Home Loan Mortgagers :: Mortgage Hampton Roads
Mortgage Hampton Roads: Obtaining a Mortgage in Hampton Roads, Virginia
If you're trying to secure refinancing or a new mortgage, Hampton Roads in Virginia can be one of the most difficult markets in the country. Thanks to the recent subprime mortgage crisis, which hit the Hampton Roads area particularly hard, loan requirements have tightened up considerably.
Earlier this year, the federal government surveyed a number of lenders in the area and more than half had made their lending standards stricter. By either requiring higher credit scores, larger down payments or increased documentation, lenders in the area have clamped down on mortgages. To learn more about how new lending policies are affecting your mortgage, Hampton Roads and the surrounding housing market, keep reading.
Home Equity Credit Lines – Frozen
While not technically a mortgage, Hampton Roads home equity lines of credit provide homeowners with fluid cash based on the value of their home. After the recent housing crisis, home values depreciated and some home equity credit lines had their borrowing amounts frozen.
Banks in Hampton Roads, Virginia that reevaluated their home equity credit lines include Chase America, Bank of America, and Countrywide.
Other Loans Affected by the Lending Crunch
It's not just your mortgage - Hampton Roads residents can also expect other financing to be harder to obtain. For example, student loans for students at Norfolk State, auto loans and other forms of private consumer financing.
Local Lenders that Haven't Changed Standards
One local lender is staying committed to their mortgage, Hampton Roads lender Navy Federal Credit Union has not changed their rates. Though open to all national Navy servicemen, government employees and their families, the lender has a strong presence in Hampton Roads.
Local Mortgage Lenders in the Hampton Roads Area
If you're looking for a mortgage, Hampton Roads offers a number of lender options, including:
HFC (http://www.hfc.com)
Based in Chesapeake, this lender focuses on refinancing and home equity loans.
Beneficial Mortgages (http://www.beneficial.com)
Like HFC, this lender is a member of the HSBC group, but they focus on mortgages, as well as refinancing.
Elizabeth River Mortgage Group (http://elizabethrivermortgagegroup.com)
Locally owned and run, the Elizabeth River Mortgage Group focuses on what matters to you – your mortgage. Hampton Roads residents also get the benefit of a local broker who understands the market.
All Site Articles for Home Loan Mortgagers
Learn great ideas about how to avoid home foreclosure with
Foreclosure Is Not Your Friend
Order Online
24 Hours a Day
7 Days a Week
365 Days a Year!
Copyright 2008
HomeLoanMortgagers.com :: Mortgage Hampton Roads