This book has been written to help you, our readers, in pursuing your dream of home ownership. However, my inspiration has always been to help others. A percentage of the proceeds will be used to support a school that has fostered an atmosphere of imagination, desire love, and faith. Although the building was devastated by Mother Nature, the institution remains as a special place for many of us. Therefore, the Juana Colon High School in Comerio, Puerto Rico will receive a contribution from you – the readers of this book. Your support of this worthy cause is most appreciatedCommunity Review
- I was ready to go to shop around and get rates anywhere I could when I bought this book but I am soooooo glad I read it before I actually went shopping. In just the first few chapters I learned more than I ever even thought there was about the process and potential rip-offs. I know the book paid for itself in the first chapter alone. Now I can go into the process educated and feeling very comfortable that I will get the best deal out there.
This is the best asset in my first time home buying process and I would recomend it to anyone looking for a mortage or refinance. Asside from the great information the author writes well and gives good scenarios and stories as well which makes it interesting.
I am in the process of purchasing a home as a first-time home buyer. This week I am heading down to finalize my loan for my dream house. Thankfully I took the time to read this entire book (easily read in 2 days) and found that my own bank was grotesquely taking advantage of me, did not provide accurate information to make any sort of informed decision (all the while they treated me to “good customer service”, pampered and reassured me they’d take care of everything). I found a local mortgage company and loan officer that was honest, did not charge extra junk fees or shady back end commissions and with this book I ended up saving thousands of dollars! An absolute must-have book. I have now made a point of passing this book along to any person looking to buy a home and for them to do the same.
- I am someone who had to learn the hard way about real estate. I looked to buy my first house in areas that had goldmine rushes in appreciation, like Princeton, NJ, Kapaa, HI and finally settled on Portland, OR–one of the most competitive markets in real estate history (last year, prices raised 150 grand in 3 months, and the bubble still has not burst.)
I was in contract multiple times, but since the houses I liked were old, they were plagued with foundation issues, dry rot, water damage…I was so used to bad inspections and dropping properties, I almost fell out of my seat when a perfect, 6 bedroom, Victorian, commercial space had an excellent report.
I was so focused on the front end of my deals, negotiating into contract, I had neglected studying the loan process.
When the sellers to my dream house learned they had backup offers close to 100 grand more than I paid, they did everything they could to throw my deal and restrict my timetable to get a loan. They asked for a week long extension on my inspection period, pretending they would repair misc. small items and then returned saying not only did they not call in contractors, they would not grant me an extension on the close date and practically cackled in my face,”Have fun getting a loan!” I had 2 weeks.
I read 4 books on mortgages, but still felt unprepared. Then, by sheer luck, I found Carolyn Warren’s, Mortgage Rip-Offs and Money Savers and it saved my entire deal.
This book is THE most informative, concise, entertaining book you will ever read on mortgages. It is an absolute crash-course, packed with minute details on the dirty, ugly, greedy world of mortgages.
She tells you how to find a loan in one day, what to say to the lenders, how to cut out their sales pitch and get facts, and she warns you about scams –and trust me, even the most reputable companies, will try to deceive you.
I ended up frustrating so many lenders because I would catch them at every turn. Warren’s book gives you the power to anticipate the games these companies will play with your time, money and future investment. I had no idea how loan officers can be worse than car salespeople and they are relentless.
What will they do to you? Lie, lie and lie some more. They will pretend they cannot get you Good Faith Estimates or Truth-in-Lending forms without running your credit or taking an application fee (never pay this!), they will say their “computers are down” and want to run numbers verbally (thus, it is not binding), they will quote good deals and then act like they made a mistake-more bait and switch, they will not tell you what the wholesale price of their loan is and how much they over-charged you, they throw in junk fees…but even when you think you have it nailed in writing, they can surprise you at the closing table–especially, if they know you are pressed for time and love the house–they will try to change terms or slip in new charges, and conveniently be “unavailable” to correct blatant errors, in your final moments.
In addition to her book, Carolyn Warren runs a website where you can email her questions. She answers within a day and will even look over your Good Faith Estimates and Truth-in-Lending forms. She claims she will save you twice as much money in your closing costs then she charges you, or else your consultation is free.
I was so terrified of losing this deal and expressed my desperation in an email, Carolyn even took the time to call me and give me additional advice.
I am not sure if she does this for everyone, my situation was pretty extreme…so, I hope my stating this will not result in overwhelming requests for a phone call from her…but I feel I should include this in my review because she was incredibly kind and she armed me with the knowledge I needed to protect myself. (Thank you, Carolyn!)
And here are some extra pieces of advice, from me. When you look for a mortgage broker, google “Upfront Mortgage Brokers.” They have a website, with state directories of lenders and brokers. You can read about their philosophies on the website. They will not hassle you about getting Good Faith Estimates or Truth-in-Lending forms…(at least they won’t pretend their “computers cannot generate these” without paying a fee–as Countrywide tried to scam me.) But do NOT let your guard down. Follow Carolyn’s advice, watch the junk fees, use her service–if you want an extra pair of eyes to catch something on the forms. Even the “Upfront Mortgage Brokers” will mess with you. Be Vigilant.
Finally, when you notice a Realtor or Mortgage agent is making “mistakes”–but then is suddenly out of the office or town, not taking your calls? Always get their cell numbers before your time line crunch hits and try dialing *67 before their number. This blocks your number from registering on their Caller ID. Most likely you will nab them, because they won’t want to miss important phone calls from other potential suckers–oops, I mean clients–and you can demand time-sensitive documents be handled/fixed and not ignored.
I wish all of you luck and happiness in finding a home. And I promise you, buying Mortgage Rip-Offs and Money Savers, by Carolyn Warren, will be one of the best bargains you will ever find. I gave this book, as a gift to several friends and they are like me–they cannot shut up about how great this book is! No joke.