Ethics is a huge problem today. One of the major reasons for the downfall of our economy is based on greed and bad ethical judgements. Greed based on personal gain from not being honest with your clients. In the world of mortgages it is easy to deceive to move a client forward but this will come back to haunt the person hopefully.
I believe in treating every client the same as I would treat my mother. Straight Answers with both sides of the coin shown. Risk is discussed and the decision is up to the client in the end. From this approach I have lost business because I was straight up with the client -- I would rather not do business than not have laid it all on the table.
Appraised value is a big concern right now. I discuss the pros and cons with clients about the risk of the appraisal process in the current declining market. Some appreciate knowing the ups and downs others only want to hear it will be "ok". I can't tell everyone it will be "ok" so they go to the person that gives them the warm fuzzy feeling -- some close others get burned. My clients know the risks and accept them -- they know the potential downfall up front.
As an originator my job is to give you the good bad and ugly -- not that 2 out of 3 items in that list are negative. I am not a pessimistic person but this is your home and life we are talking about lets make sure it is a good deal for you.
If you would like honesty as the best policy give me a call or contact me via my website at: http://www.new-hampshire-home-mortgage.com
Thursday, June 4, 2009
Wednesday, June 3, 2009
Commitment
What is Commitment... not on a personal level but for your purchase?
Commitment is when the bank/lender has said yes and all conditions have been satisfied. This is when you know you have the loan... but don't completely relax.
The lender has the right to check your credit, income, assets, and employment status up to and including the day of closing!
As we tell all of our clients -- Don't Buy and Don't Apply. Buying items on credit cards can change your credit score... or applying for new debt. Whatever you want to buy for your new home will still be there AFTER you close!
For more home buying tips contact me via my website at: http://www.new-hampshire-home=mortgage.com
Commitment is when the bank/lender has said yes and all conditions have been satisfied. This is when you know you have the loan... but don't completely relax.
The lender has the right to check your credit, income, assets, and employment status up to and including the day of closing!
As we tell all of our clients -- Don't Buy and Don't Apply. Buying items on credit cards can change your credit score... or applying for new debt. Whatever you want to buy for your new home will still be there AFTER you close!
For more home buying tips contact me via my website at: http://www.new-hampshire-home=mortgage.com
Wednesday, May 13, 2009
Turn Times
Pit Crews measure their success by how fast and efficient they can get their card in and out of a pit stop with a full service. Races are won and lost by the turn time.
What does this have to do with mortgages? Currently lenders are experiencing a high amount of production due to the lower rates and lower home prices. This causes delays. It is the originators job to make sure he/she knows the lenders turn times to be able to guide you with advice in regard to how long you should lock your rate with the lender. A 30 day lock is not much good if it takes the lender 18 days to review your file and another 7 to clear up any outstanding conditions as you won't have time to get the appraisal, title, etc... in to them in time. In that case you would need a 45 or 60 day lock. Lenders are requiring 3rd party verification of income and for many this is executing a 4506-T -- Request for Tax Transcripts through the IRS to make sure what you are showing for income is what you have declared with IRS through your tax filings. This takes time and the more lender utilizing this slows this process down. Originators should be able to see this obstacle coming up and guide you through the process.
For more information visit our website at: http://new-hampshire-home-mortgage.com
What does this have to do with mortgages? Currently lenders are experiencing a high amount of production due to the lower rates and lower home prices. This causes delays. It is the originators job to make sure he/she knows the lenders turn times to be able to guide you with advice in regard to how long you should lock your rate with the lender. A 30 day lock is not much good if it takes the lender 18 days to review your file and another 7 to clear up any outstanding conditions as you won't have time to get the appraisal, title, etc... in to them in time. In that case you would need a 45 or 60 day lock. Lenders are requiring 3rd party verification of income and for many this is executing a 4506-T -- Request for Tax Transcripts through the IRS to make sure what you are showing for income is what you have declared with IRS through your tax filings. This takes time and the more lender utilizing this slows this process down. Originators should be able to see this obstacle coming up and guide you through the process.
For more information visit our website at: http://new-hampshire-home-mortgage.com
Monday, May 11, 2009
Live Large!
This is a quote from a paperback hero I had as a kid, I can't remember anything about the book except my hero never gave up, always won, and he Lived Large. Of course for him it meant life on the edge every minute. For the rest of us I don't think we have to go that far. But you need to live and enjoy the moment. My family planted our perennial garden this weekend in front of our home and I was struck by the joy of being able to learn about gardening with my family. All made possible by home ownership and it struck me that in my own way I am Living Large. Large in love for my family and the enjoyment we have in our yard.
The point is renting is good but there is something about pride of ownership that lets you Live Large.
Contact me via my website to find out how you can Live Large! at http://www.new-hampshire-home-mortgage.com
The point is renting is good but there is something about pride of ownership that lets you Live Large.
Contact me via my website to find out how you can Live Large! at http://www.new-hampshire-home-mortgage.com
Friday, May 8, 2009
Purchases
Financing Options:
100% Financing USDA Rural Development -- Income and Geographic limitations down to a 620 Credit Score
96.5% FHA -- No Income Limits Purchase Price Limitations
1% Down Payment with New Hampshire Housing Finance Authority combined with FHA or USDA Rural Development
5% Down Payment Conventional Financing -- can be combined with a Reduced Mortgage Insurance for an additional 1% fee
Reverse Mortgage purchase for clients over 62 years old
YES we have your programs available! For more information contact us via our web site at http://www.new-hampshire-home-mortgage.com
100% Financing USDA Rural Development -- Income and Geographic limitations down to a 620 Credit Score
96.5% FHA -- No Income Limits Purchase Price Limitations
1% Down Payment with New Hampshire Housing Finance Authority combined with FHA or USDA Rural Development
5% Down Payment Conventional Financing -- can be combined with a Reduced Mortgage Insurance for an additional 1% fee
Reverse Mortgage purchase for clients over 62 years old
YES we have your programs available! For more information contact us via our web site at http://www.new-hampshire-home-mortgage.com
Tuesday, April 21, 2009
Comparable Sales
What is the value of your home?
Is it the Assessed value that your town/city has your tax base at?
Is it the cost to replace on your insurance binder?
Is it the intrinsic value that you believe your home is worth?
The value of your home is based on what the market will pay for your home and is a snapshot in time based on what has recently sold in your area. What this means for you is that if your neighbor has the same house and just sold for $200,000 after being on the market for 6 months... chances are your house is worth $200,000, or is it? What if the neighbor had to sell to avoid foreclosure, or was going through a divorce and had to sell -- these are called distressed sales and need to be adjusted for. Our big problem right now is the VAST amount of distressed sales spread throughout our entire area and the LACK of sales. This makes it very difficult for lenders to determine a final value.
Just more information to digest in our ever changing market. Feel free to contact me via my website at: http://www.new-hampshire-home-mortgage.com
Is it the Assessed value that your town/city has your tax base at?
Is it the cost to replace on your insurance binder?
Is it the intrinsic value that you believe your home is worth?
The value of your home is based on what the market will pay for your home and is a snapshot in time based on what has recently sold in your area. What this means for you is that if your neighbor has the same house and just sold for $200,000 after being on the market for 6 months... chances are your house is worth $200,000, or is it? What if the neighbor had to sell to avoid foreclosure, or was going through a divorce and had to sell -- these are called distressed sales and need to be adjusted for. Our big problem right now is the VAST amount of distressed sales spread throughout our entire area and the LACK of sales. This makes it very difficult for lenders to determine a final value.
Just more information to digest in our ever changing market. Feel free to contact me via my website at: http://www.new-hampshire-home-mortgage.com
Thursday, April 16, 2009
As a result of the Homeowner Affordability and Stability Plan (HARP), Evolution Mortgage LLC is participating and pleased to announce a new refinance option, known as the FNMA DU Refi Plus Program. This program allows more flexible loan terms on rate/term refinances to specifically identified loans.
Loans being refinanced under this program must have been sold to FNMA.
Features of the FNMA DU Refi Plus Program
• Maximum LTV as accepted by DU, up to 95%.
• Maximum CLTV as accepted by DU All existing subordinate financing must be re-subordinated. New subordinate financing is not permitted.
• Minimum credit score requirement is 620 on standard conforming limits; 680 on FNMA High Balance. A credit report must still be submitted. Minimum 48 months since a Bankruptcy; 84 months since either a foreclosure or multiple bankruptcy
• DU approve/eligible recommendations (without EA findings) will be accepted
• Primary, second home and investment properties are eligible.
• Eligible properties are 1-4 units, FNMA eligible condos, and PUDs (2-4s are not eligible on FNMA High Balance)• Qualifying ratios are determined by DU.
• The borrower(s) on the existing loan must be identical to the borrower(s) on the new loan. A new borrower may be added to the new loan, as long as the existing borrower(s) is retained.
• Mortgage insurance is not required if the existing loan does not require MI. Loans currently with MI are not eligible for this product.
• Loan amount may exceed existing loan unpaid principal balance only for payment of closing costs, prepaid items and lender fees.
• Borrower may receive up to the lesser of 2% or $2,000 at closing.
• The new refinance loan must result in a tangible net benefit to the borrower in either a) a reduction in the interest rate; b) a reduction in the amortization term; c) the replacement of an ARM or a Balloon/ Reset Mortgage with a fixed-rate loan or d) lower monthly payment that recoups costs within 60 months.
• Documentation requirements are per DU findings
• Property Inspection Waivers (PIW) accepted where allowed by DU, provided:
• Borrower certifies the home has not been listed for sale in the past 6 months and is not currently for sale
• Property county was not declared to be in a FEMA declared disaster county since last first lien lending transaction
• Last first lien lending transaction was not a purchase as an REO sale.
For more information about this exciting new option and if you qualify please contact me via my website at: http://www.new-hampshire-home-mortgage.com
Loans being refinanced under this program must have been sold to FNMA.
Features of the FNMA DU Refi Plus Program
• Maximum LTV as accepted by DU, up to 95%.
• Maximum CLTV as accepted by DU All existing subordinate financing must be re-subordinated. New subordinate financing is not permitted.
• Minimum credit score requirement is 620 on standard conforming limits; 680 on FNMA High Balance. A credit report must still be submitted. Minimum 48 months since a Bankruptcy; 84 months since either a foreclosure or multiple bankruptcy
• DU approve/eligible recommendations (without EA findings) will be accepted
• Primary, second home and investment properties are eligible.
• Eligible properties are 1-4 units, FNMA eligible condos, and PUDs (2-4s are not eligible on FNMA High Balance)• Qualifying ratios are determined by DU.
• The borrower(s) on the existing loan must be identical to the borrower(s) on the new loan. A new borrower may be added to the new loan, as long as the existing borrower(s) is retained.
• Mortgage insurance is not required if the existing loan does not require MI. Loans currently with MI are not eligible for this product.
• Loan amount may exceed existing loan unpaid principal balance only for payment of closing costs, prepaid items and lender fees.
• Borrower may receive up to the lesser of 2% or $2,000 at closing.
• The new refinance loan must result in a tangible net benefit to the borrower in either a) a reduction in the interest rate; b) a reduction in the amortization term; c) the replacement of an ARM or a Balloon/ Reset Mortgage with a fixed-rate loan or d) lower monthly payment that recoups costs within 60 months.
• Documentation requirements are per DU findings
• Property Inspection Waivers (PIW) accepted where allowed by DU, provided:
• Borrower certifies the home has not been listed for sale in the past 6 months and is not currently for sale
• Property county was not declared to be in a FEMA declared disaster county since last first lien lending transaction
• Last first lien lending transaction was not a purchase as an REO sale.
For more information about this exciting new option and if you qualify please contact me via my website at: http://www.new-hampshire-home-mortgage.com
Monday, April 13, 2009
Complex Transaction
A mortgage is a Complex Transaction -- not due the how but to coordinate ALL of the individuals to make a mortgage complete. The borrower, originator, processor, appraiser, home inspector, underwriter, title abstractor, title company processor, insurance agent, the lender's closer, the closing agent, the real estate agent for buyer/for seller, and the sellers themselves.
Many people to coordinate and make sure all are moving toward the same goal. The broker or originator is the person to coordinate with all entities to ensure this happens. So make sure you have a good relationship with your originator as they are your link to the process.
I look forward to being your "link" for more information please contact me at my website: http://www.new-hampshire-home-mortgage.com
Many people to coordinate and make sure all are moving toward the same goal. The broker or originator is the person to coordinate with all entities to ensure this happens. So make sure you have a good relationship with your originator as they are your link to the process.
I look forward to being your "link" for more information please contact me at my website: http://www.new-hampshire-home-mortgage.com
Thursday, April 9, 2009
Apri 9th Passover
As Easter approaches it is time to reflect on what is good in our lives and be thankful. To remember those that have passed and those that have been forgotten. To be blessed by a child's smile or the wisdom of our older generation. Time to be the people that we should be. To deliver on promises and not make excuses. Proud of what we do and how we do it.
I am a father of 3 girls and husband to my wife of 14 years and very thankful that I have been blessed with a loving family.
From our thoughts to yours. Enjoy your family this weekend.
for my contact information go to my website at: http://www.new-hampshire-home-mortgage.com
I am a father of 3 girls and husband to my wife of 14 years and very thankful that I have been blessed with a loving family.
From our thoughts to yours. Enjoy your family this weekend.
for my contact information go to my website at: http://www.new-hampshire-home-mortgage.com
Monday, April 6, 2009
HVCC
Home Valuation Code Of Conduct... good or bad? This was not a law that was passed but a settlement between the state of NY and FNMA & FHLMC. This settlement changes how the entire property appraisal process works. Your broker will no longer order your appraisal report. The report MUST be ordered by the lender... but what happens if the lender does not like the property? Your loan must be taken to another lender and yes you guessed it, you need another appraisal. This starts to get expensive.
Brokers are cast as the evil Third Party Originators who have made a mess of the system. This is an easy scapegoat and in my opinion incorrect, what about the Ameriquests of the world? these were LENDERS that behaved worse than any broker. Companies like these have gone out of business so they can't be blamed -- hence the easy mortgage broker target.
For more information on how to best originate your loan contact me via my website at: http://www.new-hampshire-home-mortgage.com
Brokers are cast as the evil Third Party Originators who have made a mess of the system. This is an easy scapegoat and in my opinion incorrect, what about the Ameriquests of the world? these were LENDERS that behaved worse than any broker. Companies like these have gone out of business so they can't be blamed -- hence the easy mortgage broker target.
For more information on how to best originate your loan contact me via my website at: http://www.new-hampshire-home-mortgage.com
Tuesday, March 24, 2009
USDA Rural Development
There is information out and about that USDA Rural Development is out of money... That is 100% correct! BUT lenders are still underwriting to USDA Rural Development guidelines knowing that funding is simply held up in Congress. Congress will be funding USDA but it is delayed. As for lenders it is still business as usual knowing that funding is on the way!
So yes we still have 100% financing through USDA Rural Development!
to find out if you qualify please contact me at my website: http://www.new-hampshire-home-mortgage.com
So yes we still have 100% financing through USDA Rural Development!
to find out if you qualify please contact me at my website: http://www.new-hampshire-home-mortgage.com
Monday, March 23, 2009
Change to FHA Refinances
FHA has changed the cash out refinance loan to value percentage... previously the percentage was 95%. It is now down to 85%.
What this means to you...
If you purchased a home then 1 year later took out a second mortgage to build a garage and your loan to value will be over 85% you will NOT qualify for a Refinance with FHA!
For more information about this significant change please feel free to contact me at my website: http://www.new-hampshire-home-mortgage.com
What this means to you...
If you purchased a home then 1 year later took out a second mortgage to build a garage and your loan to value will be over 85% you will NOT qualify for a Refinance with FHA!
For more information about this significant change please feel free to contact me at my website: http://www.new-hampshire-home-mortgage.com
Monday, March 9, 2009
Treasure your Past, Plan for your Future, Live for Today!
The title of this blog "Treasure your Past, Plan for your Future, Live for Today!" is our company tag line. It means more than just a marketing gimmick. I firmly believe that you need to remember where you came from and your history as this helps define who you are or if you are looking to change, who you were.
Plan for your Future -- You have to do this because it is coming every day. Where do you want to go in life, what do you want out of life? Think about it, make a plan, and make it happen.
Live for today! Because nobody knows what the future brings you have to enjoy today! Be happy with what you have. It is the little things that make life special.
My outlook on life is very positive even in these uncertain economic times. I look forward to talking with you, please contact me via my website at: http://www.new-hampshire-home-mortgage.com
Plan for your Future -- You have to do this because it is coming every day. Where do you want to go in life, what do you want out of life? Think about it, make a plan, and make it happen.
Live for today! Because nobody knows what the future brings you have to enjoy today! Be happy with what you have. It is the little things that make life special.
My outlook on life is very positive even in these uncertain economic times. I look forward to talking with you, please contact me via my website at: http://www.new-hampshire-home-mortgage.com
Thursday, March 5, 2009
Great Home Improvements for Seniors
Some great Home Improvements for Seniors to be able to stay safely in their homes longer:
1) Levered Doorknobs
2) Grab Bars
3) Levered Faucets
4) Handrails on Stairwells both sides / Also on Steps
5) Grab Bars in Showers
6) Removal of Thresholds in doorways
7) Movable Shower heads
8) Bath & Bedroom on first floor
9) Widened Door Ways to accommodate Wheelchairs
10) Ramps for walkers/wheelchairs
All of these items make your home safer, easier to navigate, easier to live in, and more comfortable.
Many clients have used the proceeds of a reverse mortgage to pay for these improvements. Ask me how! I can be reached through my website at http://www.new-hampshire-home-mortgage.com
1) Levered Doorknobs
2) Grab Bars
3) Levered Faucets
4) Handrails on Stairwells both sides / Also on Steps
5) Grab Bars in Showers
6) Removal of Thresholds in doorways
7) Movable Shower heads
8) Bath & Bedroom on first floor
9) Widened Door Ways to accommodate Wheelchairs
10) Ramps for walkers/wheelchairs
All of these items make your home safer, easier to navigate, easier to live in, and more comfortable.
Many clients have used the proceeds of a reverse mortgage to pay for these improvements. Ask me how! I can be reached through my website at http://www.new-hampshire-home-mortgage.com
Wednesday, March 4, 2009
Reverse Mortgage Limits INCREASED!
HECM Reverse Mortgage Lending Limits have been increased to $625,500!!! If you were avoiding a Reverse Mortgage due to the value of your home being above the county lending limit this is GREAT news for you!
FHA/HUD has increased the lending limit to $625,500. For more information how this can help you contact me via my website at: http://www.new-hampshire-home-mortgage.com
FHA/HUD has increased the lending limit to $625,500. For more information how this can help you contact me via my website at: http://www.new-hampshire-home-mortgage.com
Monday, March 2, 2009
Seller Paid Closing Costs
In this market Seller are paying for your closing costs... If you ask! Don't worry about what the seller owes or if it is a bank because you only get what you ask for. If you don't ask for the seller to help you pay the costs you will not know. It is a negotiating tool, use it!
For more information on how this will help you contact me via my website at:http://www.new-hampshire-home-mortgage.com
For more information on how this will help you contact me via my website at:http://www.new-hampshire-home-mortgage.com
Tuesday, February 24, 2009
Return on Investment...
Do you buy a rate down or not? Rates are low... is it worth paying a 1/2 point to 1 point to buy the rate lower?
This depends on what your Return On Investment (ROI) will be. To calculate this have your principal and interest payment with out buying it down. Also you will need what your payment would be with buying it down. The next number you need is your cost to buy it down (your 1/2 to 1 point -- please note a point is 1% of your loan amount).
Subtract the lower payment from the larger payment.
Divide the points by the difference in the payment.
Divide this number by 12.
This is your ROI in years. You want this number to be as low as possible to have it make sense. The rule of thumb is between 2 - 4 years. But it will depend on you short and mid-term goals, your current equity position and/or liquid assets.
This may sound confusing but it is easily shown with real numbers. For a ROI calculation on your specific scenario contact me via my website at: http://www.new-hampshire-home-mortgage.com
This depends on what your Return On Investment (ROI) will be. To calculate this have your principal and interest payment with out buying it down. Also you will need what your payment would be with buying it down. The next number you need is your cost to buy it down (your 1/2 to 1 point -- please note a point is 1% of your loan amount).
Subtract the lower payment from the larger payment.
Divide the points by the difference in the payment.
Divide this number by 12.
This is your ROI in years. You want this number to be as low as possible to have it make sense. The rule of thumb is between 2 - 4 years. But it will depend on you short and mid-term goals, your current equity position and/or liquid assets.
This may sound confusing but it is easily shown with real numbers. For a ROI calculation on your specific scenario contact me via my website at: http://www.new-hampshire-home-mortgage.com
Wednesday, February 18, 2009
First Time Buyers NOW IS THE TIME!
The government is now paying you to buy a home if you are a first time buyer... they are paying you in the form of a Tax Credit on your year tax returns. You could get up to $8,000 if you buy a home this year and qualify.
Now is the time to see if you can buy a home. What are you waiting for? Low Rates, Plenty of homes for sale, Motivated Sellers willing to help pay your closing costs... it doesn't get better until you remember that you can get up to $8000 on top of all that!
For more information see the line we have posted on our website: http://www.new-hampshire-home-mortgage.com
Now is the time to see if you can buy a home. What are you waiting for? Low Rates, Plenty of homes for sale, Motivated Sellers willing to help pay your closing costs... it doesn't get better until you remember that you can get up to $8000 on top of all that!
For more information see the line we have posted on our website: http://www.new-hampshire-home-mortgage.com
Tuesday, February 17, 2009
Rejoice and Live -- Reverse Mortgages can Help You!
A reverse mortgage will let you enjoy your golden years without worrying about the gold.
If you have a mortgage payment now you can get a reverse mortgage and not have a payment any longer.
Has your retirement account been hit with the economic downturn?
Do you need/want the security of a line of credit with no payments required?
Have your property taxes outpaced your fixed income?
Are medical bills or prescriptions too much and you are making difficult choices?
Are you looking to buy a second home?
do you want to give to your kids and see them enjoy their "inheritance"?
A Reverse Mortgage can do any of the above or any combo of the above.
For more information for yourself or your parents, please contact me through my website at: http://www.new-hampshire-home-mortgage.com
If you have a mortgage payment now you can get a reverse mortgage and not have a payment any longer.
Has your retirement account been hit with the economic downturn?
Do you need/want the security of a line of credit with no payments required?
Have your property taxes outpaced your fixed income?
Are medical bills or prescriptions too much and you are making difficult choices?
Are you looking to buy a second home?
do you want to give to your kids and see them enjoy their "inheritance"?
A Reverse Mortgage can do any of the above or any combo of the above.
For more information for yourself or your parents, please contact me through my website at: http://www.new-hampshire-home-mortgage.com
Monday, February 16, 2009
Remembering
I wanted to take this time to say goodbye to Dan Carey who passed away yesterday. Dan gave me my first job at the local corner market where I worked from age 14 through college and some after. I learned more from Dan than you can imagine.
Dan was one of the great men in this world and we are all worse off for his passing.
Matthew J Butt
http://www.new-hampshire-home-mortgage.com
Dan was one of the great men in this world and we are all worse off for his passing.
Matthew J Butt
http://www.new-hampshire-home-mortgage.com
Friday, February 13, 2009
VA Refinance Mortgages
If you have a VA loan did you know that you can do an "Interest Rate Reduction Loan" (IRRL) and reduce your rate without an appraisal, income, or credit check?
Yes you can quickly lower your rate and save money every month for very little hassle! You can apply today, sign a few forms, provide minimal documentation, and start saving money in the very near future.
A loan that truly makes sense to do! For more information in regard to VA Refinance Interest Rate Reduction Loans contact me via my website at: http://www.new-hampshire-home-mortgage.com/
Yes you can quickly lower your rate and save money every month for very little hassle! You can apply today, sign a few forms, provide minimal documentation, and start saving money in the very near future.
A loan that truly makes sense to do! For more information in regard to VA Refinance Interest Rate Reduction Loans contact me via my website at: http://www.new-hampshire-home-mortgage.com/
Thursday, February 12, 2009
What Next...
What is in store for borrowers/buyers next? The credit market is continuing to tighten. Restrictions are continuing in the form of guideline changes. The guideline changes are requiring higher credit scores for the lender's programs. For FNMA "Fannie Mae" there have been increased rates for lower credit scores and higher loan to value ratios.
The reasoning is the lower the credit score the higher the risk of default/Foreclosure. The higher the loan amount to the value of the home the less the borrower has invested and the easier it is for the borrower to walk away. The problem with this reasoning is that MOST people pay their mortgages. It is the minority that is ruling the majority in this case by creating issues due to foreclosure. Now don't get me wrong the minority is 3 - 5% of the homes in America that are in trouble or have been foreclosed upon. this is a huge number BUT look at it the other way 95% to 97%of Americans are paying their mortgages! A majority of mortgages are good. The system is trying to increase rates on the higher risk categories and the mortgages system should! If there is an increased risk of default the lender HAS to protect itself with an increased rate for all borrowers that fall into this category to plan for the borrowers that do get foreclosed on.
For more information about mortgages and your opportunities to purchase home with straight answers to your questions please contact me via my website at: http://www.new-hampshire-home-mortgage.com
The reasoning is the lower the credit score the higher the risk of default/Foreclosure. The higher the loan amount to the value of the home the less the borrower has invested and the easier it is for the borrower to walk away. The problem with this reasoning is that MOST people pay their mortgages. It is the minority that is ruling the majority in this case by creating issues due to foreclosure. Now don't get me wrong the minority is 3 - 5% of the homes in America that are in trouble or have been foreclosed upon. this is a huge number BUT look at it the other way 95% to 97%of Americans are paying their mortgages! A majority of mortgages are good. The system is trying to increase rates on the higher risk categories and the mortgages system should! If there is an increased risk of default the lender HAS to protect itself with an increased rate for all borrowers that fall into this category to plan for the borrowers that do get foreclosed on.
For more information about mortgages and your opportunities to purchase home with straight answers to your questions please contact me via my website at: http://www.new-hampshire-home-mortgage.com
Wednesday, February 11, 2009
What Rate is Low Enough?
What rate is Low Enough for you...? When do you pull the trigger on locking your rate. Do you wait for 4.75%... or is 4.875% good enough? Nobody can answer these questions but you. What you need to decide is it worth the gamble of the rates dropping more to save a little bit more money every month or take the slightly higher rate. See Example:
$100,000 mortgage at 4.75% = $521.64
$100,000 mortgage at 4.875%= $529.21
So waiting for the 4.75 would save you 7.60/month or $2,736 over the life of the loan. Anything you can keep in your pocket is a good deal BUT what happens if you pass on the 4.875 in hopes of getting the 4.75% What if rates never go down to the 4.75% rate you wanted? You would be stuck at your higher rate and you would not enjoy any savings! This is the risk you run and only you can decide what is the best deal for you. Only you can filter all the advice and decide when to lock. Listen to advice from your broker, your trusted advisers, friends, family, read information, and then make your decision.
For more information or to discuss this topic please reach me via my website: http://www.new-hampshire-home-mortgage.com
$100,000 mortgage at 4.75% = $521.64
$100,000 mortgage at 4.875%= $529.21
So waiting for the 4.75 would save you 7.60/month or $2,736 over the life of the loan. Anything you can keep in your pocket is a good deal BUT what happens if you pass on the 4.875 in hopes of getting the 4.75% What if rates never go down to the 4.75% rate you wanted? You would be stuck at your higher rate and you would not enjoy any savings! This is the risk you run and only you can decide what is the best deal for you. Only you can filter all the advice and decide when to lock. Listen to advice from your broker, your trusted advisers, friends, family, read information, and then make your decision.
For more information or to discuss this topic please reach me via my website: http://www.new-hampshire-home-mortgage.com
Monday, February 9, 2009
Vacation Home Purchase, is now the time?
Is it time to purchase your vacation home? Yes and No...
Yes it is the time as there are some great deals on vacation homes. Yes it is if you are in a stable job and the current downturn while it affects everybody your income is secure. Yes it is if now was when you were planning on buying. second home ownership is about cash flow can you tie up a certain amount of money every moth to own another property. will you use this vacation home enough to warrant the money you are spending on the months that you will not utilize it? Are you taking a long term approach that a good deal today means a good profit when sold?
No it is not time to buy a vacation home because of your current job being based on the economy. If you are a commissioned sales person that is getting hit by the downturn then it would not make sense for you right now. You want to be able to view the amenities, landscaping, docks, beach etc... in the winter you can't check these parts of a waterfront home which are crucial to your enjoyment AND with shoreline protection rules/regs/laws you will not be able to change the shoreline easily.
A couple of viewpoints on vacation homes. For more information and both sides of every mortgage please contact me via my website at: http://www.new-hampshire-home-mortgage.com
Yes it is the time as there are some great deals on vacation homes. Yes it is if you are in a stable job and the current downturn while it affects everybody your income is secure. Yes it is if now was when you were planning on buying. second home ownership is about cash flow can you tie up a certain amount of money every moth to own another property. will you use this vacation home enough to warrant the money you are spending on the months that you will not utilize it? Are you taking a long term approach that a good deal today means a good profit when sold?
No it is not time to buy a vacation home because of your current job being based on the economy. If you are a commissioned sales person that is getting hit by the downturn then it would not make sense for you right now. You want to be able to view the amenities, landscaping, docks, beach etc... in the winter you can't check these parts of a waterfront home which are crucial to your enjoyment AND with shoreline protection rules/regs/laws you will not be able to change the shoreline easily.
A couple of viewpoints on vacation homes. For more information and both sides of every mortgage please contact me via my website at: http://www.new-hampshire-home-mortgage.com
Friday, February 6, 2009
Bank Owned Properties -- BE Prepared
There is a reason that Lenders list their properties for sale "As Is As Seen" this means they may be unwilling to do anything to the property to get it up to snuff. You may be buying a Lemon or a Diamond in the Rough.
The process is rarely smooth as the seller which is a company needs to sign the Purchase and Sales agreement after it has been negotiated. This typically takes some time. Negotiations may take even more time.
Properties can be winterized so you have to get the systems operational prior to home inspections and appraisals.
You also have to watch out for penalties for not closing on time.
Great deals to be had if you are patient and prepared.
For more information about avoiding these pitfalls contact me through my website at: http://www.new-hampshire-home-mortgage.com
The process is rarely smooth as the seller which is a company needs to sign the Purchase and Sales agreement after it has been negotiated. This typically takes some time. Negotiations may take even more time.
Properties can be winterized so you have to get the systems operational prior to home inspections and appraisals.
You also have to watch out for penalties for not closing on time.
Great deals to be had if you are patient and prepared.
For more information about avoiding these pitfalls contact me through my website at: http://www.new-hampshire-home-mortgage.com
Thursday, February 5, 2009
4% Government Rates??
I heard today on NPR on the way into work that the Government is trying to hatch a plan to have a 4% interest rate on mortgages. WOW that would be great, but when is the government going to start this program... still needs to pass so now it is just hype. How is the government going to do this... haven't said this either.... The US Government does not set interest rates they are set by the open market by what investors are willing to pay for mortgage backed securities. The new story stated that the Government could sell 10 year treasuries at 3% and then have mortgage money available at 4% so the government would make money... But if private companies can't make money at those margins how would the government do it?
So before we all line up to get our 4% government loans lets get the programs passed through congress (if that happens) and the programs in place. When the office of the Housing and Urban Development received a passed bill increasing the Reverse Mortgage Limits it took 4 months to have the limits raised.
So before we all line up to get our 4% government loans lets get the programs passed through congress (if that happens) and the programs in place. When the office of the Housing and Urban Development received a passed bill increasing the Reverse Mortgage Limits it took 4 months to have the limits raised.
Friday, January 30, 2009
Irrational Sellers
Yes there are still irrational sellers out there who think that their property is a castle and worth a king's ransom! These folks are chasing the market downward and when they realize that their home is not a castle to others they drop their price considerably but at that point it is too late. Why is it too late? Because the property has been on the market so long that people think there is something wrong with it or the seller is getting desperate.
The best course of action is set your price for what the house should sell for and expect to pay for the buyer's closing costs or a portion of them. In this market 90% of our purchases have the seller paying for part or all of the buyer's settlement charges -- even on Bank Owned Properties!
For more information about Seller Paid Closing Costs contact us via our website at: http://www.new-hampshire-home-mortgage.com
The best course of action is set your price for what the house should sell for and expect to pay for the buyer's closing costs or a portion of them. In this market 90% of our purchases have the seller paying for part or all of the buyer's settlement charges -- even on Bank Owned Properties!
For more information about Seller Paid Closing Costs contact us via our website at: http://www.new-hampshire-home-mortgage.com
Thursday, January 29, 2009
Value, Value, Value
There is news today that prices of home being sold has dropped! This is true and it affects your homes value. The appraisal process is designed to use an independent 3rd party to determine the value of your home in today's market by comparing it to closed home sales in your area. If everything is selling for less then your home's value has declined.
Does this mean it is a bad time to refinance? No it it does not if you have sufficient equity for your loan to be underwritten and closed. If you bought last year with 100% financing chances are you may not have the equity to refinance, but maybe you bought a home that was distressed or from a bank, then you have equity. Or perhaps you have put on an addition increasing your square footage which will increase your value. These scenarios are very typical. For more information contact us via our website at http://www.new-hampshire-home-mortgage.com
Does this mean it is a bad time to refinance? No it it does not if you have sufficient equity for your loan to be underwritten and closed. If you bought last year with 100% financing chances are you may not have the equity to refinance, but maybe you bought a home that was distressed or from a bank, then you have equity. Or perhaps you have put on an addition increasing your square footage which will increase your value. These scenarios are very typical. For more information contact us via our website at http://www.new-hampshire-home-mortgage.com
Wednesday, January 28, 2009
Windows of Opportunity...
Hindsight is 20/20! In the mortgage business today it is easy to look back and say to yourself... I should have locked the rate or I should have waited... Yesterday afternoon we had a drop in prices that was truly beneficial for the borrowers who have been waiting to get to a rate in the low 5's. But I still had clients that did not want to move yet, and now today the rates have crept back up!
The lesson to be learned here is when opportunity knocks GO FOR IT!
you can visit us at our website: http://www.new-hampshire-home-mortgage.com
The lesson to be learned here is when opportunity knocks GO FOR IT!
you can visit us at our website: http://www.new-hampshire-home-mortgage.com
Tuesday, January 27, 2009
Appraisal
The appraisal is one of the big three items that a lender makes their decision on. The appraisal is an independent 3rd party opinion of market value. The appraiser will analyze your home compared to other homes that have sold. The key word is sold. When markets are down or slow the appraiser has to go farther away from your home or make more adjustments to the sold homes to make up for differences in size, bedroom count, bathrooms etc...
The appraiser's job is NOT to get a certain number to make your loan work. The appraiser's job is independent of the loan's success or failure.
for more information on appraisals contact me via my website at: http://www.new-hampshire-home-mortgage.com
The appraiser's job is NOT to get a certain number to make your loan work. The appraiser's job is independent of the loan's success or failure.
for more information on appraisals contact me via my website at: http://www.new-hampshire-home-mortgage.com
Monday, January 26, 2009
VA Loans
Have you served your country? Have you used your VA Certificate of Eligibility? Did you know that there are still 100% financing options for VA Loans?
YES 100% financing. Also with VA Loans typical ratios can be overcome as this loan looks at Residual Income more than typical debt ratios!!
Let us help you find out more about VA Home Mortgages by contacting us at our website: http://www.new-hampshire-home-mortgage.com
YES 100% financing. Also with VA Loans typical ratios can be overcome as this loan looks at Residual Income more than typical debt ratios!!
Let us help you find out more about VA Home Mortgages by contacting us at our website: http://www.new-hampshire-home-mortgage.com
Thursday, January 22, 2009
Credit Score Requirements are CHANGING
There is plenty of money to buy and refinance homes... the credit/income requirements are becoming more strict. While the government continues to "solve" the banking industry problems the marketplace is already 2 steps ahead in becoming more restrictive. Lenders are increasing minimum credit scores for programs across the board. This is a direct move from the risk associated with lower credit scores on the secondary market.
What does this mean for you? Check your credit score and start working on increasing the score! The lower the score the stricter guidelines OR the higher the rate. Save money by increasing your credit score. Credit is your biggest asset or liability depending on what your number is!
As usual contact us at our website: http://www.new-hampshire-home-mortgage.com
What does this mean for you? Check your credit score and start working on increasing the score! The lower the score the stricter guidelines OR the higher the rate. Save money by increasing your credit score. Credit is your biggest asset or liability depending on what your number is!
As usual contact us at our website: http://www.new-hampshire-home-mortgage.com
Wednesday, January 21, 2009
Market Uncertainty
While yesterday was a tremendous day in the history of our great country, the markets are still uncertain of what the future holds. The following is a quote from one of my lenders about the market stability/instability: "The mortgage markets are choppy and thin and that is leading to prices from wholesalers that are not predictable." This is coming from the people who are paid to watch the markets and know how they will react!
My point to today's post is simple. Make the best decision you can with the information you have and don't look back. Rates go up, Rates go Down, the only thing you can be sure of is what your rate is when it is confirmed/locked with the lender!
For more information contact me through my website at: http://www.new-hampshire-home-mortgage.com
My point to today's post is simple. Make the best decision you can with the information you have and don't look back. Rates go up, Rates go Down, the only thing you can be sure of is what your rate is when it is confirmed/locked with the lender!
For more information contact me through my website at: http://www.new-hampshire-home-mortgage.com
Thursday, January 15, 2009
Soup Kitchens and Food Banks
This has nothing to do with mortgages. I can't urge you enough to either donate food, money or your time to helping others this winter. These are not necessarily homeless people but your they could be your neighbors who just need a little bit of help to make ends meet. With our tough economy many people are in need.
Don't have the time? Donate Food
Don't have the extra $$? Donate Time
Just a thought for the day...
from http://www.new-hampshire-home-mortgage.com
Don't have the time? Donate Food
Don't have the extra $$? Donate Time
Just a thought for the day...
from http://www.new-hampshire-home-mortgage.com
Tuesday, January 13, 2009
Credit, Credit, Credit, Need I say More.
If you are looking at doing something with a purchase or refinance even if it is not for several months you should start now. The first thing you want to do is contact your mortgage broker and put in an application as long as there is no fee involved. You should not have to pay an application fee anywhere. Once you have given enough information the mortgage broker can pull your credit report. This is a valuable tool as credit can be an asset or a liability.
The better your credit the more programs and lower rates are available to you. The worse your credit the rates get higher and less program options are available. If you do not have stellar credit what can you do? Talk with the mortgage person about what accounts can be paid off or balances lowered. Discuss any collection accounts or other information that is outstanding on your report. Find out if there are any erroneous accounts that need to be cleaned up. Fixing your credit is hard work that will pay off. If you have to do 40 hours worth of work to get 1% lower on your mortgage rate that could save you Thousands over the life of your loan!
For more information regarding credit contact me at via my website at http://www.new-hampshire-home-mortgage.com
The better your credit the more programs and lower rates are available to you. The worse your credit the rates get higher and less program options are available. If you do not have stellar credit what can you do? Talk with the mortgage person about what accounts can be paid off or balances lowered. Discuss any collection accounts or other information that is outstanding on your report. Find out if there are any erroneous accounts that need to be cleaned up. Fixing your credit is hard work that will pay off. If you have to do 40 hours worth of work to get 1% lower on your mortgage rate that could save you Thousands over the life of your loan!
For more information regarding credit contact me at via my website at http://www.new-hampshire-home-mortgage.com
Monday, January 12, 2009
NH and FHA
Did you know that there are less than 100 companies that have an actual office location in New Hampshire? How does this affect you? There are numerous companies approved for FHA but if you want to got to their business location there are less than 100. Evolution Mortgage LLC is one of these locations. We are centrally located just north of Concord NH in a small town called Boscawen.
I have strong ties to this area having been born and raised in Boscawen and Penacook and will do everything possible to make sure you are taken care of.
If you want to contact me I can be reached via my website at http://www.new-hampshire-home-mortgage.com
I have strong ties to this area having been born and raised in Boscawen and Penacook and will do everything possible to make sure you are taken care of.
If you want to contact me I can be reached via my website at http://www.new-hampshire-home-mortgage.com
Friday, January 9, 2009
Time To Buy!
For those of you looking to buy a home now is the TIME! Rates are incredibly low AND there are numerous homes on the market. Moreover, sellers are more than willing to pay for your closing costs this combined with a USDA Rural Development Mortgage (backed by the US Government) you can get into a property with little money out of pocket!
Income Restrictions and Geographic Restrictions apply -- call me with any questions at 603-796-6244 or via my website at http://www.new-hampshire-home-mortgage.com
Income Restrictions and Geographic Restrictions apply -- call me with any questions at 603-796-6244 or via my website at http://www.new-hampshire-home-mortgage.com
Thursday, January 8, 2009
Are you ready for a 5% Rate?
Rates are going down to 5% on a regular basis now, ARE YOU READY? By this I mean have you committed to a mortgage broker? Have you had an appraisal done? Has your file been submitted to underwriting? The answer to all of the above should be YES.
Once you have decided to refinance do everything with your originator to get your loan submitted and ask about 15 day rate locks. A 15 day rate lock is generally priced better for you. You will have to communicate more with your originator once you are approved but you can hold off and not lock until you get the rate you want. This is a bit of a gamble but the rewards may outweigh the risk. As always the decision is yours.
For more information about 15 day rate locks contact us at 603-796-6244 or our website at http://www.new-hampshire-home-mortgage.com
Once you have decided to refinance do everything with your originator to get your loan submitted and ask about 15 day rate locks. A 15 day rate lock is generally priced better for you. You will have to communicate more with your originator once you are approved but you can hold off and not lock until you get the rate you want. This is a bit of a gamble but the rewards may outweigh the risk. As always the decision is yours.
For more information about 15 day rate locks contact us at 603-796-6244 or our website at http://www.new-hampshire-home-mortgage.com
Wednesday, January 7, 2009
FHA Purchase
Did you know that you can help your child out when purchasing a home by Co-Signing the note? This is known as a Non-Occupant Co-Borrower. We take all of your information as well as the borrower -- your income, assets, and credit are looked at equally! If your son or daughter needs a boost for income and you are willing to co-sign it is an excellent opportunity. This allows your child to purchase their first home with no out of pocket expense on your part... of course there is a risk. You have to be confident that your child will be able to pay the loan back as you are equally responsible for the note!
For more information contact us through our website at http://www.new-hampshire-home-mortgage.com
For more information contact us through our website at http://www.new-hampshire-home-mortgage.com
Tuesday, January 6, 2009
FHA 3.5%
FHA has increased the down payment requirement to 3.5% on all new purchases. All 3.5% has to be toward the down payment unlike previously when some of this could be applied toward closing costs.
The seller can still pay for your total settlement charges for up to 6% of the purchase price AND the 3.5% can be a gift from an immediate family member!
for any questions you can contact me at:
http://www.new-hampshire-home-mortgage.com
The seller can still pay for your total settlement charges for up to 6% of the purchase price AND the 3.5% can be a gift from an immediate family member!
for any questions you can contact me at:
http://www.new-hampshire-home-mortgage.com
Subscribe to:
Comments (Atom)
