The 106 Mortgage Secrets All Homebuyers Must Learn--But Lenders Don't Tell

Rating:
Summary: The author writes like a used car salesman
Review: 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.

Rating:
Summary: No secrets...your lender HAS to tell you
Review: 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.

Rating:
Summary: Wealth of knowledge for the amateur
Review: 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.

Rating:
Summary: Good presentation of concepts - lacks real world experience
Review: 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.

Rating:
Summary: Great eye opener for mortgage hunters!
Review: Unlike so many hyped-up real estate books, this one delivers. Not every "secret" is really a secret, but I think you'll find a wealth of info not covered by any of the other mortgage books that my wife and I have read. We feel we really took a leap forward in the mortgage game.

Rating:
Summary: Better than Dummies Guide
Review: Want to take a proactive approach to financing your home or investment property? Then this book will give you the info you need. It gave me so many ideas that I hadn't even considered. Avoids standard advice (one size fits all as in Mortgages for Dummies) and tells you how to decide which type of financing will work best in various situations. Great techniques on saving money on interest and closing costs. Great techniques for improving your finances and credit score to get qualified. Solid book that answered all of my questions and much more.

Rating:
Summary: Encyclopedia of home financing
Review: 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.