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Homebuyers Beware: Who’s Ripping You Off Now?—What You Must Know About the New Rules of Mortgage and Credit by Carolyn Warren

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1. Getting the World’s Cheapest Loan

When Leanne applied for a home loan, she didn’t expect to get the runaround, a pack of lies, the bait and switch, a condescending tone, and imbecilic answers to her straightforward questions. She didn’t expect to be charged meaningless fees that served no purpose except to pad company profits at her expense. She didn’t expect to engage in a royal battle just for asking what the Yield Spread Premium was on her loan. All she wanted was a low interest rate and a fair deal. Her credit scores were over 740, and she had a good income, so how hard should that be?

Leanne didn’t realize that state lawmakers were scurrying around passing insidious laws with deceptive titles like “antipredatory” that were actually making ...

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