Mortgage Confidential: What You Need to Know That Your Lender Won't Tell You (Paperback)

~ (Author)
Key Phrases: nonlender fees, nonlender charges, wholesale lender, Fannie Mae, Freddie Mac, Blue Bank (more...)

Editorial Reviews

Review

"It is easy to understand, but, more importantly, it includes mortgage secrets not revealed elsewhere. On my scale of one to 10,this outstanding book rates an off-the-chart 12." -- Robert J. Bruss, Syndicated Real Estate Columnist

“The greatest service Reed provides is acting as an interpreter. Mortgage Confidential is like reading the Cliff's Notes for Hamlet. You shouldn't substitute the notes for actually reading the play, but reading the notes beforehand can help you understand the language. You feel less intimidated…. If you don't want to be like a third of homeowners who don't know what type of loans they have, get a copy of this book."

-Michelle Singletary, Washington Post

Review

"""An indispensable guide to answer any question imaginable when you're buying a home or other property. If you own your own business, have had credit trouble or just want to learn more about the amazing array of current real estate mortgage products, Mortgages 101 can help."" -- Bookpage

""Reed follows the question-and-answer format and covers just about every issue that can come up, from how much to put down to the various types of mortgages available. Perhaps the best thing Mr. Reed does is explain, simply, how banks determine your creditworthiness."" -- New York Times

""On my scale of 1 to 10, this outstanding home-mortgage book rates an off-the-chart 12."" -- Robert J. Bruss, Inman News Service

""Reed, an experienced loan officer and columnist for Realty Times, offers an easy-to-digest look at the world of mortgages. [He] writes in a straightforward, conversational tone and offers appropriate cautions."" -- Publishers Weekly

""With consumer-friendly language and an easygoing tone, Reed answers over 250 common, yet critical borrower questions...Give this book to any potential customer -- first-time buyers, move-ups, and experienced homeowners alike -- and they will come back to you more informed and confident in their mortgage proceedings."" -- Mortgage Originator magazine"

"Get a copy of this book."

-Michelle Singletary, Washington Post

“This book provides the roadmap to steering clear of certain traps of the mortgage game.”

-Sunday Star-Ledger (Newark)

“[Reed] gets better with each book he writes. You can read this book and laugh out loud while actually learning.”

-The Plain Dealer (Cleveland)

“The only people who should read Mortgage Confidential by mortgage broker David Reed are home buyers who want to avoid unnecessary mortgage fees, homeowners who want to refinance and save money, and real estate agents looking out for the best interests of their buyers…. This is one of the very few real estate books that cannot be recommended too highly. It is easy to understand, but, more importantly, it includes mortgage secrets not revealed elsewhere. On my scale of one to 10, this outstanding book rates an off-the-chart 12.”

---Robert Bruss, nationally syndicated real estate columnist

See all Editorial Reviews

Product Details

• Paperback: 240 pages
• Publisher: AMACOM (December 8, 2006)
• Language: English
• ISBN-10: 0814473695
• ISBN-13: 978-0814473696
• Product Dimensions: 8.9 x 6 x 0.7 inches
• Shipping Weight: 12 ounces (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars  See all reviews (12 customer reviews)
• Amazon.com Sales Rank: #416,610 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

31 of 33 people found the following review helpful:

5.0 out of 5 stars Another Home Run!, December 21, 2006

By	Gary Frimann (Gilroy, CA United States) - See all my reviews (REAL NAME)

Author David Reed has done it again! I read his first book, Mortgages 101 and like it so much that I bought this one without any deliberation. I have been reading his column in Realty Times for years, and always enjoyed them.
In a clear, concise, easy to read manner, the author has set forth in simple and easy to understand terms the truth about mortgages and mortgage lending. Everything is explained, such as where mortgage money comes from, to how Annual Percentage Rate is determined to shopping for a loan and (hopefully) avoiding some "junk" fees. Also included is the commonly misunderstood diferrences between a Bank, a Mortgage Bank, and a Mortgage Broker. All this ads up to a great book to read for the consumer who is shopping for a mortgage loan. Details too numerous to explain here, but you won't regret buying this book, if you are eithar purchasing a home or refinancing. The "confidential" part of the title is the stuff Loan Agents know, and he has made it available to the reader.

One very miniscule flaw I picked up, with perhaps no relevance, is on page 150: It states that rate caps protect you, "even if they go into the 20% range as they did in the late 1980s." I think he meant the early 1980s. A time we'd all like to forget...

Another interesting thing I picked up was that he did address the once popular pick-a-payment loan, which I like in certain circumstances and he has disdained in his column. They do work well for some people in some situations, and I was glad to see him recognize that (page 159), although he does advise to people to avoid them. Glad to see a slight concession.

This is a highly informative book, which doesn't include a lot of math (the only math, really, is easy to understand graphics), which makes it the best book on the market to easily understand the whole process of lending- being a consumer or loan officer. Good job on this book Mr. Reed! Buy this book--you won't regret it...

4 of 4 people found the following review helpful:

4.0 out of 5 stars Highly Recommended, August 31, 2007

By	James (Seattle) - See all my reviews

This is a well-written easy-to-follow book that keeps you glued to it. The only small criticisms I have are that the book really should have a bullet-point summary at the end of each chapter so readers can refer to for practical use. There is so much to remember that as written, it is not in a format enabling one to use in the real world unless you memorize everything.

Also, the book would have been more useful if it were written a few years ago. Now and in the future, some of the secrets exposed will not be applicable due to the expected overhaul of this corrupt and abusive industry. However, many things won't change. Even still, these changes will take several years. Therefore, this book is a must-read if you plan to get a mortgage. If I could, I would give it a 9 of 10 stars (instead of 4 of 5). Overall, well done. We need more books exposing the corruption and deceit by industries in America.

2 of 2 people found the following review helpful:

5.0 out of 5 stars An invaluable guide., February 6, 2008

By	Midwest Book Review (Oregon, WI USA) - See all my reviews

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.