Congratulations! You found the house you want to buy. You’ve negotiated a sales agreement – you have a signed offer. What next? You need to give the sales agreement to your lender. Your lender will create a property-specific loan application and forward the application and disclosures for you to sign. Once you have signed these […]
Mortgage Info Blog
FHA increases loan limits!
FHA is not limited to first time buyers and it is not limited to a sales price and it has no income limit but FHA does have maximum loan amounts. Effective January 1, 2018 for single family homes the loan limits are: New Hampshire Most areas the max loan is $294,515 Manchester/Nashua (Hillsboro County) the […]
Building a House – first steps
If you’re thinking of building a new home the first steps are to find the land (if you don’t already own it), find a house plan you love and then put it out to bid. You need to determine the cost of your project in order to determine the financing terms. Meanwhile you really need […]
Building a House – vocab quiz
What are the most important words you need to know if you’re thinking of building a house? Lets start with these three: turn key, end loan and construction loan. Turn key: this is when a builder builds a house for you on a piece of land and when the house is 100% complete you buy […]
Top 4 Reasons People Refinance
Many people refinance their mortgages for different reasons depending on where they are in life. We have taken a look at the top four reasons that people decide refinancing is right for them. Here are the top reasons to do so and how it can help you financially: Get a lower payment. If you can […]
When does my mortgage insurance go away?
When/how to remove private mortgage insurance (PMI) from a loan… To remove private mortgage insurance (PMI) that you pay on your mortgage loan, you must be up to date with your monthly payments. These rules apply to mortgages closed on or after July 29, 1999. Federal law generally provides two ways for you to remove PMI […]
5 ways to improve your mortgage options!
Your credit score will influence your mortgage options as well as the interest rate you will get. If you’re thinking of buying a home in the future, don’t take chances! These steps can help you improve your credit score now so you’ll have more mortgage options later. Don’t over use your credit cards! Ideally credit card balances should be paid in full […]
Fannie Mae making home financing more av...
Fannie Mae instituted new rules surrounding student loans earlier this year which make a significant difference in what people who have income based repayment plans and graduated payment plans can qualify for. The old guideline was, if the student loan was an income based or graduated payment, the lender would consider the payment to be […]
Tax Reform may make the Homebuyer Tax Cr...
Tax reform for homeowners. One of the benefits of owning a home as a primary residence is the ability to write off the taxes and interest paid which lowers your net income and the amount of tax you must pay. But if the standard deduction is doubled as proposed in the tax reform we […]
What is Mortgage Insurance?
You’re thinking of buying a house and a lot of terms are being thrown around and your lender assumes you know what they all mean. Well one of the terms that is often confusing is “Mortgage Insurance” which is often referred to as “PMI” (private mortgage insurance). In the lender’s world, Mortgage Insurance is abbreviated […]