FOSTER CITY, Calif. (PRWEB) October 9, 2006
LoanPage.com offers homeowners the mortgage refinancing resources to help avoid a nationwide wave of foreclosures predicted by market analysts. The popularity of interest-only home loans has left many homeowners vulnerable to rising monthly payments and a lack of home equity, according to experts. As rising interest rates cause monthly payments on adjustable rate mortgages to expand, homeowners can use mortgage calculators and rate comparison tools at LoanPage.com to plan their financial futures.
"Many people used adjustable rate home loans expecting the values of those homes to keep rising," says LoanPage.com Managing Producer Richard Wong. "With home values softening, LoanPage.com offers consumers the tools and education they need to protect their investments and prevent foreclosure."
Analysts cited in the New York Times remind mortgage-holders of the news from manufacturing towns in the Midwest. In many towns where major employers closed unexpectedly, foreclosure rates among adjustable rate mortgage-holders have spiraled out of control. In July, Ohio had 79 mass layoffs followed by 23 large-scale layoff events in August.
Two weeks ago, the Mortgage Bankers Association (MBA) reported that the point spread between rates on an adjustable rate mortgage with a one-year fixed rate (5.9 percent) and a 30-year fixed loan (6.18 percent) was 28 points. This point difference is the narrowest gap since January 2001, making refinancing a better long-term option for some mortgage-holders. Additionally, last week's MBA report shows refinancing activity is the highest it has been since February 2005.
http://LoanPage.com is a complete source of mortgage loans tools and resources, including calculators and a mortgage glossary. Visitors can find out the answers to all the most common loan questions, download a loan application, or find lenders in their area.
Corresponding article on LoanPage.com: http://www.loanpage.com/articles-and-advice/refinancing/protecting-your-arm-financed-home-from-foreclosure.aspx