Finance Articles

Online Mortgage Lenders Offer Relief to Distressed Homeowners

(PRWEB) July 12, 2007 -- The Mortgage Bankers Associations report that in the first quarter of 2007 the percentage of subprime ARMs that started the foreclosure process climbed to a record high. Analysts estimate that nearly 2 million ARMs will reset to higher rates this year and next. Option ARMs can become so costly they push homeowners into financial crisis. Homeowners can avoid "Payment Shock", losing their home, and destroying their credit, by refinancing into a less risky mortgage with an online lender.

Option ARMs initially offer the chance to "qualify" for a more expensive home, minimize monthly payments, and achieve greater flexibility of managing monthly cash flow in the beginning of a loan. However, the initial rates are subject to a periodic change or "reset". Interest rates on loans, and the monthly payment, could increase dramatically. In some case, Option ARM payments can double overnight. Online mortgage lenders and LoanSpace.Org (http://www.loanspace.org) provide the tools, information, and resources to help homeowner's with their home and credit.

Option ARMs offer minimum payment, interest only, 15-year amortized, and 30-year amortized options. They can be especially attractive to homeowners who have irregular incomes such as educators who do not work during the summer months, salespeople whose commissions fluctuate, and college graduates about to begin lucrative careers.

Conversely, industry experts and Former Federal Reserve Chairman Alan Greenspan warned that many consumers were using the loans to purchase homes they could not afford. Many consumers gambled on the "housing boom" and purchased expensive homes they could "flip" in a few short years for a quick, big profit. Unfortunately, the hot housing boom has cooled considerable in many areas, and several major markets are experiencing a big drop in home values. Buyers who purchased more home than they could afford or made the minimum payment often wind up in serious financial trouble.

A viable and inexpensive solution to this financial dilemma could be a mortgage refinance. Refinancing with a conventional 15-year or 30-year fixed rate mortgage, can provide consistent monthly payments, principal reduction, financial security, and priceless peace of mind.

While fixed rate mortgages are not at rock bottom levels, they remain at historically low interest rates. The cost of refinancing is extremely low compared to the price of losing a home or destroying credit worthiness. Online mortgage lenders can be a very effective resource for financially troubled homeowners.

Compared with a trip to a local lender, the online mortgage refinance process seems to take place in a flash. After filling out a short form, the homeowner starts receiving offers, in many cases within 24 hours. Most online lenders provide up to 4 competing quotes. Refinance quotes can be compared without having to make multiple phone calls and personal visits, and while never having to leave the home or computer.

Online mortgage lenders, such as E-Loan (http://www.jdoqocy.com/click-2120973-9327563), America's Lending Partners (http://www.anrdoezrs.net/click-2493060-10386159), LowerMyBills.com (http://www.anrdoezrs.net/click-2493060-10292647), or HFC/Beneficial (http://www.kqzyfj.com/click-2493060-10406456) can be found on the internet by going directly to their sites. Save time and get quotes from several of the internet's top lenders by filling out a 90 second application form at LoanWeb.com (http://www.anrdoezrs.net/click-2493060-10297450). Visit each website and choose one online lender or get competing quotes from several online mortgage refinance lenders. Each website pulls the consumer's credit report only once, and then several refinance lenders bid on the loan. This can result in extremely competitive loan offers.

Refinancing a mortgage online not only saves time and can save money, but avoids the unpleasant experience and pressure of a face-to-face meeting with a banker. In privacy, the homowner can review and compare offers, without pressure, and make a better decision for their financial future.

LoanSpace.Org is an online source of the latest information, news, tools, and offers from online lenders. Consumers in need of information and tools regarding home, auto, student, and personal loans can reach LoanSpace.Org online at www.loanspace.org.

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