Book Review: Mind Your Own Mortgage by Robert J Berbane

Bernabe's "Mind Your Own Mortgage" makes the case for using price when selecting a mortgage (preferably a fixed rate mortgage) and paying off said mortgage early. Bernabe begins with a short historical section describing the causes of and responses to the current financial crisis. He then moves into the negative aspects of adjustable rate mortgages (ARMs) and the results of regularly refinancing said ARMs. After making a clear and compelling case for fixed rate mortgages and his own personal system for selecting a mortgage, Bernanbe concludes by extolling the virtues of paying off one's mortgage, primarily more disposable income and a smaller total amount of interest.

Bernabe's case for paying off fixed rate mortgages is attractive and similar in content, if not form, to Dave Ramsey's approach. Bernabe doesn't approach his subject from an overtly Christian perspective (the exceptions being a couple references to God, the introduction, and the conclusion), which may give the work a broader audience. The foundation for Bernabe's position on mortgages is both financial and relational. He, appropriately, views debt as slavery that limits one's ability to spend and live as you wish and sees a greater workload (and hence less time with friends and family) as the inevitable result of this slavery.

I enjoyed this work and felt that Bernabe's presentation was clear and effective. On the other hand, I felt that he was rather belabored when making the case against ARMs. In addition, he seems to focus on refinancing as opposed to acquiring a mortgage in the first place (although this is not a universal flaw) At the same time, he provides easy to use tools for selecting a mortgage with clear explanations of how to use and access these forms (through his website www.mindyourownmortgage.com). The text was well laid out, including helpful tables and diagrams as well as sidebars and short story digressions. I recommend this book to anyone considering acquiring a first mortgage or refinancing.

Available:
Thomas Nelson Amazon

Disclosure of Material Connection: I received this book free from Thomas Nelson Publishers as part of their BookSneeze.com <http://BookSneeze.com> book review bloggers program. I was not required to write a positive review. The opinions I have expressed are my own. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255 <http://www.access.gpo.gov/nara/cfr/waisidx_03/16cfr255_03.html> : “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”