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Homebuyers Beware: Who’s Ripping You Off Now?--What You Must Know About the New Rules of Mortgage and Credit
- By Carolyn Warren
- Published Oct 15, 2009 by FT Press.
- Copyright 2010
- Dimensions: 6 X 9
- Pages: 288
- Edition: 1st
- Book
- ISBN-10: 0-13-702016-3
- ISBN-13: 978-0-13-702016-4
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Product Author Bios
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.
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: Who’s Ripping You Off Now? – What You Must Know About the New Rules of Mortgage and Credit, 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. Warren covers topics from real estate negotiation, to powerful tips on getting lower interest rates, to avoiding bogus junk fees, and everything in between:
· High-tech “smoke and mirrors” that can trick you into overpaying
· Quick, easy, powerful ways to fix your credit
· Uncovering the costly secrets of the Yield Spread Premium
· The latest laws and credit rules and what they mean to you
· New plans for recovering from bad credit, foreclosures, or short sales
“Carolyn Warren is my go-to expert for mortgage industry information. She not only helps you avoid rip-offs, she helps you know what questions to ask and how to ask them. Full of tips, scripts, and sample letters, Homebuyers Beware is an extremely valuable book that I recommend to all my readers!”
--Alison Rogers, “Ask the Agent” columnist, CBS Moneywatch.com
“In this fun-to-read volume, mortgage industry insider Carolyn Warren tells you what real estate cheats and mortgage scammers do NOT want you to know: the tricks, the deceptions, and the outright frauds that would otherwise add thousands, maybe tens of thousands of dollars to your mortgage. Get it. Read it. And take it to the mortgage broker with you. You’ll be glad you did!”
--Clayton Makepeace, The Total Package, Makepeacetotalpackage.com
“In Homebuyers Beware, Carolyn Warren directs her keen eye at the mortgage and credit markets in the wake of the housing bubble. With an insider’s knowledge, plenty of interesting anecdotes, and helpful reference information, Warren is a cheerful teacher leading readers down the path to homeownership and pointing out pitfalls along the way.”
--Ben Meyer, InternetBrands.com
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20 of 20 people found the following review helpful
I lost everything in the mortgage crash!, By
This review is from: Homebuyers Beware: Who¿s Ripping You Off Now?--What You Must Know About the New Rules of Mortgage and Credit (Paperback)
Customer review from the Amazon Vine™ Program (What's this?)
I was not a major real estate investor, just an average homeowner, but I had a "friend" who was a mortgage broker for Countrywide. He kept pushing me into (what I know now were) increasingly worse loans. At the top of the market he came to me with an income property that was such a great deal that if I didn't jump on it he was going to buy it himself (and I believed that? What a sucker!) I didn't listen to my inner voice which kept telling me that none of this added up. Instead I deferred to him because I thought he was an "expert" who knew so much more than me (turns out he didn't even have a high school diploma and had only been selling mortgages for 6 months when I met him... before that he sold used cars!) I also thought that he had my best interest at heart, when, in fact, the only thing he cared about was his commissions.I'm currently in a short-sale on that investment property: it's in escrow for 1/3(!!) of what I paid for it and we were lucky to get that. My... Read more
16 of 16 people found the following review helpful
This book will save you many,many times the price you pay for it, By Temujin53 (Rancho Cucamonga,CA) - See all my reviews
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This review is from: Homebuyers Beware: Who¿s Ripping You Off Now?--What You Must Know About the New Rules of Mortgage and Credit (Paperback)
As a small businessman and even smaller real estate investor,a licensed R.E.Broker and General Contractor,I wholeheartedly recommend Homebuyers Beware to all home buyers,first timers and seasoned investors alike.I read Carolyn Warren's first book,Mortgage Rip-Offs,a few months ago and liked it so much I contacted her for consultation re:refinancing of my properties.Eventhough I bought my first home over 30 years ago and many since,I must confess I know NOTHING about yield spread premium and the way brokers/lenders use YSP to add income to themself before reading that book.The YSP information alone was worth thousand times the cost of the book(approx.$13 from AMAZON.COM)because I know absolutely, definitely that the brokers' additional income must come only from one source : borrowers like you and me. There were other important information for ALL mortgage seekers in the first book :how to negotiate for lower fees and rates,whether to pay point,how and what to do... Read more
5 of 5 people found the following review helpful
A Must Read to Understand Mortgages and Credit, By
This review is from: Homebuyers Beware: Who¿s Ripping You Off Now?--What You Must Know About the New Rules of Mortgage and Credit (Paperback)
Customer review from the Amazon Vine™ Program (What's this?)
We are a financially illiterate nation. No one book can be all things to all people; however, this book will go a long way in ensuring readers of this literary gem tackle the challenge of understanding credit and mortgages. I thoroughly enjoyed this book. It was an easy read that only took a few hours to complete and yet it gave a comprehensive overview of credit and the mortgage process. The author articulated in an honest and straightforward manner the right and the wrong way to do business based on what she has seen from both perspectives in her time in the industry working for both the big boys in the industry and smaller players.As someone who has spent many hours studying and teaching about credit and mortgages, I feel the reader will walk away better for having invested the time in reading this book and I will not hesitate in recommending it to others. I can confidently say that this book will clearly pay for itself as any of the multiple solid strategies... Read more |
Online Sample Chapters
Homebuyers Beware: Getting the World's Cheapest Loan
Homebuyers Beware: New Rip-Offs
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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