Homebuyers Beware: Who's Ripping You Off Now?: What You Must Know About the New Rules of Mortgage and Credit
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,...
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“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.comGet the Best Mortgage Deal in Today’s Real Estate Markets—and Avoid a Whole New Generation of Scams! Exposes new secrets, lies, and scams the mortgage industry doesn’t want you to know about Reveals how to save thousands right now by finding the best rate and negotiating the best deal Guides you step-by-step through improving your credit and preparing to buy, even if you’ve faced foreclosureEverything 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, 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. From its up-to-the-minute guidance on real estate negotiation to its powerful tips on getting lower interest rates and avoiding bogus junk fees, this may be the most valuable book you ever read! Who’s ripping you off nowHigh-tech “smoke and mirrors” that can trick you into overpaying Quick, easy, powerful ways to fix your creditInnovative ways to raise your credit score or recover from a foreclosure or short sale Uncovering the costly secrets of the Yield Spread PremiumGet past your banker’s lies, learn the truth, and save a fortune The latest laws and credit rules and what they mean to youSo-called anti-predatory laws and codes of conduct actually hurt homebuyers. Learn what you can do to protect yourself from big corporation greed. New plans for recovering from bad credit, foreclosures, or short salesStep-by-step techniques that erase bad credit and raise your credit score faster than you ever thought possible. Learn how to recover from a foreclosure
Introduction New Kip-Offs 1My Credentials 5What's Coming Up 6Easy Reference Guide: Terms to Know 7Chapter 1 Getting the World's Cheapest Loan 11Save Time and Money by Learning from This True Story 11Make Your Experience Easier, Smoother, and Better 18Coming Up Next 18Chapter 2 What's New with Credit 19Are You Getting Ripped Off By Your Own Credit Score? 21How Lenders Rate Credit 23Beware of Bogus Credit Scores 2410 Common Misconceptions About Credit Scoring 25How Your Score Compares with Others' 27Coming Up Next 28Endnotes 28Chapter 3 Quick, Easy Ways to Raise Your Credit Score 29Nine Ways to Raise Your Score, Quick and Easy 30If You Have No Credit History 36Get More Respect with an 800 Score 37Coming Up Next 38Chapter 4 Aggressive, Innovative Ways to Fix Credit 39Innovative Method #1: Use Charm to Get a Goodwill Agreement 41Innovative Method #2: Demand the Removal of Old Collections and Interest Charges 43Aggressive Method #3: Insist They Stand by Their Original Agreement 46Coming Up Next 50Chapter 5 Five-Step Plan for People Working Toward Buying a Home 51Five Fun, Easy Steps to Home Ownership 51Coming Up Next 55Chapter 6 How to Recover from a Foreclosure or Short Sale 57How Long After a Foreclosure or Short Sale Until You Can Buy Again? 59Getting an Exception for Extenuating Circumstances 60The Great American Comeback 60Coming Up Next 61Endnotes 61Chapter 7 Beware of Privacy Pirates! 63How to Protect Yourself from ID Rip-Off Artists 64Five Proactive Steps to Avoid Being a Victim of ID Theft 64Five Steps You Must Take If Your ID Is Stolen 66What to Do IfYour ID Is Lost 68You Can't Be Too Careful 68Coming Up Next 68Chapter 8 Don't Buy a House Until You Read This 69Gain an Uncommon Advantage Over Your Competitors 70Further Explanation About the Earnest Money Deposit 73Coming Up Next 74Chapter 9 When Is the Best Time to Buy a Home? 75When Is It a Good Time to Buy? 75Will You Get a Cheaper Price by Waiting? 78The Folly of "Procrastination 78Coming Up Next 80Chapter 10 The Loan Process in Ten Easy Steps 81Carolyn's Ten-Step Loan Process Checklist 81Coming Up Next 86Chapter 11 Choose the Right Loan for YOU 87How Much Down Payment Is Required? 87Which Loan Program Is Best for You? 88Coming Up Next 96Chapter 12 Broker, Banker, or Direct Lender? 97Find Your Mortgage Star 98What About Credit Unions? 100Coming Up Next 101Chapter 13 How to Shop for a Loan Without Getting Tricked 103Bad Advice Disguised as a Helpful Tip 103How to Find a Mortgage Star 106How to Handle a "Forgotten" Fee 108Why You Need the Good Faith Estimate Before Making a Decision 109Coming Up Next 111Chapter 14 The Truth About Fees 113Why "No Fees" Can Cost You More 116Do You Really Have to Pay That? 117Is This a Good Faith Estimate or a Joke? 128Closing Costs That Are Not Fees 131Coming Up Next 134Chapter 15 Five Things You Need to Know About YSP 135What Is Yield Spread Premium? 136Is YSP a Rip-Off to Borrowers? 136Lenders That Don't Have YSP 137Five Important Principles to Understanding YSP 139Coming Up Next 143Chapter 16 How the YSP Controversy Affects You 145Instructions to Lie 147The Fight Is Coming to Blows 148Coming Up Next 149Chapter 17 The Good Faith Estimate: Tricks and Traps 151Seven Ways They Can Trick You on the Good Faith Estimate 157The New Good Faith Estimate Designed by HUD 160Why the New GFE Fails Borrowers 161Coming Up Next 163Chapter 18 When to Lock in Your Rate, When to Float 165To Avoid Being Victim of a Changing Market, Lock In 165Float-Down Option 166Switching Lenders 166Three Ways to Know When to Lock 167How Long Is a Rate Lock? 169Warning: Get It in Writing 170When Rates Spike Unexpectedly 171Coming Up Next 172Chapter 19 What Does It Take to Get Approved? 173Down Payment Requirements 175Asset Requirements 176Credit Score Requirements 176Adverse Credit 177Income Requirements 177Eligible Borrowers 178Coming Up Next 179Chapter 20 Why You Need Agent Representation 181For Homebuyers 183For Home Sellers 193How to Find a Real Estate Star 198Coming Up Next 198Endnotes 198Chapter 21 Ten Things You Must Know Before You Refinance 199Test Your Refinance I.Q 199Answers with Explanation 200How Did You Do? 204Coming Up Next 205Chapter 22 Is Refinancing a Good Financial Move? 207Six Questions to Ask When Considering a Refinance 207How Much Will It Cost You to Save Money? 209Skipping Ahead to Save Money 210Getting Out of an Adjustable Rate or an Interest Only Loan 210Reaching a Conclusion 210Coming Up Next 211Chapter 23 I'm Glad You Asked: Refinancing Q and A 213Coming Up Next 216Chapter 24 Unique Loans, Unique Situations 217No Income Verification Loan 218Home Equity Line of Credit (HELOC) 218Second Home or Vacation Home 220Duplex or Multiplex Property 220Condominium or Townhome 220Kiddie Condo Loan 221Reverse Mortgage for Seniors 221Coming Up Next 224Chapter 25 Beware of Radio Ads 225Twisted Truth 225Chosen by the Better Business Bureau-So What! 226The Loan "They Don't Want You to Know About" 227Bogus Rate Quotes 227"We Give the Best Service" 228Coming Up Next 228Chapter 26 Stop Clicking on Mortgage Ads 229Three Reasons the "Compete Slogan" Is Deceptive 229Jumping Girls and Rolling Eyeballs: What's Behind Those Action Ads 231Why Advertised Rates Are Phony 232Coming Up Next 232Chapter 27 Deception Exposed 233"Free" Appraisal Report 233No Points 234No-Cost Mortgage 235Equity Acceleration Programs 236Coming Up Next 239Chapter 28 Watch Out for the Ten-Million-Dollar Mortgage Man (and His Cohorts) 241Debt Today, Gone Tomorrow 243Coming Up Next 245Chapter 29 Home Value Rip-Offs 247It Could Happen to You 249Read HVCC 250Coming Up Next 250Chapter 30 Final Thoughts 251A Note from the Publisher 252Index 255
