Homebuyers Beware Who¿s Ripping You Off Now?--What You Must Know About the New Rules of Mortgage and Credit
, by Warren, Carolyn
- ISBN: 9780137020164 | 0137020163
- Cover: Paperback
- Copyright: 10/15/2009
The entire world of mortgages and credit has turned upside down. In this guide, Warren reveals the new realities and shows how to take advantage of them. Unlike older guides, this book fully reflects today's radically new and different mortgage requirements as well as the latest federal legislation.
Carolyn Warren has been a mortgage industry insider for more than twelve years. She worked in both retail and wholesale lending for some of the largest national lenders including Full Spectrum Lending/Countrywide Home Loans, Ameriquest, Green Tree Financial/Conseco, and First Franklin wholesale lending.
Carolyn Warren is the author of the best-selling Mortgage Rip-Offs and Money Savers, a book that became The Washington Post’s August 2008 Book Club pick-of-the-month and earned reviews in publications ranging from The Boston Globe to the Orange County Register, The Seattle Times to the Arizona Republic and San Diego Union-Tribune. She has appeared on many radio talk shows, including Bob Brinker’s national Money Talk and The Gil Rose Show in San Francisco.
Currently, she is working as a broker/banker and is the owner of two Web sites, www.AskCarolynWarren.com and www.Mortgage-Helper.com. She lives in Seattle with her husband and Himalayan cat.
| Introduction New Kip-Offs | p. 1 |
| My Credentials | p. 5 |
| What's Coming Up | p. 6 |
| Easy Reference Guide: Terms to Know | p. 7 |
| Getting the World's Cheapest Loan | p. 11 |
| Save Time and Money by Learning from This True Story | p. 11 |
| Make Your Experience Easier, Smoother, and Better | p. 18 |
| Coming Up Next | p. 18 |
| What's New with Credit | p. 19 |
| Are You Getting Ripped Off By Your Own Credit Score? | p. 21 |
| How Lenders Rate Credit | p. 23 |
| Beware of Bogus Credit Scores | p. 24 |
| 10 Common Misconceptions About Credit Scoring | p. 25 |
| How Your Score Compares with Others' | p. 27 |
| Coming Up Next | p. 28 |
| Endnotes | p. 28 |
| Quick, Easy Ways to Raise Your Credit Score | p. 29 |
| Nine Ways to Raise Your Score, Quick and Easy | p. 30 |
| If You Have No Credit History | p. 36 |
| Get More Respect with an 800 Score | p. 37 |
| Coming Up Next | p. 38 |
| Aggressive, Innovative Ways to Fix Credit | p. 39 |
| Innovative Method #1: Use Charm to Get a Goodwill Agreement | p. 41 |
| Innovative Method #2: Demand the Removal of Old Collections and Interest Charges | p. 43 |
| Aggressive Method #3: Insist They Stand by Their Original Agreement | p. 46 |
| Coming Up Next | p. 50 |
| Five-Step Plan for People Working Toward Buying a Home | p. 51 |
| Five Fun, Easy Steps to Home Ownership | p. 51 |
| Coming Up Next | p. 55 |
| How to Recover from a Foreclosure or Short Sale | p. 57 |
| How Long After a Foreclosure or Short Sale Until You Can Buy Again? | p. 59 |
| Getting an Exception for Extenuating Circumstances | p. 60 |
| The Great American Comeback | p. 60 |
| Coming Up Next | p. 61 |
| Endnotes | p. 61 |
| Beware of Privacy Pirates! | p. 63 |
| How to Protect Yourself from ID Rip-Off Artists | p. 64 |
| Five Proactive Steps to Avoid Being a Victim of ID Theft | p. 64 |
| Five Steps You Must Take If Your ID Is Stolen | p. 66 |
| What to Do If Your ID Is Lost | p. 68 |
| You Can't Be Too Careful | p. 68 |
| Coming Up Next | p. 68 |
| Don't Buy a House Until You Read This | p. 69 |
| Gain an Uncommon Advantage Over Your Competitors | p. 70 |
| Further Explanation About the Earnest Money Deposit | p. 73 |
| Coming Up Next | p. 74 |
| When Is the Best Time to Buy a Home? | p. 75 |
| When Is It a Good Time to Buy? | p. 75 |
| Will You Get a Cheaper Price by Waiting? | p. 78 |
| The Folly of "Procrastination | p. 78 |
| Coming Up Next | p. 80 |
| The Loan Process in Ten Easy Steps | p. 81 |
| Carolyn's Ten-Step Loan Process Checklist | p. 81 |
| Coming Up Next | p. 86 |
| Choose the Right Loan for YOU | p. 87 |
| How Much Down Payment Is Required? | p. 87 |
| Which Loan Program Is Best for You? | p. 88 |
| Coming Up Next | p. 96 |
| Broker, Banker, or Direct Lender? | p. 97 |
| Find Your Mortgage Star | p. 98 |
| What About Credit Unions? | p. 100 |
| Coming Up Next | p. 101 |
| How to Shop for a Loan Without Getting Tricked | p. 103 |
| Bad Advice Disguised as a Helpful Tip | p. 103 |
| How to Find a Mortgage Star | p. 106 |
| How to Handle a "Forgotten" Fee | p. 108 |
| Why You Need the Good Faith Estimate Before Making a Decision | p. 109 |
| Coming Up Next | p. 111 |
| The Truth About Fees | p. 113 |
| Why "No Fees" Can Cost You More | p. 116 |
| Do You Really Have to Pay That? | p. 117 |
| Is This a Good Faith Estimate or a Joke? | p. 128 |
| Closing Costs That Are Not Fees | p. 131 |
| Coming Up Next | p. 134 |
| Five Things You Need to Know About YSP | p. 135 |
| What Is Yield Spread Premium? | p. 136 |
| Is YSP a Rip-Off to Borrowers? | p. 136 |
| Lenders That Don't Have YSP | p. 137 |
| Five Important Principles to Understanding YSP | p. 139 |
| Coming Up Next | p. 143 |
| How the YSP Controversy Affects You | p. 145 |
| Instructions to Lie | p. 147 |
| The Fight Is Coming to Blows | p. 148 |
| Coming Up Next | p. 149 |
| The Good Faith Estimate: Tricks and Traps | p. 151 |
| Seven Ways They Can Trick You on the Good Faith Estimate | p. 157 |
| The New Good Faith Estimate Designed by HUD | p. 160 |
| Why the New GFE Fails Borrowers | p. 161 |
| Coming Up Next | p. 163 |
| When to Lock in Your Rate, When to Float | p. 165 |
| To Avoid Being Victim of a Changing Market, Lock In | p. 165 |
| Float-Down Option | p. 166 |
| Switching Lenders | p. 166 |
| Three Ways to Know When to Lock | p. 167 |
| How Long Is a Rate Lock? | p. 169 |
| Warning: Get It in Writing | p. 170 |
| When Rates Spike Unexpectedly | p. 171 |
| Coming Up Next | p. 172 |
| What Does It Take to Get Approved? | p. 173 |
| Down Payment Requirements | p. 175 |
| Asset Requirements | p. 176 |
| Credit Score Requirements | p. 176 |
| Adverse Credit | p. 177 |
| Income Requirements | p. 177 |
| Eligible Borrowers | p. 178 |
| Coming Up Next | p. 179 |
| Why You Need Agent Representation | p. 181 |
| For Homebuyers | p. 183 |
| For Home Sellers | p. 193 |
| How to Find a Real Estate Star | p. 198 |
| Coming Up Next | p. 198 |
| Endnotes | p. 198 |
| Ten Things You Must Know Before You Refinance | p. 199 |
| Test Your Refinance I.Q | p. 199 |
| Answers with Explanation | p. 200 |
| How Did You Do? | p. 204 |
| Coming Up Next | p. 205 |
| Is Refinancing a Good Financial Move? | p. 207 |
| Six Questions to Ask When Considering a Refinance | p. 207 |
| How Much Will It Cost You to Save Money? | p. 209 |
| Skipping Ahead to Save Money | p. 210 |
| Getting Out of an Adjustable Rate or an Interest Only Loan | p. 210 |
| Reaching a Conclusion | p. 210 |
| Coming Up Next | p. 211 |
| I'm Glad You Asked: Refinancing Q and A | p. 213 |
| Coming Up Next | p. 216 |
| Unique Loans, Unique Situations | p. 217 |
| No Income Verification Loan | p. 218 |
| Home Equity Line of Credit (HELOC) | p. 218 |
| Second Home or Vacation Home | p. 220 |
| Duplex or Multiplex Property | p. 220 |
| Condominium or Townhome | p. 220 |
| Kiddie Condo Loan | p. 221 |
| Reverse Mortgage for Seniors | p. 221 |
| Coming Up Next | p. 224 |
| Beware of Radio Ads | p. 225 |
| Twisted Truth | p. 225 |
| Chosen by the Better Business Bureau-So What! | p. 226 |
| The Loan "They Don't Want You to Know About" | p. 227 |
| Bogus Rate Quotes | p. 227 |
| "We Give the Best Service" | p. 228 |
| Coming Up Next | p. 228 |
| Stop Clicking on Mortgage Ads | p. 229 |
| Three Reasons the "Compete Slogan" Is Deceptive | p. 229 |
| Jumping Girls and Rolling Eyeballs: What's Behind Those Action Ads | p. 231 |
| Why Advertised Rates Are Phony | p. 232 |
| Coming Up Next | p. 232 |
| Deception Exposed | p. 233 |
| "Free" Appraisal Report | p. 233 |
| No Points | p. 234 |
| No-Cost Mortgage | p. 235 |
| Equity Acceleration Programs | p. 236 |
| Coming Up Next | p. 239 |
| Watch Out for the Ten-Million-Dollar Mortgage Man (and His Cohorts) | p. 241 |
| Debt Today, Gone Tomorrow | p. 243 |
| Coming Up Next | p. 245 |
| Home Value Rip-Offs | p. 247 |
| It Could Happen to You | p. 249 |
| Read HVCC | p. 250 |
| Coming Up Next | p. 250 |
| Final Thoughts | p. 251 |
| A Note from the Publisher | p. 252 |
| Index | p. 255 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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