I just had lunch today with Rick Bulman who is the author of "Unmasking the Mortgage Madness" which is a really good resource that you can either give to your "first time" home buyers as a gift or you can loan it to them and have them read a couple selected chapters. It does truly expose predatory lending practices and helps the buyer understand the "jargon" in the business. There are actual pictures of HUD statements and various forms and tell the buyer what to look for in fees, etc.
I know alot of us spend alot of time working with buyers and trying to educate them on what to look for in a loan based on there set of circumstances, but I find that giving a copy of this book to them for "homework" prepares them for the initial meeting with the bank.
Someone said somewhere, "Knowledge is power".
Comments(1)