Tips and Traps When Mortgage Hunting 2/e (Paperback)

~ (Author) "Shopping for a mortgage today is a bit like shopping for a car..." (more)
Key Phrases: Fannie Mae, Freddie Mac, New York (more...)

Editorial Reviews

Product Description

America's #1 real estate expert helps home buyers make the most of thehome mortgage revolution. Robert Irwin's popular Tips & Traps series has already helped more than one million home buyers and sellers make their real estate transactions less painful and more profitable. Now fully updated, the author spells out all the recent changes in the home financing industry, from new mortgage types to new eligibility standards, to the new computerized approval process to the pros and cons of using a mortgage broker. As always, readers will find the kindof all-inclusive, straight-from-the-hip advice they have come toexpect from Robert Irwin, in a clear, easy-to-follow style everyonecan understand.

From the Back Cover

With hundreds of mortgages now available, how do you choose the one that's right for you? Congratulations! Chances are you're buying a new home or refinancing an old one and are now in the process of applying for a mortgage loan. Before making any decisions that could affect the next 30 years of your life, arm yourself with this edition of Tips & Traps When Mortgage Hunting. There are so many loans now available for practically every situation. America's leading real estate authority, Robert Irwin, will help you cut through the confusion and find the mortgage that fits your needs and is right for your budget. If one of your biggest concerns is paying too high an interest rate, or shelling out excessive cash for closing costs, this book will save you money by showing you how to find the lowest rates available. In easy-to-understand language, Irwin explains...when to use a mortgage broker, and how to find the right one; how to use the latest technology to conduct a mortgage search on-line; how to shop for and lock in the lowest interest rate; how to avoid being denied a mortgage because of a credit problem; and much more. This clear and comprehensive guide will arm you with the most up-to-date information and insider tips to help you avoid the traps of mortgage hunting and find the right mortgage at the right price.

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Product Details

• Paperback: 287 pages
• Publisher: McGraw-Hill; 1 edition (November 1, 1998)
• Language: English
• ISBN-10: 0070329680
• ISBN-13: 978-0070329683
• Product Dimensions: 8.9 x 6 x 0.8 inches
• Shipping Weight: 13.8 ounces
• Average Customer Review: 2.9 out of 5 stars  See all reviews (7 customer reviews)
• Amazon.com Sales Rank: #2,253,430 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

3 of 3 people found the following review helpful:

5.0 out of 5 stars A must have!, April 10, 2000

By A Customer

The most complete book I've ever seen on hunting for a mortgage. It explained in detail all my options. It even gave me a list of different types of mortgages that I could get and where I could get them. I found it invaluable in getting a lower than market interest rate mortgage from a mortgage broker. (Who cares if he was previously a real estate agent or not-see earlier reviews!)

3 of 4 people found the following review helpful:

1.0 out of 5 stars WAY TOO COMPLICATED, February 28, 2000

By	MICHAEL BAKER GEE (San Diego, Ca.) - See all my reviews

I am a first time homebuyer looking for my first home. I found this book fairly detailed, even though I didn't think so when I leafed through it at the bookstore before I bought it. I think most of homebuyers want streamlined, summarized information, not reams and reams of info we don't understand or can't use. The author seems to know his material, it just takes him quite a while to present it. That's why I gave the book one star instead of two or three.

Also, I am also confused. The author describes mortgage brokers as "mostly real estate agents." I thought mortgage brokers were independent contractors whom the borrower employs to find the best loan out there for the borrower. I have been working with a mortgage broker on my own transaction and I showed him the statement in the book. He said, and I quote, "that's totally inaccurate." He said that the author should have stated that all mortgage brokers should be licensed by the department of Real Estate but that doesn't necessarily make them real estate agents. My broker said he has a real estate license but had never sold a property in the 25 years he's had the license. I think the author should clarify that statement. It's confusing. I know I wouldn't want my realtor to be acting as my mortgage broker, just as I wouldn't want my doctor to be my dentist. Both hold medical degrees but they specialize in totally different fields. Same with brokers and realtors, I would imagine. Also, the few realtors with whom I have worked all told me they have NEVER done mortgage loans and wouldn't even ATTEMPT to try. They refer their business to their favorite mortgage broker or loan officer. Real estate agents list and sell homes. Mortgage brokers make the loans on those homes. Very few would attempt to do both, according to my info from the realtors and the mortgage brokers with whom I have talked.

I live in California. Maybe it's different in other states, but I don't think so and neither did my mortgage broker.

1.0 out of 5 stars Contains Incorrect Information, February 3, 2008

By	Warren - See all my reviews

This review is from: Tips & Traps When Mortgage Hunting, 3/e (Tips and Traps) (Paperback)

I've enjoyed Robert Irwin's books on home buying. He's a real estate agent and has good info to offer on that topic. However, in this book he delves into mortgages. And as most real estate agents do when discussing an industry in which they have not worked, he makes mistakes.

This book contains incorrect information about loans. For example, there is incorrect/inaccurate information about locking the interest rate right in the beginning.

If you want a GOOD book on mortgages written by an industry insider, get Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Fi. Take a look at the reader feedback; it speaks for itself.