Why I Hate This Book (And Why You Need to Read It Immediately)
Most lenders want you confused. Steve Fingerman’s new book "How to Shop Like a Boss" makes you dangerous. Here is my review.
I spent 20 years as a financial advisor before I came out of retirement to become a Loan Officer. In those two decades, I saw clients make brilliant decisions with their stocks and absolutely terrible decisions with their mortgages.
Why? Because the mortgage industry is designed to be opaque. It is a “black box” where you put your financial data in one side, and a confusing 30-page document pops out the other.
That is why, when I picked up Steve Fingerman’s new book, How to Shop Like a Boss: An Insider’s Guide to Mortgages and Buying A Home, my first reaction was protection. “He’s giving away the playbook,” I thought.
But my second reaction was relief. Finally, someone wrote it down.
If you are thinking of buying a home in New Mexico (or anywhere, really) in 2026, you cannot afford to sign a single document until you understand the three secrets Steve exposes in this book.
Secret #1: The “Lowest Rate” is Often a Trap
Steve dedicates a significant portion of the book to the difference between Interest Rate and APR, and he explains it better than any government pamphlet I’ve ever seen.
He argues—and I agree 100%—that shopping for the “lowest rate” is how you get ripped off. Unethical lenders will quote you a 5.99% rate to get you in the door, but they won’t tell you until closing day that you are paying $8,000 in “discount points” to get it.
Steve teaches you to ask the one question that stops these lenders in their tracks: “What is the cost of that rate?”
Secret #2: The “Pre-Qualification” Letter is Worthless paper
This was my favorite chapter. Steve rips the band-aid off the industry’s favorite sales tool: The Pre-Qual Letter.
He explains that a “Pre-Qual” just means you told a loan officer how much money you make, and they believed you. It verifies nothing. In today’s market, especially here in Santa Fe where cash offers are king, a Pre-Qual letter is weaker than a handshake.
Steve advises—and I practice this with my own clients—that you need a Verified Pre-Approval. This means an Underwriter has actually reviewed your tax returns before you even look at a house. It turns you into a “Cash Buyer” in the eyes of the seller.
Secret #3: The “Junk Fee” scavenger hunt
The book provides a literal checklist of fees that you should never pay.
When I review loan estimates from big online lenders for my clients, I often see things like “Application Fee,” “Processing Fee,” “Underwriting Fee,” and “Admin Fee” all stacked on top of each other. Steve breaks down exactly which of these are legitimate costs of doing business, and which ones are just profit padding.
My Verdict: Buy It.
I don’t say this often. Usually, I find real estate books to be nothing but motivational fluff. But How to Shop Like a Boss is a technical manual written for normal people.
It will cost you about $15 to buy the book, but it will likely save you $15,000 in bad loan terms over the life of your mortgage.
Need a “Boss” Strategy for New Mexico?
The only thing this book misses is the specific quirkiness of our New Mexico market—like why financing a manufactured home foundation requires an engineer’s cert that most lenders forget to order.
If you want to shop like a boss, but want a local guide to handle the details, just hit reply to this email.
To your wealth,
Fred Richardson NMLS #2752459 | C2 Financial Retired Financial Advisor & Mortgage Loan Originator
Disclaimer: As an Amazon Associate I earn from qualifying purchases. This review is for educational purposes and does not constitute financial or legal advice.