User39331_1_t Chris Steigerwald
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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 this stage, a fixed-rate product may be your best chance at creating real financial stability before your loan resets and your payment adjusts. Even if your mortgage has a pre-payment penalty, it may be less expensive to absorb the penalty now and refinance into a more stable mortgage.

In the event that you now owe more on your home than it's currently worth, or if you don't have enough equity to sell your home and cover expenses, help could still be available - but you have to act now. Meet with a mortgage professional right away and see what options you have.

 

4 Comments on Subprime Changes the Lending Landscape

Chris... welcome to ActiveRain. I'm roaming around reading random post this evening and notice this is your first. You're going to like it here, most do. The more you give, the more you'll receive. That's been my experience. Good start.

05/19/2007 12:42 AM by Jeff Turner (Real Estate Shows)


Hi Chris.  I just wanted to welcome you to the Rain!  I hope you enjoy it here and keep blogging!

05/19/2007 01:30 PM by Michael Hutchins - Consumer Advocate, Chicago (Michael Hutchins Ent.)


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Mortgage Company: Progressive Mortgage
Chris Steigerwald
Marysville, WA
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Progressive Mortgage

Office Phone: (360) 659-1116 Ext.: 104
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