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

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

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

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

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