The Perfect Mortgage

A FTHB Book Review

 

 

The mortgage industry seems to have fallen on tough times. Not only has the rise in foreclosure rates been a major focus, but the cause has been linked primarily to mortgage loan officers who have been accused of greed and predatory lending practices, herding unsuspecting homebuyers toward loans that may not have been the best fit for them, or worse, ones they could not afford.

 

I recently had a opportunity to read an intriguing new book online (an e-book) that might finally give new and veteran homebuyers alike an upper hand if they read it before or during the lending process of buying a home. The book is called The Perfect Mortgage by Justen Berg. This self-published book walks the reader through the lending process in seven simple steps that help buyers discern what type of mortgage is right for them. It demonstrates a total mental shift from what has been customary of the mortgage experience for most buyers. Normally you meet with or call a lender. The lender asks you a bunch of questions, and finally–through a seemingly secret set of circumstances–you are presented with loan package that your loan officer prescribes as the “best” loan for you. But how would you know?

 

 

The Perfect Mortgage reads as if Mr. Smith is speaking with you in person, very direct, maybe a little rough around the edges, but it does describe, in a strikingly thoughtful way, the types of loans that are available and how they are designed to be used. He also guides readers through the process of understanding how much home you can afford in a very empowering way, so the reader can avoid falling into the trap of being persuaded otherwise. As a former mortgage broker himself, Justen Bergbreaks down and uncovers many of the secrets of the mortgage world and it makes sense. Think about it; you don’t take these types of loans out every day, so you’ve got to trust your lender, who claims to have your best interest in mind. Many do, but millions of homeowners are facing foreclosure, paying out of scope fees, paying unnecessary percentage points on their rates, and getting loans structured to give more house than they can afford, and the loan officer has been targeted as being more concerned about his or her own commission than about creating an equitable homeownership experience for the buyer.

 

These experiences have unfortunately created a backlash of distrust for loan officers, especially for people just starting their mission to achieve home financing.

Written with an obvious sense of care for the homebuyer, The Perfect Mortgage, while not perfect, admirably guides and essentially teaches its readers to fish by allowing them to confidently make mortgage decisions on their own. The e-book also includes worksheets to ease you through the process and it spells out some usable ideas that may help raise your credit score. With these tools, you can replace an adversarial or suspect conversation with your loan officer with a shared, informed conversation on a level playing field.