Chapter 8: Who Owns the Bank?

        This chapter focuses on financing homes. Currently, rates are near record setting lows, and new trends in manufactured home mortgages (they are more frequently being titled as "real estate") are making them more affordable than ever. Still, unethical dealer practices are causing record levels of foreclosures as well. Increasingly, customers are apt to be obtaining financing direct from the manufacturer, although the consumer may not realize it when they are signing for the loan. Predatory lending, gimmick loans, Private Mortgage Insurance, equity, accelerated mortgages, and Good Faith Estimates are just a few of the concepts covered in this chapter. Tips for finding a good lender and dealership financing traps to avoid are covered. Finally, the benefits of using a mortgage calculator are discussed, as well as various payment scenarios which can easily save customers tens of thousands of dollars. The reader learns how to be their own guardian when it comes to their money! A sample form to use when comparison shopping for rates is offered, and the Seven Deadly Mortgage Signs are described!

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