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June 20, 2007 - GuideToLenders.com

Fixed Rate Mortgages Popularity Reflects Long-term View, says GuideToLenders.com

Homeowners have shown increasing interest in refinancing from adjustable rate mortgages to fixed rate mortgages in recent months according to a poll on GuideToLenders.com, an online consumer resource for obtaining competing mortgage quotes. Over twice as many homeowners selected "converting my adjustable rate mortgage to a fixed rate" in April than in February. Other data bears this out.

A recent poll by GuideToLenders.com, an online consumer resource for broker and lender information, indicated the homeowners are increasingly interested in mortgage refinancing to convert their adjustable rate mortgages (ARMs) into fixed rate mortgages (http://www.guidetolenders.com/). Over twice as many borrowers selected this reason as their top motivation for refinancing in April than did in February.

Other data supports the idea that homeowners are being more cautious in their financing and taking a longer view. According to Dow Jones MarketWatch, 41.9 percent of all loans originated by mortgage companies in January 2006 were ARMs. That figure plunged to 18.4 percent in March of 2007. A MarketWatch article claims that consumers have been "fleeing to the relative safety of fixed-rate loans over the last 15 months."

Additionally, according to GuideToRealty.com, the rate of foreclosures has increased with the interest rates on adjustable rate mortgages (http://guidetorealty.com/calculators/costownerhip.jsp). Interest rates on ARMs have risen more than three full points over their recent historic lows. Even borrowers who aren`t in trouble with their mortgages are concerned. A survey released by TransUnion`s TrueCredit.com indicated the following:

•    24 percent surveyed were concerned about the cost each month of their loans.
•    13 percent worry that they will owe more on their home than it`s worth.
•    11 percent are anxious about the payment increase when their ARMs adjust.
•    7 percent are pessimistic about their ability to refinance their mortgages.

GuideToLenders.com (http://www.guidetolenders.com/) advises borrowers to assess their current adjustable rate loan on several fronts before deciding if a mortgage refinance to a fixed rate is the best move. Chief considerations are the time the homeowner expects to remain in the home (no reason to undertake a long-term solution for a short term problem), the interest rate caps on the ARM (if the caps are low then prevailing interest rates matter less), and where the mortgage fits in with the borrowers` overall investment strategy (building equity in the home versus manufacturing cash flow for other investments). GuideToRealty.com and GuideToLenders.com both offer mortgage calculators to help homeowners determine whether to refinance their mortgages.

GuideToLenders.com is a consumer resource featuring guides on how to find the right lender or broker to provide options to best suit consumers` needs. The site has a variety of free tools and tips and provides an easy way to find multiple lenders to help consumers with their lending needs. Products offered by the lenders/brokers include new home financing, refinancing, home equity line of credit, and debt consolidation loans. To find out more, visit http://www.GuideToLenders.com.

Press Contact: ROBERT LAPIC
Company Name: GuideToLenders.com
Email: Email Us Here: http://www.prweb.com/emailmember.php?prid=533825
Phone: 877-407-7377
Website: http://www.GuideToLenders.com

GuideToLenders.com by ROBERT LAPIC, -