Gary W. Eldred | Gary W. Eldred
1 I liked it
I read this book in its entirety. I liked it very much. It gives concise, direct, and objective advice to the novice. I do not see how someone may give this book 1 star. At least this book is useful.
2 The author writes like a used car salesman
The author writes like a hustler who is trying to con you into believing he is something he isn't. From the quality of the information in this book, the author certainly seems to understand mortgage. Yet, the street-wise tone of the author actually curbs his own credibility. He uses phrases such as "Avoid the bang of a bursting balloon","How to borrow jumbo amounts without paying jumbo rates", and "[author] simplifies complicated math...[and] make sure your loan rep is being honest with you". Such lingo belongs in an infomercial. Beyond his own hoopla, the book does contain valuable information. Just don't buy into his own hype.
3 Wealth of knowledge for the amateur
I am new to real estate investing and I have minor experience as a loan officer. This book provides in depth detail and easy to understand knowledge on the most effective ways to obtain the correct mortgage financing for an individual based on their situation or need. The books also gives you a great amount of resources to obtain more help and knowledge on the subject of mortgages. I would highly recommend this book, and I might also add it is very easy to read and comprehend the concepts discussed in the book.
4 Thorough and objective guide
I just closed a loan on my first home and I found this book to be a helpful guide. It's not as sensationalistic as the title might imply, but it prepared me to know what questions to ask and how to get my credit,income, and bills in shape before I put in my loan application. Although I took out a new loan, this book goes into assumptions, seller financing, and other financing choices that I didn't know much about. I think a lot of people looking to buy might find these alternatives worthwhile. Overall, a profitable read.
P.S. This book is not an "infomercial" or "get rich quick" hype. It also strongly warns against misleading a lender--none of the advice is "fraudulent." I find it interesting to read other reviews and sometimes wonder if they actually read the book they are reviewing. Not just here, but with many other popular authors. Oh well, such is life.
5 Good presentation of concepts - lacks real world experience
This book provides a fairly comprehensive look at mortgages. Unfortunately, the author didn't seem to have the time or desire to have someone with real life experience in home financing review it before publication (there are no acknowledgements mentioned as I would expect in a book such as this). As a new loan officer, I read the book hoping to validate and improve my own understanding of the industry. What I found is that there are enough inconsistencies between the text and my experience that it places the entire book in doubt. For example, he leaves out a critical parameter when comparing ARMs - the initial adjustment cap.
I disagree with a prior comment relating the book infomercials - investing wisely in real estate has made many a person weathy and most of the ideas presented in the book should help increase your return on investment over time (no get quick rich scemes here).
I award 3 stars because there is a lot of good information in a easy-to-read format. A critical review would have made it much better and more reliable.
6 No secrets...your lender HAS to tell you
This book is so bad on so many levels that it barely merits one star. I'll chip it the star on the basis of one chapter that may be informative.
First, the title. There are no secrets in this book. Most of this is information readily available with a minimum of research(Fannie Mae). As far as your lender not wanting you to know...many of the so-called "secrets" could cost a lender their license, fines or even jail if they don't disclose. Mr.Eldred should know that the information on the Good Faith Estimate has to be more accurate than he portrays.
Further, in regards to fees such as the Yield Spread Premium, if the lender is a bank or a correspondent lender they do not have to disclose those fees at all. Only mortgage brokers do, making theirs the most transparent transaction. Some of the other fees he references to aren't even within the scope of a lender to control (title fees, etc.).
Mr.Eldred's "hints" on how to "improve" your income and debt are borderline fraud. People DO go to jail for this. With automated underwriting there is very little room to push the issue of "compensating" factors as Eldred suggests.
This is a sensationalized rendering of how to get a mortgage. It's as if he took the examples of the worst 1% of lenders and applied them to the other 99%.
The chapter on ARM's is good in showing that there is usually a benefit to this product, with little of the risk imagined.
Overall, one would be much better off getting "The Mortgage Kit" by Thomas Steinmetz, now in it's 5th edition. Avoid the phony expose lure of this book.
7 Must Read
I know that it's a cliche to review any book with the "must read" lable. BUT if you read this book you will see what I'm talking about. It goes beyond just explaining "how to get a mortgage" or "how to save money" on financing. I think what makes this one so worthwhile is that it greatly expanded my ability to make sense of all types of of financing. If you really want to pull back the curtain on the lending process, read this book.
8 Encyclopedia of home financing
You won't be disappointed with this book. It really covers the territory--everything from qualifying tips to government programs to seller financing to saving big dollars. Before I read this book I didn't know a an ARM from a leg. Now I can talk mortgage talk with any lender and not feel like I'm prime meat for the wolves. Really gives the lowdown on all types of financing alternatives and how not to get caught by the fine print. Thoroughly shows how to pay off your loan faster and save tens of thousands of dollars. Nuff said. This knowledge will pay back a thousand times the cost of the book.
9 Thorough and eye-opening
I really liked this book because it not only covers so many ways to cut the costs of my r.e. financing, but it opened many financing possibilities that I wasn't aware of. The chapters on how to arrange my personal finances to jack up my credit scores and qualifying ratios really got me me thinking. "Wait a minute! I don't have to remain a passive bystander to this whole borrowing process. Now I know how to take control and advance and protect my own interests." I suspect reading this book will make you feel the same way.
10 Better than Dummies Guide
Want to take a proactive approach to financing your home or investment property? Then this book will give you the info you need. It gave me so many ideas that I hadn't even considered. Avoids standard advice (one size fits all as in Mortgages for Dummies) and tells you how to decide which type of financing will work best in various situations. Great techniques on saving money on interest and closing costs. Great techniques for improving your finances and credit score to get qualified. Solid book that answered all of my questions and much more.
11 Outstanding guide to financing
I previously read Eldred's book,Investing In Real Estate.It's the best,comprehensive, and most sensible guide to investing that you'll find (read the reviews for youself). Likewise, this book on financing goes way beyond the other authors that I have read. (Sidenote: I cannot figure out what the Seattle reviewer is talking about, Mortgage Secrets deals exclusively with the ins and outs of financing techniques, saving money, cutting mortgage costs,and building equity faster. This book says nothing about using high leverage to get rich in real estate. As to infomercial hype, Eldred actually lambasts these gurus and warns how their "techniques" can lead the gullible to financial ruin. He even cautions strongly against home equity loans.) If you want to learn your financing options as well as the "tricks of the trade", you won't find a better book than this one. Although I'm in the business, I liked this book because a much more educated borrower gives us true professionals a stong advantage over our competition. Read Mortgage Secrets, then work with a broker who follows the insights that Eldred reveals. I'll make more money and you will get a better deal.
12 I think I've seen this guy in info-mercials
I found that I could not get through this book. I may give it another try but I can't get too far without getting irritated again. The author seems to have no shortage of criticisms for those that work in home financing. He provides a laundry list of what he believes to be myths that those folks perpetuate. I'm no expert in financing (that's why I'm reading the book) and these criticisms may be totally valid, but for reasons I'll describe I don't trust what he says. He writes with the kind of condescension that can only be achieved by someone who doesn't even consider that he could perpetuating some myths of his own.
This book's title is somewhat misleading. One would think it would focus heavily on financing. However, while he does touch on it, talk of financing is used to segue into how you (yes, YOU!) can get rich by investing in real estate. He is, or is a disciple of, one of those guys in the infomercials that say how easy it is to leverage your McDonald's wages into purchases of multi-unit complexes.
Yes, real estate can be an effective wealth-building tool. However, this guy is fanatical to the point that he can no longer be objective. The prime, and most irritating, example that keeps emerging in the book (as far as I made it) is his apparent belief that real estate investment is free of risk. He suggests that you should use renters to allow you to buy multi-unit properties on a small income. I live in Seattle, and when the bubble burst there was suddenly a GLUT of rental housing in the area - having vacancies makes it pretty damn hard to make those payments. He also recommends paying your mortgage off quicker instead of using the extra money on other investments. Why? Because those other investments are risky he says. Hey, Mr. PhD - real estate prices can drop just like any investment (just ask residents of San Francisco). If your house is suddenly worth less than when you bought it - all of that extra capital being used to pay off the mortgage in 15 years instead of 30 is going in the toilet.
The author proposes some interesting hypotheses worthy of exploring. Unfortunately, it is hard for me to trust any of his conclusions because I question his ability to think critically.
13 Attention Suze Orman readers
Pay down debt. Build equity in your house. In these uncertain times use your mortgage and home ownership to increase your net worth and financial security. Suze Orman fans will love this book. It not only deals with the ins and outs of all kinds of real estate financing, it showed me how to manage my largest asset to establish a solid base of wealth. I'm pretty sure this book will put thousands in my pocket (and yours).
14 Right on, Mr. Bruss
In his L.A. Times review of this book, Robert Bruss advised, "Whether you are buying or refinancing, first read Gary W. Eldred's new book." Mr. Bruss is absolutely right. This book gave me (a real novice) more knowledge than nearly all of the realtors and mortgage people I talked with. What I liked best,though, was how Mortgage Secrets showed how to choose the the right financing to make home equity grow the fastest. If you want to understand the fine print "gottcha's", or make sure your not overpaying, this book really pays off.
15 Great eye opener for mortgage hunters!
Unlike so many hyped-up real estate books, this one delivers. Not every "secret" is really a secret, but I think you'll find a wealth of info not covered by any of the other mortgage books that my wife and I have read. We feel we really took a leap forward in the mortgage game.
