This book, by Robert J. Bernabe, should be required reading before anyone can qualify for a mortgage or refinance. Written in simple terms with work forms for readers to use, Bernabe portrays what is wrong with the mortgage industry – most people have no idea what they are doing or how to find the best mortgage for themselves.
Through the last several years, many people have helped me learn that, in general, people have no idea what they are buying when trying to obtain a mortgage. Most people are solely concnerend with the interest rate and pay no attention to the type of loan, additional costs, whether they can pay for the loan and what they bring to a mortgage from their past credit history. Honestly, like people shop for cars they shop for their mortgage – what is the monthly payment amount.
I loved the author’s description of people living their lives one of two ways – intnetionally or accidently. Wow, what a true picture.
One of Bernabe’s final chapters is titled exactly what I have been telling clients for years – Own Your Home, Don’t Let It Own You. Without all the pieces in place, many Americans find themselves being owned by the house that they live in. Earlier this year, I met with several who were prepared and willing to purchase a new house because the government was going to “give” them a few thousand dollars. In every instance, we broke down whether they could afford the house right now. In almost every case, even with the “gift” from the government, the answer was no.
I would suggest this book to anyone, again, contemplating a mortgage or a refinance. There is nothing wrong with a mortgage or a refinance – but do your homework and make sure either is right for you right now.
