6 Reviews |
Community Responses: [3 Votes ] 66%[2]
33%[1]
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Description :
There are many unscrupulous & predatory mortgage brokers and often homeowners are at their mercy because of the low level of knowledge they have about the whole mortgage lending process.
David Lawrence, who was a broker himself, explains the minute details of the refinance process to help homeowners protect themselves from falling prey to such predatory brokers. If you want to be sure of not getting tricked into a refinance scam trap then this book will be a must read. The book will turn out to be a valuable tool in your decision making process.
Miller
Price : $18.95
Download link : Download from here
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Guest says :
I am thinking about a refinance and look forward to reading this book before contacting anyone.
It seems it would be helpful from what you have described about the contents.
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Niicss says :
Yes Guest it is better to be informed then to feel sorry afterwards. The book is certainly very informative. It helps to spread awareness about the bad practices that are putting a bad mark on the industry.
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Guest says :
Refinance can be helpful for people trying to reduce their rates or take cash out for other purposes but they should be cautious not to fall prey to some bad broker/lender.
There should be many such books to help borrowers take right steps.
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Guest says :
To suggest that mortgage brokers are the only lending entities that can be predatory is dangerous exaggeration that can mislead the more uninformed readers.
1. Predatory lending is not "broker specific" problem, but a lending industry problem---orchestration of predatory lending can originate from ANY broker, bank or mortgage lender.
2. Mortgage brokers are required by LAW to disclose EVERYTHING---lenders don't have to (in particular YSP)...Predatory lending is about misleading the borrower and by very definition it is near impossible for a "compliant" broker to mislead a borrower (when he has to disclose everything)...
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Guest says :
It is not that some brokers are not involved in such acts. And only lenders are to be blamed. I came across few instances and like to share:
Kickbacks to brokers is part of predatory lending. (responsiblelending.org/issues/mortgage/sevensigns.html)
Bait & switch also involves brokers apart from involvment of lenders. (dre.ca.gov/predatory.htm)
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Guest says :
Yeah all the blame can't be put just on lenders
some brokers are also bad otherwise it won't have spread like it has
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