Finance Articles

The Lending Group Sees Refinance Solution to Help Homeowners Survive the Mortgage Bubble

(PRWEB) September 5, 2007 -- For many homeowners it is nail-biting time each time the mortgage payment shows up in the mailbox. Those adjustable rate loans have a habit of adjusting in the wrong direction...upward. Experts at the Lending Group recommends a homeowner refinance (www.TheLendGroup.com) with a fixed rate mortgage.

It seemed like a good idea at the time, buying a home with a low payment adjustable rate mortgage. But that loan is now being adjusted...upward and the payment is suddenly bigger than your budget. Or maybe that loan came with a balloon payment, and the balloon is about to pop.

At any rate, it is time to find a new loan and that may be harder than expected. Because of the rising number of defaults and foreclosures, lenders have had to raise residential loan requirements so few people qualify. And if that wasn't enough, the tightening loan market has driven many lenders out of business. There are simply few loan companies out there to help.

Remember the good old days when a person could qualify for a loan with just good credit? And you could get in with as little as 0% down. Today most lenders are demanding 10% or even 20% down, and qualifications are getting tougher.

What do you do when are faced with the need to refinance (www.TheLendGroup.com)? "The first rule is, don't panic," according to Oscar Corona, the Director of Operations for the Lending Group. "The important thing is to know your loan, it is an education process. For some people it just isn't affordable to stay with the same loan." It may come with six month increments at a certain cap. That cap can allow for large increases.

The original lender can see his profits soar when those rates are adjusted higher. In fact, some companies use the initial low payment of an adjustable to bring customers in without properly explaining the consequences as that adjustment goes higher. Sometimes that adjustment period doesn't begin for a few years into the mortgage, but it does come.

As the remaining lenders tighten the qualifications for new loans, many people may be left out of the refinance option. "Some people were thinking that they would hold on to the house for a couple of years and then sell it for a profit," Corona adds. "But now the market has turned south and it is harder to sell, they may even be facing a loss." Some of those owners may be facing foreclosure.

"In the recent past the home market was about equity management, now it is about survival." For many homeowners, finding a new loan to save their home is turning into crisis management.

What is the safe answer? For most it is a new fixed-rate loan. It offers a stable payment with no surprises whatever the market does. The Lending Group offers a sub-prime refinance (www.TheLendGroup.com) lending program to consumers. It allows them to tap into to best residential rates while still keeping the payment fixed.

For more information: contact Shavyl Hassim at TTA Lending Group DBA The Lending Group, 17815 Sky Park Circle, Suite H, Irvine, CA 92614 or email shavyl @ thelendgroup.com; or call 877-777-8074; or visit the web site at www.TheLendGroup.com            

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