Homebuyers Beware (Intro & Chapter 1): Getting the World's Cheapest Loan [Kindle Edition]

Carolyn Warren (Author)

Editorial Reviews

Product Description

This is the eBook version of the printed book. If the print book includes a CD-ROM, this content is not included within the eBook version.

Read the following excerpt from Homebuyers Beware: Who’s Ripping You Off Now?--What You Must Know About the New Rules of Mortgage and Credit, Introduction.

The loan shark who bragged about making $40,000 in commissions off of one homeowner contacted me again. Last time we met, we enjoyed filet mignon at an upscale restaurant, Daniel’s Broiler, overlooking Lake Washington, and he divulged to me his secret for overpricing loans, which I revealed to the world in Mortgage Rip-Offs and Money Savers. What would he have to say to me now? I wondered if he’d be angry.

I couldn’t help but shudder at the sound of his voice over the phone, and yet, I couldn’t resist the invitation to meet with him again. I just had to know how his “story” ended. Had he reached his goal of retiring rich while still a young man?

He suggested we get together at Starbucks, quite a step down from the elegant steak house we dined at before, but I didn’t care. For me, it was all about the insider information.

So with a tall skinny DoubleShot in hand, I settled comfortably into a mocha-hued leather chair to hear what Mr. Big Commissions had to say. He wasted no time getting right to the point.

“What if I could show you how people can pay off their 30-year mortgage in seven to ten years without refinancing and without changing their current lifestyle–would you be interested?” he asked. To continue reading, purchase and download now.

About the Author

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.

Product Details

• Format: Kindle Edition
• File Size: 118 KB
• Publisher: FT Press; 1 edition (October 7, 2009)
• Sold by: Amazon Digital Services
• Language: English
• ASIN: B002S2805A
• Text-to-Speech: Enabled
• Average Customer Review: 4.6 out of 5 stars  See all reviews (70 customer reviews)
• Amazon Best Sellers Rank: #223,602 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
  • #15 in Kindle Store > Kindle eBooks > Nonfiction > Business & Investing > Industries & Professions > Real Estate > Mortgages

Customer Reviews

Most Helpful Customer Reviews

13 of 13 people found the following review helpful:

5.0 out of 5 stars This book will save you many,many times the price you pay for it, November 20, 2009

By 

Temujin53 (Rancho Cucamonga,CA) - See all my reviews

Amazon Verified Purchase

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 with junk fees etc.All those and more were explained and clarified further in Carolyn's second book,Homebuyers Beware.

In her new book,Carolyn takes her readers to the real estate mortgage market situation today.This is most important due to the fact that rules for qualifying for new and refi mortgages changed substantially in the last 2 years it's like we're looking at 2 different creatures altogather :

---no more easy no loan docs. loan,no more easy qualifying loans
---good credit is a must.So are substantial down payment required in most cases
---W-2,income tax returns and bank staments are all standard required docs.
---etc.,etc

Carolyn explained all of the above in practical details,with intended benefit for the consumers.Even for readers who've no credit,with bankruptcy/shortsale in their credit report or who want to repudiate bad info. in his/her credit files.The book is,like her first book,very easy to read and full of helpfull pointers that can be used to save unnecessary fees/chrges made by lenders/brokers.

This book will save you many,many times the price you pay for it.

11 of 11 people found the following review helpful:

5.0 out of 5 stars I lost everything in the mortgage crash!, May 7, 2010

By 

Claire Jordan "Filmmaker - "The Baroness ... (New Orleans, LA) - See all my reviews
(VINE VOICE)    (TOP 500 REVIEWER)   

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)

(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 home was foreclosed on a year ago. Thirty years of excellent credit is destroyed. I'm not blaming the mortgage broker, I could have rejected any of his offers. I was just under-educated about how real estate mortgages REALLY work, but not anymore.

As I read this book, it was like reading a postmortem of my financial situation. I cannot tell you how many times while reading it I shouted, "That Bastard! That's exactly what he did to me!" As I dissected my mistakes and the ways in which I was conned, and learned how to avoid similar traps in the future, I began to feel as though I might actually have some hope of fixing this mess and restoring my good credit and, perhaps, even owning property again someday.

But even if I don't ever buy another piece of real estate, I'm glad I read this book because now at least I understand what happened to me (and to so many otherwise well-educated, successful people,) and I don't feel like such a complete failure anymore. In that regard, this book is better (and way cheaper,) than therapy.

4 of 4 people found the following review helpful:

5.0 out of 5 stars I had no idea!, June 4, 2010

By 

T. Jewell (Seattle, WA) - See all my reviews
(REAL NAME)   

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)

Carolyn Warren's "Homebuyers Beware" book is full of useful, eye-opening information and tips. I purchased it because of a recommendation I saw in a newspaper and, since I'm preparing to buy a house, I thought it'd be a nice read since I'm tired of staring at the computer and doing internet searches for information. Her suggestions concerning getting a Good Faith Estimate up-front, asking Escrow companies about "email fees" (4 of the 5 I've asked do have that), and managing your credit score were wonderful advice. I definitely recommend this book if you are in the market to purchase or refinance a new property! Don't even call for a pre-approval before reading this!