Mortgage Brokers Give Distressed Homeowners More Options
Borrowers in Default Looking for Choices Due to Subprime Shortage
(PRWEB) July 11, 2007 -- Your Home Advocate, LLC, has announced the results of several years' research on the effectiveness of mortgage brokers over other institutional lenders. Because brokers write loans for a number of companies, they are more likely to qualify a borrower who is behind in payments or has damaged credit. Obtaining financing can mean the difference between losing a home and getting things back on track again after hard times.
Mortgage Brokers are different from banks or other finance companies, who only offer their own loan products. In this case, a prospective borrower would either be qualified for one of those few loans or be turned away. With more lenders and loan types available, homeowners will be more likely to refinance their home, and without having to go through the application process in several different places.
"A good mortgage broker should specialize in making subprime loans," says Alan Brymer of Your Home Advocate. "Anyone can get a loan for a borrower with a perfect credit history. The best ones can get a general idea of what's possible on the phone without having to ding your credit. They should have an excellent understanding of how to improve credit, and should be able to provide you with referrals upon request."
Mortgage brokers can be found in the yellow pages or online, but are best found by asking a trusted professional such as a real estate agent or investor for referrals. Your Home Advocate is a free mortgage broker referral service for Utah homeowners in default, and can be reached for more information at 801-342-9260 or online at www.yourhomeadvocate.com.
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