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Mortgage Confidential: What You Need to Know That Your Lender Won't Tell You Paperback – December 8, 2006


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Frequently Bought Together

Mortgage Confidential: What You Need to Know That Your Lender Won't Tell You + Decoding the New Mortgage Market: Insider Secrets for Getting the Best Loan Without Getting Ripped Off + Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan
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Product Details

  • Paperback: 240 pages
  • Publisher: AMACOM (December 8, 2006)
  • Language: English
  • ISBN-10: 0814473695
  • ISBN-13: 978-0814473696
  • Product Dimensions: 9 x 6.1 x 0.7 inches
  • Shipping Weight: 12 ounces
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (14 customer reviews)
  • Amazon Best Sellers Rank: #1,957,358 in Books (See Top 100 in Books)

Editorial Reviews

Review

“This book provides the roadmap to steering clear of certain traps of the mortgage game.” --Sunday Star-Ledger (Newark, NJ)



“[Reed] gets better with each book he writes. You can read this book and laugh out loud while actually learning.” --The Plain Dealer (Cleveland, OH)



“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



"Mortgage Confidential is like reading CliffNotes for Shakespeare's Hamlet....Reed breaks fown the lingo of the industry and provides good unbiased information that will help you ask the right questions and avoid getting snookered. If you don't want to be like a third of homeowners who don't know what type of loan they have, get this book." --Michelle Singletary, Washington Post, nationally syndicated columnist



“This consumer-oriented book is easy to understand, but, more important, it includes mortgage secrets not revealed elsewhere.” --Los Angeles Times

Book Description

"Mortgage Confidential is an insider’s look at the mortgage process for anyone concerned with getting the best deal (and not being taken advantage of) while financing their home. The book goes beyond the basics, revealing the options lenders don’t often divulge to their clients, what they really look for before they approve a loan, which costs they have control over, little-known sources of down payment money, and whether to trust loan officers recommended by Realtors. The book tells readers everything their lender won't, including how to:

* qualify for a larger loan

* avoid credit repair scams

* complete the loan application to maximize the chances of approval

* pay zero closing costs

* avoid origination charges

* determine whether paying ""points"" can save them money

* know when a loan officer is lying

* identify a ""rip-off"" loan program

* and more!

Whether looking into securing a mortgage for the first time or seeking to refinance, Mortgage Confidential gives readers the confidence and information they need to get through this complicated process and find the ideal loan for their needs."


More About the Author

David Reed (Austin, TX) is the author of Mortgages 101, Mortgage Confidential, Your Successful Career as a Mortgage Broker , The Real Estate Investor's Guide to Financing, Your Guide to VA Loans and Decoding the New Mortgage Market. As a Senior Loan Officer and Mortgage Executive he closed more than 2,000 mortgage loans over the course of more than 20 years in commercial and residential mortgage lending.

In November 2012, he joined the consumer information site, www.tacfi.com where he serves as Creative Wizard and Content Editor.

He is Principal of and Lead Writer for CD REED Professional Writers Group, dedicated to web-based marketing, content writing and search engine optimization for the Real Estate, Financial and Mortgage Industries. He has written copy for literally hundreds of websites, authored countless articles and is an expert in Search Engine Optimization.

He has appeared on CNN, CNBC, Fox Business, Fox and Friends and the Today In New York show. His advice has appeared in the New York Times, Parade Magazine, Washington Post and Kiplinger's as well as in newspapers and magazines throughout the country.

Reed was the former Technology Chair for the Texas Mortgage Bankers Association, Board Member and President of the Austin Mortgage Bankers Association. He is married and a father of three in Austin. His website can be found at www.cdreed.com

Customer Reviews

4.1 out of 5 stars
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See all 14 customer reviews
Glad to see a slight concession.
Gary Frimann
Looking over what he wrote online, there's some great info, simply written for consumers in this book.
Dietrich Schmitz
I have a much better handle on what to expect and what to avoid as I head into the mortgage market.
Eric Anderson

Most Helpful Customer Reviews

29 of 31 people found the following review helpful By Gary Frimann on December 21, 2006
Format: Paperback Verified Purchase
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...
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4 of 4 people found the following review helpful By James on August 31, 2007
Format: Paperback
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.
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2 of 2 people found the following review helpful By Midwest Book Review on February 6, 2008
Format: Paperback
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.
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4 of 5 people found the following review helpful By Eric Anderson on May 11, 2007
Format: Paperback
The books use plain everyday English and is very well put together. As a complete novice in the world of mortgage, I got a much better and clearer view from it than I was expecting. If you are a first time homebuyer, it's gold. I have a much better handle on what to expect and what to avoid as I head into the mortgage market. This is, by far, the best of the three books I have read on mortgages.
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1 of 1 people found the following review helpful By Chung Dynasty on June 4, 2009
Format: Paperback Verified Purchase
Many of the stuff that is in this book is already mentioned in Mortgages 101. Although the title has some slightly exaggerated tone, but nonetheless, I would encourage readers to at least check it out at a local library. After all, there aren't that many mortgage resources compared to Wall Street stock market books.
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By Dietrich Schmitz on October 2, 2010
Format: Paperback
OK, I do mortgages and have been working for as in mortgages for 14 years.

I work for a big bank now.

Looking over what he wrote online, there's some great info, simply written for consumers in this book.

That said, ALSO READ OTHER BOOKS. Most of the info looks good. Some of it is a bit off the mark. Just read this along with others and you will be a much better educated consumer.

With this one admonishment, I would also add, there are no texts I've seen myself that are stand-alone, all encompassing and accurate.
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2 of 3 people found the following review helpful By jumpy1 on November 9, 2011
Format: Paperback
I wish I had seen that all the top-listed reviews here are from 2007. This book was always considered goofy since many of the things the author says are "confidential" were either information everyone could know and were not being held back from, or were not true at least in my state. But it was a good place to start for customers wishing to understand what is really going on from a business point of view. There are a lot of interesting tidbits for novices about how rates are determined, etc. In 2011, however, much of the information about getting a mortgage or refinancing is useless after the changes in regulation.

The reason I'm giving this one star is because the book is now "copyright 2011" so I thought it was overhauled before it came out. Well, that copyright is misleading since it is not current and in some places, I found it completely incorrect. I would not recommend this book in the current state to anyone.
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