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Despite Rates, Mortgage Applications Rise, Says MortgageCreditProblems.com

(PRWeb) July 20, 2007 -- Though FreddieMac is projecting that over a million homes will enter foreclosure this year, many of which were purchased with bad credit home loans, the recent surge in mortgage applications indicates that many consumers are interested in buying a home this summer. MortgageCreditProblems.com offers some timely advice to homebuyers who are considering applying for a mortgage. Visitors to MortgageCreditProblems.com can get timely information on improving their credit, learn about the steps required to secure a bad credit mortgage, and connect with lenders who specialize in bad credit cases (http://www.mortgagecreditproblems.com).

This month mortgage rates rose to 6.65 percent for 30-year fixed-rate mortgages, the highest point since this time last year. However, the Mortgage Bankers Association reported that their index of mortgage applications increased by 1.1 percent.

In one MortgageCreditProblems.com article, columnist Gina Pogol outlines several steps for refinancing that also apply to new-home loans (http://www.mortgagecreditproblems.com/how-to-refinance-shopping-for-a-mortgage-when-you-have-poor-credit.htm). Before applying, borrowers should take the following steps:

?    Find out where they stand credit-wise by getting credit reports from all three bureaus. Instead of having lenders pull a new report, which can cause a borrower to lose points, borrowers can give lenders copies of the report.

?    If a borrower has bad credit, they need to know that bad credit mortgages are decided on an individual basis and that more rate shopping will be involved.

?    Be wary of unsolicited email offering great rates. Borrowers should only use reputable Web sites and online lenders who are licensed in the state in which they are buying.

More resources on new loans are available at http://www.mortgagecreditproblems.com/new-home-loan/

Even though rates are up, FreddieMac, which projects the 30-year mortgage rate will rise to 6.8 percent next year, maintains that recovery appears to be right around the corner. In a recent press release the industry giant reports that consumer confidence seems high and spending remains unabated. The National Association of Realtors® also appears optimistic and Lawrence Yun, senior economist for the group, stated recently that, "with historically low mortgage interest rates this summer and sustained job gains, it could be a good time for first-time buyers with a long-term view to test the housing waters."

Getting a new home loan or a mortgage refinance isn't easy with bad credit, but borrowers can turn to MortgageCreditProblems.com for assistance and advice. Whether it's a matter of learning about different loan types available for those with bad credit, or the impact of bad credit on mortgage interest rates, visitors to the site will find helpful information, articles offering advice, and lenders who can help with bad credit home loans.

MortgageCreditProblems.com is a primary source of mortgage lending information for people with poor credit history or a low credit score. MortgageCreditProblems.com connects borrowers with bad credit to lenders that are willing to give them credit despite their credit history and also offers articles on improving credit scores, refinancing with bad credit, and debt consolidation.

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