I read Carolyn Warren’s first book,Mortgage Rip-Offs,a few months ago and liked it so much I contacted her for consultation re:refinancing of my properties.Eventhough I bought my first home over 30 years ago and many since, I must confess I know NOTHING about yield spread premium and the way brokers/lenders use YSP to add income to themself before reading that book.
The YSP information alone was worth thousand times the cost of the book(approx.$13 from AMAZON.COM) because I know absolutely, definitely that the brokers’ additional income must come only from one source : borrowers like you and me. There were other important information for ALL mortgage seekers in the first book :how to negotiate for lower fees and rates,whether to pay point,how and what to do with junk fees etc.
All those and more were explained and clarified further in Carolyn’s second book,Homebuyers Beware.
Want to learn more? Read about the New Rules of Mortgage.