NH Home Mortgage

Buying a House without 20% Down

Greg Fischer — Fri, 16 Mar 2012 21:56:16 +0000

It’s true. There are fewer no money down mortgage options today than there were a few years ago, but if you’ve heard that today you need 20% down to buy a house, you’ve been misinformed. In 2007, the mortgage industry was thick with mortgage lenders offering 100% financing. There were different rates and different PMI [...]

Your Credit vs Loan Quality Initiative

Greg Fischer — Thu, 02 Feb 2012 22:03:07 +0000

Fannie Mae’s “Loan Quality Initiative” What you need to know: Fannie Mae doesn’t make loans. Banks lend money. Fannie Mae buys loans from banks and securitizes them into mortgage-backed securities that are sold in the bond market. As such, Fannie Mae wants to make sure that every loan it buys to meet its basic underwriting [...]

7 Deadly Sins of Mortgage Lending

Greg Fischer — Fri, 30 Dec 2011 20:31:41 +0000

On paper, mortgage approvals are easy. If you have a good credit history, enough income to pay the mortgage and other bills, a house with the required value and equity for your loan program and all the little details can be verified – you’re approved. Staying approved can be a whole different matter. There are [...]

Giving Gifts – the Downpayment Kind

Greg Fischer — Thu, 22 Dec 2011 22:12:44 +0000

Just like presents during the Holidays, there’s a right way and a wrong way to give and receive gift funds for the downpayment on your new home. If you don’t follow the rules, you could jeopardize your mortgage approval. Verifying funds – especially gift funds – is an exercise in “follow the money.” Every step [...]

Consumer Choices – Opting Out

Greg Fischer — Fri, 16 Dec 2011 19:50:29 +0000

Are you familiar with the National Do Not Call Registry? That is the service where you can register your phone and cell phone number to opt out of sales and marketing calls. As of 2008, if you registered a phone number there, you will remain on the DNC list forever (if you registered prior to [...]

FHA vs Conventional Loans

Greg Fischer — Tue, 13 Dec 2011 14:13:07 +0000

Chances are, if you’re looking for a fixed rate mortgage in New Hampshire, you may qualify for more than one type of loan. If you’re a first time homebuyer in particular, you may qualify for several. Finding the one that’s best suited for your needs may be more complicated than asking your neighbor what mortgage [...]

Don’t Get Prequalified for a Loan Amount

Greg Fischer — Tue, 15 Nov 2011 02:21:04 +0000

When you’re about to get serious about shopping for a new home, the common logic is to contact a mortgage lender, and provide some information about your income and credit in the hopes of learning what purchase price you can be qualified for. The problem with this model is that you aren’t qualifying for a [...]

Quck Rate Alert for Home Shoppers

Greg Fischer — Wed, 10 Aug 2011 20:15:31 +0000

I don’t spend a lot of time preaching rates – mine are as good as anyone’s, but we’re all pretty similar these days. This is more of a market alert. If you’re looking to buy a home in New Hampshire, and are eligible for Rural Housing (many first time homebuyers are) the rates as of [...]

APR Explained

Greg Fischer — Tue, 12 Jul 2011 18:20:53 +0000

When you apply for a new mortgage, one of the disclosures that you’re given is the Truth In Lending. This document discloses your Annual Percentage Rate (APR) among other things. It is a disclosure required by the Fed on ALL residential mortgage transactions to help you – the consumer – compare loans from different lenders. [...]

Mortgage Application Basics

Greg Fischer — Fri, 08 Jul 2011 00:46:01 +0000

A mortgage loan application is a “simple” 4 page document that collects information about employment and income, assets, debts, credit, and a host of personal information as well. All of this is designed to put all of the key elements required to get a mortgage loan approval in one document. But before you sit down [...]