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106 Mortgage Secrets All Homebuyers Must Learn But Lenders Don't Tell Paperback – Mar 24 2003


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Product Details

  • Paperback: 271 pages
  • Publisher: Wiley; 1 edition (March 24 2003)
  • Language: English
  • ISBN-10: 0471263958
  • ISBN-13: 978-0471263951
  • Product Dimensions: 22.6 x 15.2 x 2.3 cm
  • Shipping Weight: 363 g
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (14 customer reviews)
  • Amazon Bestsellers Rank: #1,666,272 in Books (See Top 100 in Books)
  • See Complete Table of Contents


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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Most helpful customer reviews

Format: Paperback
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 understand mortgage. Yet, the street-wise tone of the author actually curbs his own credibility. He uses phrases such as "Avoid the bang of a bursting balloon","How to borrow jumbo amounts without paying jumbo rates", and "[author] simplifies complicated math...[and] make sure your loan rep is being honest with you". Such lingo belongs in an infomercial. Beyond his own hoopla, the book does contain valuable information. Just don't buy into his own hype.
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By A Customer on June 2 2004
Format: Paperback
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 obtain the correct mortgage financing for an individual based on their situation or need. The books also gives you a great amount of resources to obtain more help and knowledge on the subject of mortgages. I would highly recommend this book, and I might also add it is very easy to read and comprehend the concepts discussed in the book.
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By A Customer on Feb. 3 2004
Format: Paperback
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 to ask and how to get my credit,income, and bills in shape before I put in my loan application. Although I took out a new loan, this book goes into assumptions, seller financing, and other financing choices that I didn't know much about. I think a lot of people looking to buy might find these alternatives worthwhile. Overall, a profitable read.
P.S. This book is not an "infomercial" or "get rich quick" hype. It also strongly warns against misleading a lender--none of the advice is "fraudulent." I find it interesting to read other reviews and sometimes wonder if they actually read the book they are reviewing. Not just here, but with many other popular authors. Oh well, such is life.
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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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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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By Theresa Silverman on Dec 27 2003
Format: Paperback
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. It goes beyond just explaining "how to get a mortgage" or "how to save money" on financing. I think what makes this one so worthwhile is that it greatly expanded my ability to make sense of all types of of financing. If you really want to pull back the curtain on the lending process, read this book.
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By A Customer on Dec 8 2003
Format: Paperback
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. Before I read this book I didn't know a an ARM from a leg. Now I can talk mortgage talk with any lender and not feel like I'm prime meat for the wolves. Really gives the lowdown on all types of financing alternatives and how not to get caught by the fine print. Thoroughly shows how to pay off your loan faster and save tens of thousands of dollars. Nuff said. This knowledge will pay back a thousand times the cost of the book.
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