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| Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance | 
 enlarge | Author: Carolyn Warren
Publisher: Wiley
Category: Book
List Price: $17.95
Buy New: $9.57
You Save: $8.38 (47%)
Buy New/Used from $8.48
Avg. Customer Rating:  (64 reviews)
Sales Rank: 38048
Languages: English (Original Language), English (Unknown), English (Published)
Media: Paperback
Number Of Items: 1
Pages: 256
Shipping Weight (lbs): 0.7
Dimensions (in): 8.9 x 5.9 x 0.9
ISBN: 0470097833
Dewey Decimal Number: 332.7220973
EAN: 9780470097830
ASIN: 0470097833
Publication Date: May 4, 2007
Availability: Usually ships in 1-2 business days
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| Customer Reviews:
Chapter 5 is Worth $10,000 November 7, 2007
4 out of 4 found this review helpful
I am a mortgage broker and I highly recommend this book. I can state emphatically that Carolyn's stories about mortgage brokers bragging about how much money they make are true...and repulsive, at least to me. When I've met mortgage brokers brag how they charge one point upfront, and make 2 or 3 on the "back end," I immediately think that they ripped off an unsuspecting customer. Read all of Carolyn's book, but when you get to Chapter 5, you'll soon realize that this knowledge alone can save you many thousands of dollars. My hat is off to Carolyn who tells it like it is...I wish I read this book before I got in the business. I am highly recommending it to all my clients.
Required Reading November 5, 2007
2 out of 2 found this review helpful
I'll speak to what I know. This book is a must read for anyone in the market for their first mortgage. It's a no-nonsense, practical tool for the first-time home buyer. We used the tips and strategies Ms. Warren laid out, and feel we came away with a good, competitive mortgage and an honest broker. Mortgage Rip-Offs and Money Savers, along with Home Buying for Dummies or something similar, should be required reading for anyone getting ready to purchase a home. Sorry, can't speak to the advice on refinancing - didn't read it.
AYP is well explained October 25, 2007
2 out of 2 found this review helpful
What? "Do some lenders or brokers not disclose this"? The poster, non-fiction rules, must be with a lender protecting dishonest and abusive behavior. Flip it - what percentage of lenders clearly disclose back end commissions, manipulated rates, AND junk fees? I read the book and YSP is very adequately explained! How long has it taken for one person to step forward and expose years of greed and trickery in this industry? Mortgages are not "entitlement" programs to benefit lender lifestyles. This book is a must read for everyone. Cheers to Carolyn Warren!
 Another view of YSP October 23, 2007
4 out of 22 found this review helpful
YSP or Yield Spread Premium is compensation that a lender pays to a broker. Oftentimes, YSP is used to assist a borrower in reducing closing costs. Otherwise, a borrower may not have sufficient assets to close a loan. As an example, a 'par' rate might be 7%. A broker fee paid by the borrower might be 2% of the loan amount. On a loan size of $150,000, the broker fee would be $3,000. If the borrower was not able to pay all closing costs, YSP could be used to pay the broker fee. The rate with 2% YSP in this example would probably be 8.2%. The borrower is paying the broker fee within the confines of the higher rate, but saves $3,000 at closing. Some transactions might not occur without the use of YSP. Do some lenders or brokers not disclose this? By law they have to disclose it. Please be aware that everyone claiming to be an expert is not always an expert.
This book will save you tons of money! October 21, 2007
6 out of 6 found this review helpful
This book is for everybody...those who've already bought a property, those who are contemplating buying a property, those who want to learn more about mortgages, those interested in real estate. Carolyn Warren does a good job of explaining the ins and outs of mortgages and how loan officers/brokers/lenders get paid. If you've already bought a property, you can review your papers to see if you got taken to the bank. If you haven't bought a property yet, you can educate yourself on what to look for. What's really important is the YSP!! The YSP, or yield spread premium, is what the loan officer/broker/lender makes on your loan. I would buy this book just on the chapter about YSP alone! She gives a lot of great examples of what you should look for in your mortgage papers as well as junk fees you should avoid, fees you can negotiate and fees you will have to pay. When I bought this book, my friend was in the process of buying an investment property. She recently spoke to a loan officer and she didn't understand any of the papers. I called the guy the next morning and asked about the fees he was charging and his YSP. He acted like he didn't know what the YSP was (probably cuz he knew he was dealing with an educated buyer). Needless to say, he called my friend afterwards and said he was impressed with my phone conversation. He actually thought I worked in the lending business. I even emailed the author about my friend's situation and she returned my email within 3 hours!! If you have a quick mortgage question, she'll email you within 24 hours. I found this book to be highly informative and educational. It will definitely save you money! I'm sure those who work in the industry can't be too happy with this book, but it's good to see an industry insider like Ms. Warren blow the roof off the shady lending practices! Now is definitely the time to buy this book!
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