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

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

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

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

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

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

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

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

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

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

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

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

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

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