Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance
Products for Sale — By Shopping Blogs on September 20, 2009 9:02 am
Product Description
Carolyn Warren better get a bodyguard. Her new tell-all on the mortgage industry exposes so many of the lending industry’s favorite frauds, every loan officer from Seattle to Miami is going to be gunning for her! Mortgage Rip-Offs and Money Savers is like a map that guides you around the carefully camouflaged landmines laid by lenders. And it gives you simple, step-by-step directions for saving tens of thousands of dollars. If you’re looking for ways to save a king’s ransom on your mortgage and monthly payments, you simply must read this book. — Clayton Makepeace, founder and president, The Profit Center
Topics include:
* Why calling around for the best interest rate is a BAD idea (and what to do instead).
* How to force lenders to disclose their hidden fees.
* The Dirty Dozen: Junk fees You should not pay.
* How to get the lowest possible rate.
* Uncover the best-kept secret of the mortgage industry.
* Avoid the five most common unpleasant closing surprises.
* Turning a denied loan into an approved loan.
* and much more.
Popularity: 1%
Tags: clayton makepeace, industry insider, step by step directions
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5 Comments
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.
Rating: 1 / 5
Best mortgage book I have ever read. Carolyn Warren shed an entirely new light on how the brokers and banks are out to get you.
Rating: 5 / 5
Very helpful book on mortgages. Very well put together and an easy read. Great job Carolyn and thanks for the tips!
Rating: 5 / 5
An interesting book with some some amusing anecdotes. But generally, more hype than substance. She could have summarized the book in about 10 pages. Good for entertainment though.
Rating: 3 / 5
Yep, once you understand the insider view of the mortgage business it gets your dander up. Great insight into why the banks have the biggest buildings in town! No they are not on your side, they are in it for the money, your money and most people are like sheep to the shearing. Keep coming back for more and the mortgage people love it. Quit being sheared, this book will show you how!
Harlan Goerger, Author The Selling Gap, Selling Strategies for the 21st Century
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Rating: 4 / 5
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