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106 Mortgage Secrets All Homebuyers Must Learn But Lenders Don't Tell [Paperback]

Gary W. Eldred
4.1 out of 5 stars  See all reviews (14 customer reviews)

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106 Mortgage Secrets All Borrowers Must Learn - But Lenders Don't Tell 106 Mortgage Secrets All Borrowers Must Learn - But Lenders Don't Tell
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Book Description

March 24 2003
One of America’s top real estate authorities explains the inside secrets of the mortgage business

Each year, more than ten million American homebuyers, homeowners, and realty investors enter the mortgage arena to finance or refinance their homes and rental properties. And each year, millions of borrowers pay more than they have to. But you won’t be one of them with Gary Eldred’s 106 Mortgage Secrets All Homebuyers Must Learn–But Lenders Don’t Tell.

Eldred explains all of your mortgage options and gives you the inside information you need to make the most intelligent money-saving choices. He simplifies the complicated math of mortgage financing and tells you how to make sure your loan rep is being honest with you. He covers every aspect of the mortgage process and highlights the key criteria you should always consider when making your decision. With these 106 secrets, you’ll have the confidence and the knowledge to:

  • Increase your borrowing power
  • Get the lowest interest rate
  • Understand ARMs
  • Cut the cost of mortgage insurance
  • Save big with seller financing, foreclosures, and REOs
  • Perfect your credit profile
  • Avoid getting taken by the fine print
  • Get maximum return on your home investment

There’s no reason to get a good mortgage, when you can get the perfect one for you. Simple, concise, and comprehensive, this book covers everything mortgage hunters should know–especially the 106 secrets lenders don’t want to reveal.


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From the Back Cover

One of America's top real estate authorities explains the inside secrets of the mortgage business Each year, more than ten million American homebuyers, homeowners, and realty investors enter the mortgage arena to finance or refinance their homes and rental properties. And each year, millions of borrowers pay more than they have to. But you won't be one of them with Gary Eldred's 106 Mortgage Secrets All Homebuyers Must Learn-But Lenders Don't Tell. Eldred explains all of your mortgage options and gives you the inside information you need to make the most intelligent money-saving choices. He simplifies the complicated math of mortgage financing and tells you how to make sure your loan rep is being honest with you. He covers every aspect of the mortgage process and highlights the key criteria you should always consider when making your decision. With these 106 secrets, you'll have the confidence and the knowledge to: Increase your borrowing power Get the lowest interest rate Understand ARMs Cut the cost of mortgage insurance Save big with seller financing, foreclosures, and REOs Perfect your credit profile Avoid getting taken by the fine print Get maximum return on your home investment There's no reason to get a good mortgage, when you can get the perfect one for you. Simple, concise, and comprehensive, this book covers everything mortgage hunters should know-especially the 106 secrets lenders don't want to reveal.

About the Author

GARY W. ELDRED, PhD, has been a successful real estate investor for over twenty years and has served on the business school faculty at Stanford University and the University of Virginia. He is also the author of numerous real estate titles, such as the Make Money series; The 106 Common Mistakes Homebuyers Make (and How to Avoid Them), Third Edition; Value Investing in Real Estate; The Complete Guide to Second Homes for Vacations, Retirement, and Investment; Yes! You Can Own the Home You Want; and coauthor of Investing in Real Estate, Fourth Edition, all from Wiley.

Inside This Book (Learn More)
First Sentence
Most supposed experts in home buying and home finance give this advice: "Before you even begin to shop for a home, meet with a lender to get prequalified for a loan. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

4.1 out of 5 stars
4.1 out of 5 stars
Most helpful customer reviews
Format:Paperback
This book provides a fairly comprehensive look at mortgages. Unfortunately, the author didn't seem to have the time or desire to have someone with real life experience in home financing review it before publication (there are no acknowledgements mentioned as I would expect in a book such as this). As a new loan officer, I read the book hoping to validate and improve my own understanding of the industry. What I found is that there are enough inconsistencies between the text and my experience that it places the entire book in doubt. For example, he leaves out a critical parameter when comparing ARMs - the initial adjustment cap.
I disagree with a prior comment relating the book infomercials - investing wisely in real estate has made many a person weathy and most of the ideas presented in the book should help increase your return on investment over time (no get quick rich scemes here).
I award 3 stars because there is a lot of good information in a easy-to-read format. A critical review would have made it much better and more reliable.
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1.0 out of 5 stars No secrets...your lender HAS to tell you Jan. 22 2004
Format:Paperback
This book is so bad on so many levels that it barely merits one star. I'll chip it the star on the basis of one chapter that may be informative.
First, the title. There are no secrets in this book. Most of this is information readily available with a minimum of research(Fannie Mae). As far as your lender not wanting you to know...many of the so-called "secrets" could cost a lender their license, fines or even jail if they don't disclose. Mr.Eldred should know that the information on the Good Faith Estimate has to be more accurate than he portrays.
Further, in regards to fees such as the Yield Spread Premium, if the lender is a bank or a correspondent lender they do not have to disclose those fees at all. Only mortgage brokers do, making theirs the most transparent transaction. Some of the other fees he references to aren't even within the scope of a lender to control (title fees, etc.).
Mr.Eldred's "hints" on how to "improve" your income and debt are borderline fraud. People DO go to jail for this. With automated underwriting there is very little room to push the issue of "compensating" factors as Eldred suggests.
This is a sensationalized rendering of how to get a mortgage. It's as if he took the examples of the worst 1% of lenders and applied them to the other 99%.
The chapter on ARM's is good in showing that there is usually a benefit to this product, with little of the risk imagined.
Overall, one would be much better off getting "The Mortgage Kit" by Thomas Steinmetz, now in it's 5th edition. Avoid the phony expose lure of this book.
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5.0 out of 5 stars Outstanding guide to financing Oct. 6 2003
Format:Paperback
I previously read Eldred's book,Investing In Real Estate.It's the best,comprehensive, and most sensible guide to investing that you'll find (read the reviews for youself). Likewise, this book on financing goes way beyond the other authors that I have read. (Sidenote: I cannot figure out what the Seattle reviewer is talking about, Mortgage Secrets deals exclusively with the ins and outs of financing techniques, saving money, cutting mortgage costs,and building equity faster. This book says nothing about using high leverage to get rich in real estate. As to infomercial hype, Eldred actually lambasts these gurus and warns how their "techniques" can lead the gullible to financial ruin. He even cautions strongly against home equity loans.) If you want to learn your financing options as well as the "tricks of the trade", you won't find a better book than this one. Although I'm in the business, I liked this book because a much more educated borrower gives us true professionals a stong advantage over our competition. Read Mortgage Secrets, then work with a broker who follows the insights that Eldred reveals. I'll make more money and you will get a better deal.
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1.0 out of 5 stars I think I've seen this guy in info-mercials Oct. 2 2003
Format:Paperback
I found that I could not get through this book. I may give it another try but I can't get too far without getting irritated again. The author seems to have no shortage of criticisms for those that work in home financing. He provides a laundry list of what he believes to be myths that those folks perpetuate. I'm no expert in financing (that's why I'm reading the book) and these criticisms may be totally valid, but for reasons I'll describe I don't trust what he says. He writes with the kind of condescension that can only be achieved by someone who doesn't even consider that he could perpetuating some myths of his own.
This book's title is somewhat misleading. One would think it would focus heavily on financing. However, while he does touch on it, talk of financing is used to segue into how you (yes, YOU!) can get rich by investing in real estate. He is, or is a disciple of, one of those guys in the infomercials that say how easy it is to leverage your McDonald's wages into purchases of multi-unit complexes.
Yes, real estate can be an effective wealth-building tool. However, this guy is fanatical to the point that he can no longer be objective. The prime, and most irritating, example that keeps emerging in the book (as far as I made it) is his apparent belief that real estate investment is free of risk. He suggests that you should use renters to allow you to buy multi-unit properties on a small income. I live in Seattle, and when the bubble burst there was suddenly a GLUT of rental housing in the area - having vacancies makes it pretty damn hard to make those payments. He also recommends paying your mortgage off quicker instead of using the extra money on other investments. Why? Because those other investments are risky he says. Hey, Mr.
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Most recent customer reviews
3.0 out of 5 stars The author writes like a used car salesman
The author writes like a hustler who is trying to con you into believing he is something he isn't. From the quality of the information in this book, the author certainly seems to... Read more
Published on June 22 2004 by Jaewoo Kim
5.0 out of 5 stars Wealth of knowledge for the amateur
I am new to real estate investing and I have minor experience as a loan officer. This book provides in depth detail and easy to understand knowledge on the most effective ways to... Read more
Published on June 2 2004
5.0 out of 5 stars Thorough and objective guide
I just closed a loan on my first home and I found this book to be a helpful guide. It's not as sensationalistic as the title might imply, but it prepared me to know what questions... Read more
Published on Feb. 3 2004
5.0 out of 5 stars Must Read
I know that it's a cliche to review any book with the "must read" lable. BUT if you read this book you will see what I'm talking about. Read more
Published on Dec 27 2003 by Theresa Silverman
5.0 out of 5 stars Encyclopedia of home financing
You won't be disappointed with this book. It really covers the territory--everything from qualifying tips to government programs to seller financing to saving big dollars. Read more
Published on Dec 7 2003
5.0 out of 5 stars Thorough and eye-opening
I really liked this book because it not only covers so many ways to cut the costs of my r.e. financing, but it opened many financing possibilities that I wasn't aware of. Read more
Published on Nov. 23 2003
5.0 out of 5 stars Better than Dummies Guide
Want to take a proactive approach to financing your home or investment property? Then this book will give you the info you need. Read more
Published on Oct. 26 2003
5.0 out of 5 stars Attention Suze Orman readers
Pay down debt. Build equity in your house. In these uncertain times use your mortgage and home ownership to increase your net worth and financial security. Read more
Published on June 9 2003
5.0 out of 5 stars Right on, Mr. Bruss
In his L.A. Times review of this book, Robert Bruss advised, "Whether you are buying or refinancing, first read Gary W. Eldred's new book." Mr. Bruss is absolutely right. Read more
Published on May 28 2003
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