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This report will tell you why all parties of a FSBO -- or any real estate, property or home buying and selling transaction, including those involving realtors -- should be armed with Jim Edwards' ebook "The Ten Dirty Little Secrets of Mortgage Financing." (Remember, whether you are a buyer or seller, YOU ARE A CONSUMER). As you read more of this report and review, you'll find out why home sellers as well as buyers should also have Jim's insider information.
One of the reasons I like what Jim shares is because of his complete HONESTY about how the system really works -- it is stacked against the consumer especially those with the least knowledge and least resources.
But even home buyers and sellers who think they know what to expect will learn more than they ever suspected was happening behind the scenes. AND if you're a home buyer, and especially a home seller, you should keep reading this entire review because toward the end you're very likely to learn something totally shocking and unexpected!
The mortgage lending industry seems to often be based on a game of kicking the little guy while he's down and winner take all.
As Jim writes, and I agree:
"...something that [always] ticked me off about some mortgage brokers.
Even if it wasn't done consciously their advice always seemed to come back to the rate and points that would make them the most money - not what was best for the client!"
Jim is giving some brokers more benefit of the doubt than they deserve. While there are exceptions, and I've worked with a few of them in my banking and loan careers, the fact is, if the deal changed between what you heard on the phone or read in the ads, it mostly was done consciously because mortgage brokers are first and foremost in business to make money. Never forget that. That is the true purpose of all real estate agents, mortgage brokers and mortgage lenders.
You would also probably be very surprised by just how little real estate agents and brokers actually know about the mortgage lending business and loan process. Although they want to help a home buyer get that loan -- because it helps them get their commission -- they are more interested in expediency and closing the deal fast than in helping you get the best mortgage rate or mortgage package.
Jim also knows:
• Most people don't know how to shop for a mortgage!
They call a few lenders and ask what the rate and points are. That's it!
They're like lambs to the slaughter by a pack of hungry wolves!
• The "system" is stacked against you!
... they will make you pay as much as they can to make a bigger commission!
• Mortgage companies will "gouge" you for extra [unnecessary, often illegal] fees!
I can completely concur with everything that Jim has written -- not only as a former banking, savings and loan professional, but as a mortgage loan consumer!
In fact, our last home purchasing experience included a mortgage broker (who didn't know my background) and who thought she could get away with 'bait and switch' -- stating one interest rate on the the phone (a low one, of course) but once we were supposed to sign papers, the true rate was substantially higher!
Luckily, we were armed with both experience and the critically important insider information and knowledge that Jim will share with you in "The Ten Dirty Little Secrets of Mortgage Financing."
We simply told that mortgage broker -- well, I won't tell you what I wanted to say -- we really didn't have to say any thing but "No thanks. We already have a much better deal elsewhere." We turned around and walked out the door. We weren't stuck with that greedy, unethical, dishonest mortgage broker.
Unfortunately, most people are not so lucky. If we hadn't had the insider tips and experience-based professional knowledge which is now available to ANYONE in Jim's immediately accessible, easy to understand and implement "The Ten Dirty Little Secrets of Mortgage Financing" -- we would have been up the proverbial long, wide and deep creek without a paddle.
Think it can't happen to you because there's no real estate agent involved? Or because you're merely the seller of a FSBO? THINK AGAIN! Unless you are well-prepared both as a seller and buyer of By Owner (FSBO), you can be at the mercy of being gouged, deceived and overcharged.
Here's another infuriating, real-life example of how these unscrupulous morgage lending tactics affect everyone involved in the home buying and HOME SELLING process -- including sellers.
I read a very sad story just two days ago (one that is repeated throughout the world of home buying every day, many times a day):
The home sellers, with the help of a real estate agent, had successfully sold their home to two very eager first-time buyers (who were honest about their newly-wed situation and required 100% financing). The sellers even paid more than $12,000 in closing costs in order to get the house sold. Inspections were done. Walkthroughs and repairs were completed. The downpayment had been made, the federally required disclosures and closing cost estimates had been disclosed. The sale, escrow and loan deal was packaged, prepared and ready to be closed.
Everyone had gathered at the closing agent's office. The buyers and sellers were there....but when the mortgage broker's representative pulled out the loan papers -- you guessed it: There were thousands of extra dollars in fees, points, costs added into the costs! The buyers were on the hook for those costs.
As the seller wrote, "Everyone felt helpless." They were all completely counting on this deal to occur. The sellers had another deal upon which this sale was contingent. And of course, they buyers didn't have the thousands of extra dollars required -- after all, they were getting 100% financing and already more than $10,000 dollars in closing costs being paid by the seller.
So what happened? Let's put it this way: The deal closed, the mortgage broker got the 'surpise' extra thousands, the buyers got their house, the sellers sold their house -- but someone was out those extra thousands. Someone had to bite the bullet and incur the extra costs and it wasn't the mortgage broker!
Will you be the ✔ BUYER or ✔ SELLER who falls prey to such common, disgusting tactics? Or will you avoid them by being armed and prepared from the start?
Whether you're a FSBO home buyer, 'By Owner' house seller (or even a real estate agent), how can you NOT make this small investment and take the time to find out all the tricks, pitfalls and ways to protect yourself with "The Ten Dirty Little Secrets of Mortgage Financing"?
A small investment of your time and preparation now, may save you thousands of extra 'surprise!" closing day dollars. Get Jim's ebook today!
submitted by A Brown for FSBOService.net
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