Resources For Buyers and Sellers

How to Avoid Being Ripped Off by Your Mortgage Lender
A special report from Real Estate Expert Bob Bruss

“How can I find an honest mortgage lender?” That question was asked of me last semester by one of my Real Estate Law students at the College of San Mateo. She was refinancing her condo and showed me her lender’s so-called “good faith estimate” of loan charges, plus copies of the closing papers she was asked to sign. Being a savvy student and consumer, she questioned the mortgage broker’s “junk” or “garbage” fees which were not shown on his good faith estimate that was given to her within three days after she made her written loan application.

This homeowner was a “bait and switch” victim. Unfortunately, it is not an isolated incident. Mortgage rip-offs happen to thousands of homebuyers and homeowners every day. Some don’t even know they’ve been ripped off by their mortgage lenders. Others just accept it.

My advice to that borrower was to refuse to do business with that mortgage broker unless he backed down on the outrageous unnecessary junk and garbage charges. “But then I’ll lose my $500 application fee and the $375 I paid to the appraiser” was her reply. If the mortgage broker refuses to either cancel most of the junk and garbage fees, or refund the $875, I suggested she take that mortgage broker to local Small Claims Court for breach of contract and fraud (deceit).

The next day I phoned the mortgage broker, whom I knew slightly, to get his side of the story. I politely explained I didn’t represent the student, but I was just curious how the refinanced loan he arranged for her was so much different from the one he described on her “good faith estimate” statement. He placed the blame on the actual lender who, he claimed, added all those unexpected extra junk and garbage charges such as a processing fee, documentation fee and closing fee.

Then I asked why he did business with such a bad lender. He replied that lender offered the lowest interest rate (which was probably true, but the lender also charges very high junk fees). The mortgage broker then reluctantly agreed to “re-shop” the loan application among other lenders who had lower fees and about the same interest rate. A few weeks before the semester ended, my student got a much better refinanced loan through the same mortgage broker but from another lender without the outrageous junk or garbage fees. The squeaky wheel does get the oil — it pays to complain!

CHECK YOUR CREDIT REPORT BEOFRE SHOPPING FOR A MORTGAGE. Before beginning the mortgage quest, whether you'll be buying a house or condo, or an investment property, or perhaps refinancing an existing mortgage, it’s best to check your credit report to correct any errors. Reportedly, over 50% of individual credit reports contain errors. If you find an error in yours, contact the credit bureau and ask to have the item “verified” within 30 days and a corrected credit report mailed to you. It may take persistence, but it’s worthwhile.

The easiest place to check your credit report is on the Internet at www.myfico.com. For $12.95 charged to a credit card, you will receive your FICO (Fair, Isaac and Co.) credit score, plus a copy of your credit report. If you want to get copies of your credit reports from all three major credit bureaus, you can now do so on this website.

Most mortgage lenders now use FICO scores to rate mortgage applicants so it pays to check your FICO score even six months. The higher your score, the better. This excellent website even explains how to improve your FICO score. But think! FICO scores are badly flawed because they don’t consider borrower income or assets. However, every lender uses them so there’s no way to avoid them — since lenders are convinced FICO scores predict loan defaults based on past payment records.

The big unfair drawback of HCO scores is FICO lowers your credit score if you have more than a half dozen credit cards, even if you pay them off in full each month and have flawless credit reports. If most of your credit cards have zero balances, but you have more credit cards than FICO thinks you should have, your FICO score gets reduced.

HOW TO FIND THE BEST HOME LOAN FOR YOUR SITUATION: Before you buy a car, you probably spend many hours shopping both at dealers and on the Internet to compare cars and terms. Obtaining a mortgage — a far bigger transaction than buying a car — should receive even greater effort because far more money is involved and you’ll probably be living with your mortgage long after you’ve worn out several cars.

Unfortunately, when it comes to financing or refinancing real estate, however, mast of us want to get the task done as quickly as possible with the least hassle. Whether you are buying a house or condo, refinancing your current home, or financing/refinancing investment property, the financing procedure is the same.

If you want to buy a house or condo, your first step should be to get pre-approved in writing by an actual lender. Although mortgage brokers can arrange such a pre-approval letter or certificate from a lender, they can’t issue it. If a mortgage broker, or any lender, says you’re “pre-qualified,” that means absolutely nothing. Prequalification doesn’t involve verifying your income and credit— all it means is someone has looked at the numbers you supply and said, “I think you can get a home loan.”

The primary reason you need a written pre-approval is so you know what price house or condo you can afford. But an important secondary reason is you want a lender’s written approval to impress the seller into accepting your purchase offer, especially if you are offering substantially below the seller’s asking price. However, after you have a lender’s written pre-approval, you’re still free to shop among other lenders to see if you can improve on the mortgage terms offered. But lenders know most pre-approved home buyers will stop shopping for a mortgage; that’s why they are so eager to make pre-approvals, subject to appraisal of the property and re-verification of your loan qualifications before the closing, of course.

Mortgage lenders know far more than borrowers do. They are the “insider” professionals who know all the lending tricks. They are much like auto dealers who know all the sales gimmicks because they sell cars everyday and car buyers purchase only once even few years. Home loan borrowers are the amateurs, just like car buyers. That’s why lenders often take unfair advantage of us. As my student discovered, the lowest interest rate mortgage is not always the least expensive after considering the total loan costs.

EXAMPLE: A few weeks ago, in my syndicated “Real Estate Mailbag” column there was a letter from a real estate broker who refinanced his own home. But he wisely turned the task over to his wife who, he said, has a black belt in shopping! The realty broker was shocked to discover some of the lenders to whom he had been referring his clients didn’t offer the best mortgage terms. However, they were probably “easy lenders” who arranged mortgages for clients without hassles. Fortunately, the realty broker’s wife found an honest lender and they successfully refinanced their home loan with excellent terms.

1 — Ask friends and business associates for lender recommendations. Realizing it pays to shop among many prospective mortgage lenders, whether you are buying or refinancing, the best way to start is to ask friends and business associates for recommendations of lenders they have used recently. Don’t hesitate to ask your realty agent friends for names of lenders they like, being aware they might be referring you to an ‘easy” but expensive lender. Also, a lender might treat one client very well whereas the same lender treats another borrower poorly.

EXAMPLE: That happened to mc when I was refinancing my home. A good friend gave me the name and phone of his mortgage broker with whom he has refinanced several times. When I phoned her, and mentioned my friend’s name, she sent me a bunch of forms to fill out, most of which I knew were unnecessary and designed merely to make the loan application look good. Although I’m sure she does a fine job for my friend, I declined to play her game and obtained my refinanced mortgage elsewhere.

Just to double-check on a lender recommendation, don’t hesitate to ask local realty agents you know what they think about a mortgage lender who was recommended to you. If they confirm good experiences with that lender, or if they relay bad experiences, that is very important information.

To illustrate, a few weeks ago I asked a local real estate broker if he knew a mortgage broker I was considering. He told me this mortgage broker was a frequent “guest” of the local Realtor’s discipline committee for having several borrower complaints filed against him. That confirmed my suspicions because clients rarely complain about a Realtor member without good cause.

2 — The lowest interest rate often isn’t the best mortgage. The best way to compare home loan terms is to use the APR (annual percentage rate). The APR is supposed to include the loan’s interest rate, plus loan charges such as loan fees (usually called “points” — each point equals 1% of the amount borrowed). That means if you pay a two-point loan fee to obtain a $100,000 mortgage, you’ll be paying $2,000 for the lender’s services. Typically, each one-point loan fee should reduce the mortgage’s interest rate by 1/8 to 1/4 percent compared to a loan without any loan fee points.

Incidentally, just because you’re paying a mortgage broker a 1% or 2% loan fee that might not be his entire compensation for arranging your loan. When a mortgage broker, or a loan agent working directly for a lender, delivers a loan at a slightly higher than market interest rate, that broker or loan agent usually receives a bonus from the lender. That’s why your friendly mortgage broker or loan agent has a very strong incentive to squeeze an extra 1/8% or so interest out of you. Don’t hesitate to ask how much your mortgage broker or loan agent is receiving for your loan.

Lender fees, usually amortized over 10 years, raise the APR slightly. That’s why a loan’s quoted interest rate might be 6% (which you will pay for 30, 20 or 15 years), for example, but the APR is quoted at 6.25% including the up-front loan charges. However, the APR does not include out-of-pocket loan charges paid to third parties, such as an appraisal fee, title, escrow or attorney charges, and recording fees. Comparing APRs from different lenders is a good way to compare loans offered to you by different lenders.

When buying a home, it is often smart to nay a 1% or 2% loan fee to reduce the mortgage interest rate. The reason is a loan fee paid to obtain a principal residence acquisition mortgage is tax-deductible as itemized interest in the year paid. However, when refinancing or obtaining other types of loans, such as for investment property, it’s usually best not to pay any loan fee because, except for principal residence acquisition mortgages, loan fees paid can only be deducted over the life of the mortgage. To illustrate, if you pay a $1,000 loan fee to acquire a rental property with a 30-year mortgage, you can deduct that $1,000 at the rate of $33.33 each year for the next 30 years!

Although it’s great to obtain the lowest interest rate for the type of loan you want, there are other facts to consider; such as how difficult the lender is on loan qualifications and appraisals, the lender’s reliability reputation in the community, and whether or not the lender uses “bait and switch” tactics. Wouldn’t it be great if obtaining a mortgage was as easy as buying a car?

3 — Shop among at least a half-dozen lenders. The best way to minimize chances of being ripped-off when financing or refinancing your home is to shop among as many lenders as possible and compare their offerings. I recommend consulting at least two mortgage brokers, two direct lenders, and two mortgage bankers. This is called “dialing for dollars!”

A good place to start is in the local newspaper real estate section. Most contain many ads from mortgage brokers, mortgage bankers, and direct lenders. Please remember these are advertisements — the loan terms might not actually be available! Some of these mortgage advertisers are tiny one-person mortgage broker operations — be wary.

The Federal Trade Commission is supposed to police mortgage false advertising. But it is a relatively toothless government agency, which acts mainly on high-profile cases. Lenders know this. That’s why they get away with advertising home loan terms which are often amazingly no longer available when you call — welcome to the lender world of “bait and switch.”

Another good way to go “dialing for dollars” is to phone lenders listed in the local phone book yellow panes, usually under “real estate loans.” Especially if you want a specific type of loan, you’ll find ads for lenders specializing in first-time buyers, FHA, VA, and PMI (private mortgage insurance) low down payment mortgages.

If you are refinancing your existing mortgage, probably to reduce the interest rate and/or to take out some tax-free cash from your home equity, start with your current mortgage lender. Just a few days ago, I received a mailing from my present lender inviting me to refinance. However, please be aware some mortgage lenders treat existing borrowers as if they just walked in off the street. That’s what happened with my last lender. When will lenders realize it’s far more profitable to keep an existing borrower than to obtain a new one?

Even if you are satisfied with your present lender, be sure to shop among other lenders to compare their terms. If you have a VA or FHA mortgage, ask your current lender if you qualify for a “streamline refinance”, which reduces the interest rate (but does not loan any additional cash). Why don’t all lenders offer streamline refinances? The answer is most home loans have been sold in the secondary mortgage market and loan servicers are not in a position to rewrite an existing mortgage, which they don’t own.

COMPARE THE THREE TYPES OF MORTGAGE LENDERS. There are three types of mortgage lenders. Each has their pros and cons. Having borrowed from each type over the years, I can’t recommend one type over another Depending on whose statistics you believe, about 50% of home loans are currently originated by mortgage brokers. Does this mean they are the best for your situation? Unless you shop between at least two lenders of each type, you won’t know for sure.

1 — Mortgage brokers. The big advantage of mortgage brokers is they can “shop” a borrower’s loan application among dozens of lenders to find the best terms. They are especially good at finding lenders for unusual or difficult mortgage situations. Mortgage brokers are paid fees from the borrower, the lender, or both. Be sure to ask how the mortgage broker is being compensated. But they often perform mortgage finance miracles.

To illustrate, I’ve raved about Don Douglass. co-owner of Servicecentre Mortgage Co. in San Carlos, CA, many times. He arranged mortgages for some of my “impossible” borrowers with bad credit or other borrowing problems, never giving up until he found them a mortgage to buy their homes. I recall one especially difficult situation which took him about six months to find an obscure out-of-area lender called “Cub Financial” which enabled my tenants Melvin and Denise to buy their home on affordable terms even though they had very bad credit. He advised them to accept an above-market rate mortgage, pay it on time for a few years, and then refinance at a lower rate.

However, some mortgage brokers are known as “bait and switch” middle-persons between borrowers and lenders. Please be aware mortgage brokers aren’t loaning their own money. They are acting as agents to arrange mortgages. Most are very good (or they wouldn’t survive). But I’ve had mortgage brokers quote me loan terms, which proved to be unavailable and were 100% lies.

A few years ago I was “conned” by Carol, a relatively new mortgage broker whom I had known for several years when she was administrative assistant to a good friend before she got her real estate license. One day Carol phoned me with excellent loan terms for refinancing my rental properties. I foolishly trusted her, filling out all the endless paperwork, and even paying a nonrefundable loan application fee (which should be avoided — loan application fees should be fully refundable if the promised mortgage is not obtained). About a month later, I learned from her boss that the quoted terms were never available and Carol was using the old “bait and switch” tactic to get my loan application.

Most Internet lenders are mortgage brokers, acting as middlepersons between the borrowers and the lenders. But a few major direct lenders, such as Countrywide and Wells Fargo, have a very active Internet business. Although I’ve heard of a few good Internet home loan experiences, there have been many bad experiences with lenders who promised “locked-in” loan terms and then failed to deliver.

When dealing with Internet lenders, be sure to obtain the lender’s license number information for your state and verify if that lender is licensed to do business in your state. Personally, the only Internet loan I’ve obtained was a $100,000 home equity credit line from Wells Fargo (www.WellsFargo.com) on my secondary home and I was very pleased with their service.

2 — Direct lenders, such as banks, “thrifts,” and credit unions. These lenders are both local and nationwide. Well-known national direct lenders include Washington Mutual, Bank of America, and Chase. These direct lenders loan their own funds to borrowers. However, they often quickly sell or securitize groups of these home loans in the secondary mortgage market, usually retaining the very profitable loan servicing (for which they receive a fee of 1/4%) so borrowers often don’t know their loan has been sold because the loan originator retains the collection servicing.

Some of these lenders offer very innovative loan terms. Others offer only “cookie cutter” mortgages, which can be easily resold. Many of these lenders sell off the fixed rate mortgages but keep the adjustable rate mortgages in their portfolios. These lenders usually have commissioned loan agents so be aware that nice, friendly direct lender representative is really a commissioned salesperson.

3 — Mortgage bankers. The third type of mortgage lender is a hybrid. Mortgage bankers usually loan either their own funds or funds borrowed on huge credit lines from large banks. The largest mortgage banker is Countrywide, which has hundreds of local mortgage production offices, plus a large Internet operation. Wells Fargo Mortgage is another large mortgage banker (guess where they get their funds!).

Mortgage bankers usually quickly sell off virtually all their mortgages to secondary mortgage market buyers such as Fannie Mae, Freddie Mac, and others. Some mortgage bankers “securitize” their mortgages in multi-million dollar packages sold on Wall Street to investors such as insurance companies. But mortgage bankers usually retain the profitable servicing so borrowers never know who really owns their mortgage. However, if you ask you must be told who owns your loan.

CONFORMING OR NON-CONFORMING MORTGAGE – WHAT’S THE DIFFERERENCE? At this point, let’s pause to briefly discuss the big difference between so-called “conforming” and “non-conforming” home mortgages. A conforming owner-occupied home mortgage, of up to $322,700 (as of January 1,2003), can be purchased in the secondary mortgage market by Fannie Mae or Freddie Mac. These loans, which have higher loan limits for 2-4 units (one of which is owner-occupied) and in Hawaii and Alaska, usually have the lowest interest rates because of their easy re-sales in the secondary mortgage market.

A non-conforming or “jumbo” mortgage is any owner-occupied home loan above $322700. The secondary mortgage market for these jumbo loans is more limited so their interest rates are usually one-half percent, or more, higher than for conforming mortgages.

FHA and VA mortgages have their own secondary mortgage market as they are usually sold to Ginnie Mae (Government National Mortgage Corporation), although Fannie Mae and Freddie Mac also buy FHA and VA mortgages.

PMI (private mortgage insurance) home loans up to 103% of the appraised value are either conforming or non-conforming, but they can-v a higher than normal interest rate, plus the PMI fees. If you are buying a home with little or no down payment, to qualify for a PMI mortgage you’ll need excellent credit and income. A major problem with PMI home loans is getting rid of the PMI premiums after your equity rises either due to home improvements or appreciation in your home’s market value. Before borrowing with a PMI mortgage, be sure to get in writing from the lender the specific terms for removing your PMI. Many PMI borrowers have learned from bad experiences the only way to get rid of their expensive PMI cost is to refinance with a non-PMI mortgage. However, if “good guys” Fannie Mae or Freddie Mac buy your PMI conforming mortgage in the secondary mortgage market, you can usually cancel PMI after 24 months of on-time mortgage payments if your home equity has increased to at least 20% (as determined by a new appraisal from an “approved appraiser” paid for by the borrower).

Before leaving the PMI mortgage topic, if possible, avoid getting a PMI loan. An excellent way is to obtain 80-10-10 financing. That means you make a 10% cash down payment, obtain an 80% first mortgage and a 10% second mortgage or home equity loan. Another variation is 80-15-5 when the home seller will carry back a second mortgage for 15% of the sales price.

Ask local lenders what mortgage plans they offer for low or no down payments without PMI. If you must get a PMI mortgage, the best type is where the lender includes the PMI fee in the slightly higher than market interest rate, thus making the extra PMI cost tax-deductible interest If you pay a separate PMI fee each month, it is not tax deductible.

HOW TO AVOID MORTGAGE LENDER RIP-OFFS: Although we’ve already encountered several lender rip-off techniques, such as “bait and switch” and adding unnecessary junk or garbage fees to the borrower’s closing costs, there are so many other possible ways lenders can rip off borrowers, no “lender rip off list” will ever be complete. I am constantly asked by my newspaper readers for a list of lender junk or garbage fees. But preparing such a list is impossible because unscrupulous lenders are constantly dreaming up new ways to take unfair advantage of borrowers. I’m sure lenders hold weekly meetings to create new junk fee names.

However, I must hasten to add most mortgage lenders are honest. Except for automobile dealers, what other American product seller except mortgage lenders waits until almost the last minute to fully disclose to the buyer what the full price of the product will cost?

Even long-time mortgage broker Randy Johnson, author of “How to Save Thousands of Dollars on Your Home Mortgage," Second Edition (John Wiley and Sons, New York, 2002) says “Disclosure and enforcement are a joke and cannot be relied upon to provide you with the trustworthy information you need. Trustworthy information comes from trustworthy people.” In his book’s chapter “How Lenders Can Cheat Their Customers,” Johnson explains many of the “dirty tricks” some lenders play on their borrowers; often without borrowers knowing they’ve been ripped-off.

One of the most expensive tricks some lenders play on borrowers, for example: is quoting borrowers a higher interest rate than the lender actually requires. Mortgage brokers are especially good at this. The result is delivering to the lender a mortgage with an above-market interest rate, thus resulting in a “kickback” fee to the mortgage broker, usually called a rebate.

Another name for this is “yield-spread premium.” Another potential rip-off can develop if interest rates drop during the loan process. The best lenders will lock-in interest rates for 30, 60 or even 90 days, sometimes at no cost to the borrower or often at a small cost, but if interest rates fall the lender will pass along the lower interest rate to the lock-in borrower. But other lenders fail to give lock-in borrowers the benefit of declining interest rates. If you lock-in an interest rate during the loan application process, be sure to get the lender’s lock-in agreement in writing and read it to determine if your loan interest rate will decline if market interest rates are reduced before the loan is funded.

Watch out for the pre-payment penalty trap. Because home loan interest rates have fallen dramatically in the last few years, and it is not unusual for a borrower to refinance once or twice a year to reduce their interest rate and monthly payments by obtaining a so-called “no cost” or “low cost” refinanced mortgage. To discourage frequent refinancing, some lenders have imposed pre-payment penalties.

Honest lenders will inform borrowers when the loan contains a pre-payment penalty (typically six month’s interest on 80% of the loan balance), usually only for the first few years of the mortgage. But dishonest lenders don’t disclose the pre-payment penalty, unless the borrower asks. Be sure to ask! If possible, obtain a mortgage without a pre-payment penalty just in case mortgage interest rates plummet and you want to refinance to cut your mortgage interest cost.

Unexpected closing costs are usually the biggest lender rip-off opportunity. If you are buying a home, presuming you got pre-approved with your mortgage lender before buying a home, you probably didn’t shop any further to see if you could improve on your pre-approved mortgage. You are then especially vulnerable to lender closing cost overcharges. Dishonest lenders know you are probably so eager to buy your home and move in, you won’t seriously question last minute overcharges or unexpected 100% pure-profit junk or garbage fees.

By contrast, lenders know refinancing homeowners are in no hurry and have lots of time to shop around to compare mortgage refinance terms. That’s why savvy refinancing home owners usually ask for so-called “no cost” or “low cost” mortgages (recall that refinancing loan fee points are not immediately tax deductible in full as they are for home acquisition mortgages) even if their tax-deductible interest rate is slightly higher than one which requires borrower payment of up-front loan fees. When refinancing, it’s usually smart to only pay unavoidable out-of-pocket costs to third parties, such as for a lender’s tide insurance policy (be sure to ask for a discount tide insurance rate, if possible), appraisal fee, and credit reports. It’s harder for lenders to add unexpected junk or garbage fees on refinanced mortgages — but they often try!

Junk or garbage fees are charges lenders add which were not disclosed in their up-front so-called “good faith estimate” of loan costs. These unnecessary fees might include names such as administration fee, processing fee, underwriting fee, warehousing fee, sub-escrow charge, document preparation fee, and even miscellaneous fee (when the lender runs out of names!). Also, watch for “paid outside of closing” fees on the closing statement which might be legitimately paid to the lender, such as for the appraisal, or might be a kickback from the lender to the mortgage broker for delivering an above-market interest rate mortgage.

Escrow impound accounts, while not a junk or garbage fee, are lender rip-offs which should be avoided by borrowers whenever possible. Some unscrupulous lenders now even charge “escrow waiver fees” for giving borrowers the privilege of paying their own property taxes and fire insurance directly! Fortunately, some states (such as California) prohibit lenders from requiring escrow impound accounts, except for high loan-to-value ratio VA, FHA, and PMI mortgages (unless the borrower has missed property tax or insurance payments).

Unfortunately, VA, FHA and PMI mortgages require collecting 1/12th of the estimated property taxes and fire insurance premiums for escrow impound accounts along with the monthly mortgage payments. These escrow accounts often lead to over-collections by the loan servicer. Some loan servicers forget to pay the impounded property taxes to the local tax collector when due and then charge the late fee to the borrower’s escrow account! Borrowers who are forced to have escrow impound accounts should be especially vigilant to police their loan servicer to avoid abuses.

BEWARE OF THE WEAKEST LINK IN THE MORTGAGE PROCESS. The most overlooked step in the home mortgage process is the appraisal. The appraiser is hired by the lender to estimate the property market value. Most appraisers are honest and competent. But appraisal is an art, not a science. Although computerized appraisals are now widely used for appraising home values in subdivision tracts where the homes are relatively similar, most lenders insist on at least a “drive by” appraisal to verify the computer appraisal results.

Be sure you or your realty agent accompanies the appraiser and hands the appraiser information you have on recent sales prices of nearby comparable homes to justify your home’s value. If the appraisal comes in abnormally low, be sure to protest and demand a reappraisal. Some lenders tell the appraiser to “low ball” the appraised value when the lender doesn’t want to make the loan (even when the borrower is fully qualified). This is known as “subtle discrimination.” More appraisal details are in my Special Report “How to Get the Best Appraisal of Your Property.”

CONCLUSION: Most mortgage lenders are honest and trustworthy. But some are not; they use unscrupulous methods to take advantage of borrowers who often don’t know what to do when confronted with unexpected loan charges. Homebuyers are especially vulnerable to dishonest lenders who overcharge, knowing their borrowers are unlikely to protest and lose the purchase of their home. When you feel a lender took unfair advantage of you, but you didn’t discover the fraud or misrepresentation until after the loan closing, you can still protest. If the lender refuses to make things right, don’t hesitate to file a complaint with the lender’s state or federal regulator, or take the lender to local Small Claims Court. If more borrowers complained about lender rip-offs, lenders would stop their dirty tricks for fear of getting caught. More details on obtaining home loans and avoiding lender rip-offs are in these recent books available in stock or by special order at local bookstores, public libraries, and www.amazon.com. "How to Save Thousands of Dollars on Your Home Mortgage," Second Edition, by Randy Johnson (John Wiley and Sons, New York, 2002). "How to Get the Best Home Loan," Second Edition, by W. Frazier Bell (John Wiley and Sons, New York, 2001) "How to Find a Home and Get a Mortgage on the Internet" by Randy Johnson (John Wiley and Sons, New York, 2001).

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