It’s amazing how many people enter the loan process to purchase a home or refinance their current mortgage with out being properly prepared to manage the transaction. They begin the process with little more than an impulse. This leaves them with little foundation for negotiation and makes them a prime target for unscrupulous lenders.

By doing some preplanning you can know the rules of the game position yourself to get the best possible mortgage. That is exactly what Carolyn Warren, author of “Mortgage Rip-Offs and Money Savers” advocates. Her book outlines the shady misdeeds commonplace in the mortgage industry and gives you tips and strategies to avoid them. The book is a must read for anyone looking to protect themselves from the “loan sharks” the mortgage industry has quickly become known for.

Other advice by Warren includes:

• Avoiding costly prepayment penalties
• Identifying and negotiating away junk fees
• Understanding yield spread premium and what it means to your loan

If you are planning on buying a home or refinancing your existing home loan read “Mortgage Rip-Offs and Money Savers” and save yourself headache and money.