Mind Your Own Mortgage: The Wise Homeowner's Guide to Choosing, Managing, and Paying Off Your Mortgage

by Robert Bernabe

LEARN TO SHOP FOR AND MANAGE YOUR MORTGAGE UNTIL YOU HAVE ELIMINATED IT―ONCE AND FOR ALL! Mind Your Own Mortgage empowers homeowners to shop for a mortgage as if it were a commodity―as easy as buying a gallon of gas―and enables them to eliminate their mortgage debt by revealing inside information used to keep them enslaved to the mortgage industry. Mind Your Own Mortgage changes the game―putting you in A SOUND MORTGAGE = A SOUND ECONOMY Stocked with compelling real-life scenarios, budgeting tips, and handy financial tools, Mind Your Own Mortgage is a timely wake-up call for homeowners and a candid decree that the American dream is still possible―if we dramatically rethink the way we finance our homes. IT’S TIME TO MIND YOUR OWN MORTGAGE. “Whether you’re getting a new mortgage, refinancing an old one, or dealing with the mortgage you have already, you won’t find a better mortgage coach than my friend, Rob Bernabé.” ―Mary Hunt, personal finance expert, best-selling author, and CEO of Debt-Proof Living “Finally, consumers have what they need to hold any mortgage provider accountable.” ?R. Jarret Lilien, founder and managing partner of Bendigo Partners and former president and COO of E*Trade Financial

Genres: Nonfiction, Finance

302 pages, Paperback

First published May 4, 2010

Reviews

[Nmyers · Rating 5 out of 5]

Never thought I would give a mortgage book top stars, especially since my mother made me read this book. But.. this book clearly explains the process and shows good and bad examples in a way that people without an MBA can understand. I really liked the case examples and how he explains how ARMs and refinancing are not usually the wisest choice. I also appreciate how Bernabe demonstrates the tricks mortgage lenders use to lure folks in. I am keeping this book and buying my mom her own!

[Anita · Rating 4 out of 5]

This book saved us $1,900.

[Kevin Halloran · Rating 4 out of 5]

A good overview of the ins and outs of mortgages. People who are new to the mortgage world should read this before shopping for a mortgage and in their long-term planning.

[Andrew Brantley · Rating 3 out of 5]

I think this is an overall helpful book. Gives a good overview on mortgages, refinancing, and provides an approach for financial responsibility and wealth-building.

[Elliot · Rating 4 out of 5]

Mind Your Own Mortgage is a tract for the times. It was written in light of the recent financial meltdown, and seeks to get the U.S. economy in better shape by encouraging people to get their home economies in better shape.

The book comes in three main sections: Get a Grip on It (your mortgage), Shop for It and Manage It. The first section gives the lay of the land, talking about how the mortgage market works and how so many people have managed to ruin their finances. The second section is all about the mortgage shopping process, and encourages you to select a mortgage using the Mind Your Own Mortgage shopping system which uses forms from an accompanying Web site (be warned: full access to the Web site requires a paid membership). The third section talks about how to pay down a mortgage efficiently and when to refinance.

I am relatively young and have never owned a home, so this book was eye-opening for me. It taught me more about the mortgage business than I had ever known before. My head was spinning at points because of all the new information, especially while reading the second section. At the end of the book, I took away a few main principles, which Bernabe mentioned so frequently that I wasn’t allowed to forget: get a fixed-rate mortgage, not an adjustable-rate one. Shopping for a mortgage is about price (rate, points and fees), not about monthly payment. Don’t give in to the culture of consumption, but prioritize your spending so as to leave room for what’s important: relationships.

Some of the details discussed in this book may well be out of date in a few years, but it seems to me that the principles Bernabe emphasizes will stand the test of time. I’d recommend this book to anyone looking to buy a home, especially if they feel intimidated by the mortgage business or that they are living beyond their means.

[Jack · Rating 3 out of 5]

Another financial book I read about 15 years later than I wish I had, but then it was only written 4 years ago. I read it right after I decided to stop the proceedings of a refinance I was in the middle of because I was doing some calculations on the amount of interest I would pay even though the rate was lower adding 5 more years to my mortgage would have cost me over $75K in new interest payments. Even with the new lower payment over 30 years it wouldn't make up for the additional interest involved.

You really can just read the first 94 pages of this and ignore the religious undertones of giving 10% of your income to charity first, that's just insane, but the rest of his advice is spot on and his behind the scenes of the mortgage business will make you feel very used if you have ever refinanced. Fortunately I am a skeptic and I trust no one and I hate sales people with a passion so I got too annoyed by the refinance process and told them all to fuck off I was just going to pay off my current mortgage early rather than spend $5000 refinancing it.

Shorty after that I found this book in a used book store for $1 and was vindicated in my course of action.

[Doris · Rating 3 out of 5]

This book increased my understanding of the mortgage industry triple-fold! A must read whether you currently own a home or ever plan to buy one. I am a Realtor who specializes in property management and a homeowner myself. Though some of the information is remedial other chapters helped me to understand how mortgage brokers can mislead clients with various sales pitches. It's true, we focus too much on monthly payments and too little on the overall big picture, the total long-term costs in our larger purchases. The author does an excellent job of empowering readers by simplifying complex concepts in applicable ways. He provides clear courses of action to reach realistic and achievable mortgage success. Read this book to be an informed mortgage shopper, to increase your ability for mortgage payoff, and overall to be just as smart if not smarter than the big guys trying to sell you more debt than you need. (FYI - though never stated there is a cost associated with accessing the website Bernabe' promotes throughout the book)

[Jess Scott · Rating 5 out of 5]

It's always been a dream of mine to be able to own a home one day. I can be very paranoid though in my pursuit of "financial freedom" (I am careful not to go into debt and/or get into the whole "credit card" route).

I bought this book at a store nearby (happened to see it while browsing). It didn't take me long to decide to get a copy (less than 1 minute).

I found the material to be very informative, well-written and concise. But most of all useful and helpful.

Both material and spiritual fulfillment are important to me. There was something about the author's bio or writing style which appealed to these two aspects in me.

I'm confident this book will help me in terms of "educating myself" on how not to get into deep trouble with potential mortgage issues (credit card, college debt, medical, mortgage are the ones I am most careful with).

I thank the author for generously sharing his advice in the book!

[Mei · Rating 1 out of 5]

Mind Your Own Mortgage - Robert Bernabé
I read this book as part of Booksneeze.com.
While I did think that the first several chapters were interesting, I found that the tone of the book was frightening. This book made me not want to ever buy a house, and I had to be forcibly reminded that buying a house is good debt, and better than just paying rent...
My biggest complaint on this book was that the author brought Christianity into financial advice. At that point, he lost any and all credibility in the subject. Any financial advise that suggests that I tithe 10% of my income in not appropriate for me.

My Recommendation:
Unless you base your financial planning on your religious beliefs, skip this book.

[Emily · Rating 4 out of 5]

Although it was a bit repetitive, there was a great deal of useful information in this book that was broken down into easy to follow steps for obtaining the best mortgage. The shopping forms are probably the most useful part. It was geared more toward refinancing than obtaining a new home, but the principals still apply.

[Zulma · Rating 4 out of 5]

Great reference book on managing your own mortgage. Many inside info that your normal Joe wouldn't know about the mortgage industry.