Salt Lake City, UT (PRWEB) April 30, 2007
With the future of the subprime mortgage business up in the air, many borrowers with bad credit find themselves with fewer home loan options. MortgageCreditProblems.com, a primary source of mortgage lending information and bad credit mortgage loans for people with poor credit, has the tools and resources needed to efficiently shop for a new home loan or mortgage refinance (http://www.MortgageCreditProblems.com).
Though many analysts believe the troubles in the subprime lending industry will ultimately lead to a healthier U.S. housing market, the fact remains that bad credit borrowers will have to search more vigorously to find a home loan that suits their needs. MortgageCreditProblems.com (http://www.MortgageCreditProblems.com) provides answers to homeowners looking for refinance advice and prospective homeowners in search of a home loan. With an online lender search tool, the site helps these borrowers find a subprime lender willing to work with them.
With real estate markets across the country stabilizing and prices falling in some areas, homeowners experiencing money troubles are finding themselves in a bind. "It goes back to home price appreciation," says senior analyst Richard Eckert of Roth Capital Partners. "Earlier in the decade, a troubled borrower could refinance themselves out of trouble so long as the value of the home went up. But now interest rates are rising and home values have leveled off. So these borrowers just don't have that piggy bank anymore." While just six months ago subprime mortgage lenders may have enthusiastically competed over the same piece of business, now those with bad credit will find that they have to do the legwork to find a lender.
Though the future of subprime lending may still be a little hazy, one thing is certain: lenders will be tightening their standards. The National Association of Realtors recently appeared before Congress and appealed for FHA reform in order to aid subprime borrowers. In a letter sent to HUD from NAR President Pat Vredevoogd Combs, the FHA was asked to waive its requirement that a homeowner's mortgage be current in order to refinance into an FHA loan product, a request with the potential for providing much needed help to subprime borrowers.
MortgageCreditProblems.com is a primary source of mortgage lending information for people with poor credit history or a low credit score. MortgageCreditProblems.com connects borrowers with bad credit to lenders that are willing to give them credit despite their credit history and also offers articles on improving credit scores, refinancing with bad credit and debt consolidation.