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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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13. How to Shop for a Loan Without Getting Tricked

Bad loans that look good on the surface, hidden junk fees, big back-end commissions you pay for, bait-and-switch tactics—with all the pitfalls out there, how do you shop for a loan?

Some of the worst advice I’ve ever read comes from “how-to” articles printed online and in newspapers. The writers have never worked in the mortgage industry, and they think they’re offering helpful tips, when in fact, they’re steering you all wrong. Here’s what I’m talking about...

Bad Advice Disguised as a Helpful Tip

I found the following advice both online and in newspapers. When I showed it to other loan officers, they rolled their eyes, grunted in disgust, or went off on a rant about how stupid it was. The ...

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