lynnwood: What Should you do now?
- 05/22/07 05:54 PM
If you or someone you know has a subprime loan, especially an ARM or a hybrid ARM about to reset to a higher rate, you need to speak with a mortgage professional right away. With loan guidelines and credit requirements tightening so heavily, and property values still declining in many neighborhoods, you may not even qualify for a refinance if you wait too long and the pendulum passes you by. Even if your mortgage has a pre-payment penalty, it may be less expensive to absorb the penalty now and refinance into a more affordable or stable mortgage. Fixed rate programs are approaching … (3 comments)
lynnwood: Subprime Changes the Lending Landscape
- 05/18/07 05:25 PM
The effects of the subprime crisis are becoming clearer with each passing day. According to the Wall Street Journal, tightening guidelines and fewer available products are creating challenges for borrowers with credit issues. If you're thinking about taking on or refinancing a mortgage, your credit score will be crucial when it comes to obtaining the best loan program available. For homeowners with ARMs that are scheduled to reset anytime within the next 2 to 24 months, the challenges are even greater. With higher credit standards and tightening guidelines, you may not even qualify for a refinance if you wait too long. At … (5 comments)
If you or someone you know has a subprime loan, especially an ARM or a hybrid ARM about to reset to a higher rate, you need to speak with a mortgage professional right away.;)
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