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Covers the new mortgage realities and exposes the con artists taking advantage of today's desperate consumers.
Everything you thought you knew about financing a house has changed. Your future depends on knowing today’s mortgage and credit realities: Relying on older information could cost you a fortune or keep you from buying a house altogether. In Homebuyers Beware: Who’s Ripping You Off Now? – What You Must Know About the New Rules of Mortgage and Credit, Carolyn Warren reveals the new realities of home financing and shows exactly how to take advantage of them, whether you’re buying your first home, refinancing, struggling with imperfect credit, or planning to invest in real estate.
Homebuyers Beware reveals new secrets homebuyers simply can’t afford to miss and exposes new scams that target today’s eager consumers--including new loans that look great on paper but are every bit as dangerous as yesterday’s subprimes. Unlike other mortgage guides, this book fully reflects today’s radically new mortgage requirements, in addition to the latest federal housing legislation and how to improve your credit rating. Warren covers topics from real estate negotiation, to powerful tips on getting lower interest rates, to avoiding bogus junk fees, and everything in between:
· High-tech “smoke and mirrors” that can trick you into overpaying
· Quick, easy, powerful ways to fix your credit
· Uncovering the costly secrets of the Yield Spread Premium
· The latest laws and credit rules and what they mean to you
· New plans for recovering from bad credit, foreclosures, or short sales
“Carolyn Warren is my go-to expert for mortgage industry information. She not only helps you avoid rip-offs, she helps you know what questions to ask and how to ask them. Full of tips, scripts, and sample letters, Homebuyers Beware is an extremely valuable book that I recommend to all my readers!”
--Alison Rogers, “Ask the Agent” columnist, CBS Moneywatch.com
“In this fun-to-read volume, mortgage industry insider Carolyn Warren tells you what real estate cheats and mortgage scammers do NOT want you to know: the tricks, the deceptions, and the outright frauds that would otherwise add thousands, maybe tens of thousands of dollars to your mortgage. Get it. Read it. And take it to the mortgage broker with you. You’ll be glad you did!”
--Clayton Makepeace, The Total Package, Makepeacetotalpackage.com
“In Homebuyers Beware, Carolyn Warren directs her keen eye at the mortgage and credit markets in the wake of the housing bubble. With an insider’s knowledge, plenty of interesting anecdotes, and helpful reference information, Warren is a cheerful teacher leading readers down the path to homeownership and pointing out pitfalls along the way.”
--Ben Meyer, InternetBrands.com
Introduction: New Rip-Offs 1
Chapter 1: Getting the World's Cheapest Loan 11
Chapter 2: What's New with Credit 19
Chapter 3: Quick, Easy Ways to Raise Your Credit Score 29
Chapter 4: Aggressive, Innovative Ways to Fix Credit 39
Chapter 5: Five-Step Plan for People Working Toward Buying a Home 51
Chapter 6: How to Recover from a Foreclosure or Short Sale 57
Chapter 7: Beware of Privacy Pirates! 57
Chapter 8: Don't Buy a House Until You Read This 63
Chapter 9: When is the Best Time to Buy a Home? 69
Chapter 10: The Loan Process in Ten Easy Steps 81
Chapter 11: Choose the Right Loan for YOU 87
Chapter 12: Broker, Banker, or Direct Lender? 97
Chapter 13: How to Shop for a Loan Without Getting Tricked 103
Chapter 14: The Truth About Fees 113
Chapter 15: Five Things You Need to Know About YSP 135
Chapter 16: How the YSP Controversy Affects You 145
Chapter 17: The Good Faith Estimate: Tricks and Traps 151
Chapter 18: When to Lock in Your Rate, When to Float 165
Chapter 19: What Does It Take to Get Approved? 173
Chapter 20: Why You Need Agent Representation 181
Chapter 21: Ten Things You Must Know Before You Refinance 199
Chapter 22: Is Refinancing a Good Financial Move? 207
Chapter 23: I'm Glad You Asked: Refinancing Q and A 213
Chapter 24: Unique Loans, Unique Situations 217
Chapter 25: Beware of Radio Ads 225
Chapter 26: Stop Clicking on Mortgage Ads 229
Chapter 27: Deception Exposed 233
Chapter 28: Watch Out for the Ten-Million-Dollar Mortgage Man (and His Cohorts) 241
Chapter 29: Home Value Rip-Offs 247
Chapter 30: Final Thoughts 251