Ask any mortgage lender for advice on how you can save money on your home-loan and you’ll usually get a bunch of generic, cookie cutter answers:
- “Increase your monthly repayments”
- “Find a lower interest rate”
- “Make extra repayments when possible”
While the above answers are indeed true, they are painfully obvious, and not what you’d expect to hear from an industry insider with years of experience. The problem here: you are asking all of the WRONG questions.
After recently finishing the book ‘mortgage Ripoffs & Money savers: an insider explains how to save thousands on your mortgage or refinance”, I thought I’d share my opinions with you on how much these insiders look into the industry really gives away, and whether its helpful to someone looking for actionable advice.
So why should you listen to me?
Because I’m an insider myself: I’ve been in the finance space for over 7 years as a mortgage broker, so I know a thing or two about finance hack’s with regards to mortgage loans (no cookie cutter advice, I promise)
You’ve most likely heard about a mortgage scandal or two but what you didn’t know is for every crooked finance broker that gets caught, another 2-3 likely fly under the radar undetected. The sad reality is: a dollar in their pockets is a dollar out of yours.
In this book Carolyn taps into her decade of experience and covers the lies, tricks, scandals and common consumer traps that prevent the average loan holder to pay off debt in a more efficient way.
But the book is not just about showing you the dark side; she goes on to give actionable advice and strategies, which you could realistically implement, today!
Armed with the knowledge from this book, you’ll feel empowered in re-negotiating your current loans, securing new loans, and getting the best possible rates while avoiding bogus fees and falling into common mortgage traps which are all to common in todays finance world.
My personal opinion
I won’t beat around the bush: Carolyn, the author, nailed it. After only a few paragraphs it became very apparent that she knew what she was talking about, and was ready to ‘lay it all out on the table’ – meaning she was ready to reveal the common rip offs and consumer traps in the mortgage industry that unfortunately, most of us never knew existed.
Not only does she bring the scandals into the spotlight, but also offers detailed and actionable advice, which makes all the difference when reading a ‘how-to’ type of book.
You’ll walk away from this book with the answers to the following 3 questions, which, in my opinion, are the RIGHT questions to be asking when either looking for a home loan, or refinancing your current loan:
- Why calling around for the best interest rate is a bad idea
- How to force lenders to disclose their hidden fees
- How to get the lowest possible rates and fees
Some other tips, from a mortgage broker
The only downfall with the book, in my opinion, is that it only scratched the surface when it comes to savvy strategies for saving money on your home loan finance.
Sure, you can save thousands if you stick to the strategies within, but you could save hundreds of thousands if you implement a few more simple and often overlooked finance strategies.
Here are 2 overlooked and underutilized strategies that can help anyone save money with regards to their finance – straight from the horse’s mouth:
1. Debt consolidation: Think about your car loan, home loan, credit card balance, personal loans, and every other loan you have.
Did you know if you have your provider consolidate them all into one account to save exorbitant amounts of interest?
A source – Intelligent Leasing, can help you save money by advising you on deals when it comes to a car purchase or leasing a car, which is becoming a popular option with car owners/new buyers.
2. Make repayments fortnightly or weekly instead of monthly: Most finance lenders won’t advertise this, and will even make it hard for you to implement, but push on and be persistent, and you could save thousands a year from this one little trick.
Overall, I rated the book 4 stars out of 5 on Amazon as it really does give you an insider’s look into the dark side of the industry, and it offers actionable advice, which is really easy to implement.
If you decide to read it however just remember this: the advice herein is only the beginning of your journey to getting the most out of your home loans.