and why even the biggest mortgage lenders sometimes can’t deliver loan terms they promise.

The best part of the book is the practical advice, written by authors who have obtained 12 home mortgages. For example, the Steiners recommend applying with two lenders at the same time if closing the loan on schedule is critical.

The message “don’t trust lenders” to deliver on their promises comes through loud and clear. Another bit of practical advice is to treat the loan advisor as someone working primarily for the lender, no matter how nice that person might seem.

The book’s highlight is the section on individual nationwide mortgage source sites and 800 numbers. It lists virtually all major Internet sites for home mortgage information and making online loan applications to earn discounts. The Steiners rate each mortgage Web site too.

The appendix contains the National Money$ource Director, Loan Evaluation Checklists, Loan Amount Charts, Loan to Value Worksheets, Refinance Evaluator and Where To Get Credit Reports.

Much of the insider information is available nowhere else.

–From Review by Robert Bruss – Chicago Tribune Syndicate

€ No credit-check assumable mortgages
€ Easy “Owner Will Carry” seller financing
€ “Lease With Option,” the way to buy with no money down
€ The 30/70 rule that lands a bank no-credit mortgage
€ Five exciting, unconventional, yet totally legal routes to no-credit home ownership
€ “Property in trouble” deals
€ A buyer’s guide to pitfalls

Customer Review: Helpful and Useful
I purchased this book today and finished it today. I could not put it down. It has alot of useful information in it on different options on buying a home without using credit. The authors speak in terms that anyone could understand if not there is a glossary in the back of the book. They use many different examples to go along with each option. This book gave me courage and makes me feel like I have a chance purchasing a home. But to be honest I am not sure how well the advice will work in my over-priced area. There does not seem to be too many listings for the options they give in the book. After all though I am optimistic cause it is a buyers market right now. Overall I would recommend you read this book, it could prove to be useful.

Customer Review: This is the REVISED edition – An Excellent Book with Many Ideas
Before I start my review – please note that some of the other reviews below pertain to the first version of this book from the early 90’s. The book I’m reviewing – and the book that Amazon has pictured here for purchase is the REVISED 2004 Edition of the book. Before my purchase, I was confused by the reviews below – and confused about the author’s message below – but I bought it anyway and I can assure you that the book being sold here is the REVISED Edition. I thought I would point this out.

This book arrived only 2 days ago. I spent the whole first night reading through most of it – and skimming some chapters. It’s a quick and easy read – but it jam packed with useful tips and ideas.

Before I found this book, I had read a couple other books on this subject which only whet my appetite but didn’t get into enough detail to be practical.

Authors Mungo and Yamaguchi do an excellent job of explaining various options for buying without credit. There are many angles of approach – from assumable (yes they still exist), seller financed, leasing with option to buy, and other things I hadn’t heard of before – but was glad to learn about. The authors also tell you things not to do to keep you out of trouble. They give you sample letters and forms so you have an idea of what you might propose to a seller. They explain where to get more indepth forms and documents if you need them. They help you understand how much you can afford to pay for a home, so you don’t bite off more than you can chew. They advise playing it safe and explain when you will want to have an attorney or escrow service or house inspector involved to save you heartache and legal trouble down the road. Amazingly well written. Very detailed. The authors explain not only where to find these opportunities (some of which surprised me a great deal but seem obvious now that I know), and how you might be able to persuade certain sellers in the right circumstances (especially when the seller sees how much they stand to gain by working with you – and how committed to succeeding we as buyers are when we have invested our money in a property).

Over all, this was a very down to earth, ethical look at how to buy a house when you really can’t get a mortgage. There is no hype or lies attached to this book. It is all straight from the hip and not sugar coated. They don’t pretend that you’re going to find these deals jumping out at you from every angle – but they tell you how to find sensible houses in reasonable areas without losing your shirt. They tell you how to find what other folks don’t know how to look for. Kudos to the authors! I hope you keep writing books like this. I finally see how I’m going to have a house of my own in the not to distant future! And when I do it, I hope to find a house to fix up and sell as a seller financed deal as income for myself.

Thanks Dan for writing such a valuable book.

Customer Review: DANIEL KAHN REALLY OUT DID HIMSELF!
I’ve read several Mortgage Broker books in preparation of starting my own Mortgage Broker firm. I can sincerely state that this is the most concise and informative Mortgage Broker book I’ve read. Daniel not only breaks the Mortgage Industry down into layman terms, but he also provides his readers access to his personal business web site.

GREAT JOB DAN!

* qualify for a larger loan
* avoid credit repair scams
* complete the loan application to maximize the chances of approval
* pay zero closing costs
* avoid origination charges
* determine whether paying “points” can save them money
* know when a loan officer is lying
* identify a “rip-off” loan program
* and more!

Whether looking into securing a mortgage for the first time or seeking to refinance, Mortgage Confidential gives readers the confidence and information they need to get through this complicated process and find the ideal loan for their needs.

Customer Review: An invaluable guide.
David Reed’s MORTGAGE CONFIDENTIAL: WHAT YOU NEED TO KNOW THAT YOUR LENDER WON’T TELL YOU tells everything a lender won’t about what they really look for in an application before approving a loan, and is a pick for any solid real estate collection and for any who would understand the loan process. From qualifications for different size loans to avoiding scams and maximizing chances for loan approval, MORTGAGE CONFIDENTIAL is an invaluable guide.

Customer Review: great mortgage information
I’d read a good review of this book before buying it, but I was surprised at how much useful information is in the book – highly recommended even if you think that you’re pretty knowledgeable about mortgages.

The High-Income Mortgage Originator

“The authors have produced a comprehensive guide to becoming a successful mortgage originator. The book will benefit both the entry-level and seasoned originator.”
—Anthony N. Gugliotti, Vice President, Naugatuck Savings Bank

“The High-Income Mortgage Originator is a must-read for anyone starting out in the industry or changing careers. I found that the book clearly illustrated the necessary information, skills, and knowledge needed, complete with forms and tools, to get started in the business. More importantly, the authors emphasized the service side of the mortgage business, which would greatly benefit someone just starting out.”
—Mary Sue Cavanagh, Executive Director, EntrepreneursNOW, Inc.

“The author writes step-by-step procedures in detail, spelling out regulations and including forms. Key communication skills and operating practices are explained throughout the text. This book truly will provide a business opportunity for readers who take it seriously!”
—Byron Eddy Waterman, EdD, Connecticut Adult Education System

Customer Review: extremly helpful and well written
This book is truly the single most helpful book I have ever read on the subject. It’s concise and to the point nature makes what is usually a dry topic into a quick and surprisingly enjoyable read. I highly suggest you pick up this book it will help you more than you can imagine. If I could give it more than five stars I would. 10/10

Dr. James Hu discusses the major changes within the mortgage market that may affect the fundamentals of mortgage securities. Some of these are: the recovery of the REMIC market after its collapse; the flourish of private-label securities; the growth of equity loan-backed securities and its establishment as a member of the fixed-income securities family. Also included are additional historical data for all exhibits. Mortgage pre-payment, dollar rolls, and private-label mortgage-backed securities are also addressed.

Customer Review: Great intro.but don’t read it by itself if you want to really understand this subject
This book was a great introduction to the basics of mortgage-backed securities, exactly as the title professes. It is loaded with graphs and tables to help readers understand the quantitative sections.

If you really want to understand this subject though, read Fabozzi and Modigliani’s “Mortgage and Mortgage-Backed Securities Markets” as well as (or even in lieu of) this book. It dates back to the 80s, but together with this book you will have a firm grasp of the fundamentals, and you can easily understand recent developments.

Customer Review: Good Overview of Mortgage Backed Securities
Anyone interested in learning the basics of MBS will benefit from this book.

Author Dr. Joseph Hu does a fine job of examining the following topics in 12 chapters: residential mortgages, US residential mortgage market, pass-throughs, prepayment, basic mortgage math, ARMs, multiclass pass-throughs, private labels, HELOC-backed securities, dollar rolls, relative value analysis and historical performance of MBS.

Some data is dated (1990’s). Then again, the book has a 2001 copyright. Nevertheless, the fundamental concepts of MBS are comfortably examined in 168 pages.

Hu did a fine job elaborating on mortgage prepayment and the primary reasons for it (refinancing and housing turnover). I also benefited from Chapter 7’s focus on multi-class pass throughs, where CMOs, PACs, Floaters, IOs and POs are briefly discussed.

There are more illustrative graphs than confusing formulas in this book. All in all, I found “Basics of Mortgage-Backed Securities” to be quite readable. Overall, I give this book a 3 1/2 star rating. Readers interested in getting much more detail about MBS should consider “Salomon Smith Barneys Guide to Mortgage Backed and Asset Backed Securities” (Hayre).