New Hampshire

The economy's improving but lending standards are not. Nationally, banks are making mortgage approvals harder to come by.

Underwriting guidelines are tightening.

The data comes from the Federal Reserve's quarterly survey to its member banks. The Fed asks senior bank loan officers around the country to report on "prime" residential mortgage guidelines over the most recent 3 months and whether they've tightened.

For the period October-December 2009:

• Roughly 1 in 4 banks said guidelines tightened
• Roughly 3 in 4 banks said guidelines were "basically unchanged"

Just 2 of 53 banks said its guidelines had loosened.

Combine the Fed's survey with recent underwriting updates from the FHA and generally tougher standards for conventional loans and it's clear that lenders are much more cautious about their loans than they were, say, in 2007.

Today's Raymond home buyers and would-be refinancers face a bevy of new borrowing hurdles including:

• Higher minimum FICO scores
• Larger downpayment requirements for purchases
• Larger equity positions for refinances
• Lower debt-to-income ratios

So, if you're on the fence about whether now is a good time to buy a home, or make that refi, consider acting sooner rather than later. It doesn't necessarily matter that mortgage rates are low, or that there's an up-to-$8,000 home purchase tax credit for households that qualify. With each passing quarter, fewer and fewer applicants are eligible to take advantage.

For more info, check out our NH mortgage blog or complete our NH online mortgage application!

Bring Todays Energy Efficiency To Yesteryear's Homes-Series Part 2 of 3, Baker Home Energy Audit and Commercial Properties Inspections, would like to go over some myths, facts and mistaken ideas that can cost you and your family money. Some old myths about energy become increasingly expensive. Others have simply become obsolete with advances in technology. While others are misinterpretations of old practices that have passed into home owner foklore.

Myth: Furnace filters are good for the whole season, you only need to change them once in the winter and once in the summer.


Fact: if the filter is restricting air flow at all, its time to change a filter. Just how often really depends on a number of factors such as, how long your system runs, the quality of the filters you use, and even the home's location. Fiberglas mesh filiters generally will clog faster than a more expensive pleated filter.



Money saven tip: investing in a removable electrostatic will usually be your least costly option over a relatively short time. When you need a clean filter all you do, is take the filter out and clean it off per the instruction of the manufacture and then reinstall it. No more disposable filters to buy and throw away. Many of the programmable digital thermostats on the market now a days. Are smart enough to even remind you its time to change your filter.



Bring Todays Energy Efficiency To Yesteryear's Homes-Series Part 2 of 3


Myth: Turning your thermostat all the way up or down will heat or cool your home alot faster.


Fact: did your mom ever have you turn the thermostat all the way up, because she was wanting your home to warm up faster? Did it work? The truth is that basic physics and your home's heating and cooling system, is the determining factor as to just how fast the temperature is going to change inside your home. Putting the thermostat all the way to Max, only means if you go off and forget to turn it back down, your going to waste energy and your hard earned money. If your home has a manual thermostat, then only move it to the temperature setting you want the temperature in your home to be.



Money saven tip: Investing in and having a programmable thermostat, and letting it adjust the temperature so you and your family will be comfortable with in your home. A programmable thermostat sure will pay for itself in the very first year.

Bring Todays Energy Efficiency To Yesteryear's Homes-Series Part 2 of 3

Myth: You can never add to much insulation.


Fact: there is an optimal amount of insulation that can be added in any given situation. Factors you need to consider include the available space. Do you remember the phrase, To much of a good thing? can hold true, when it comes to insulating. Adding to much insulation, especially when you pack it into to small of a space can be a waste of money, and not improve the energy efficiency of your home.



Money saven tip: Never guess! Be sure of the right insulation levels for your home's location and situation. The US Department of Energy, offers a mighty fine resource. Thats good for existing homes as well as new construction. Take the time to visit the DOE Zip Code Insulation Calculator at www.ornl.gov/~roofs/zip/ziphome.html.

Link to: Bring Todays Energy Efficiensy To Yesteryear's Homes-Series Part 3 of 3

Baker Home Energy Audit and Commercial Properties Inspections
PO Box 570
Charlestown, New Hampshire 03603

Office: 603-826-4207

Cell: 603-477-8072

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Post 686 - 8 Feb. 2010

Disclaimer: Any of the information herein may come from various sources, some of which
may not be reliable and may change without any kind of notice. Dale Baker does not guarantee or is in any way responsible for the accuracy of the information in this blog and the information provided is without any kind of warranties, either express or implied. The information on
this blog represents the opinions and ideas of the author; comments left by others may not express the views of the author. Dale Baker Owner: Baker Home Energy Audit and Commercial Properties Inspections. Copyright 2010 By Dale Baker-all rights reserved.

All Photos and Graphics used are the property and Copyright 1980 - 2010 by Baker Home Energy Audit and Commercial Properties Inspections.

Mortgage markets improved last week on domestic jobs data and international banking concerns. The news triggered buying in the bond market and, as a result, conventional, FHA and VA mortgage rates in NH improved for the 4th consecutive week.

Mortgage rates are now at a 6-week low but probably shouldn't be. It underscores just how important global events can be to U.S. mortgage markets.

For example, corporate earnings continue to improve and key elements of the economy are strengthening. Even the Federal Reserve acknowledges this. In most circumstances, that would be a boon for the stock markets and bond markets would suffer, including mortgage bonds.

Last week, that wasn't the case.

Early in the week, as (1) China tightened its monetary policy, (2) Greece did little to quell lingering default fears, and (3) Spain raised its deficit forecasts, global investors sought to reduce their collective risk exposure. For safety of principal, many sold some of their more aggressive positions and moved the cash proceeds into the U.S. bond market -- which includes mortgage bonds.

On Wall Street, this type of trading pattern is called a "flight-to-quality". Because mortgage bonds are backed by U.S. government entities, the debt is considered to be ultra-safe. Last week's extra demand for bonds helped to push prices up and mortgage rates down.

And that was before Friday's weak jobs report. Although the Unemployment Rate fell to 9.7%, the government reported a net loss of 98,000 jobs last month and this, too, helped mortgage rates tick lower.

This week, we'll hope for momentum to continue.

There's very little domestic news to move rates this week so keep an eye on the global market for similar stories like what we saw last week. Or, if you're not sure what to look for, just give me a call or send me an email and I'll be happy to watch the markets and mortgage rates for you.

For more info, check out our NH Mortgage Blog or fill out our NH Mortgage online application and let's work together towards your goals!

Manchester New Hampshire Single Family Market Report - 2009

The Manchester NH real estate and homes sold activity shows that there were 663 single family homes transacted in 2009 with an average sales price of $200,215 and an average days on market (DOM) of 86. Visit the Virtual Homes Blog for a NH statewide report.

Manchester NH Real Estate - Community, relocation and school information with town demographics.

Manchester NH Foreclosures - Obtain a list of foreclosed and bank owned real estate and short sales

Manchester NH MLS Search - View all listings in the statewide MLS.

Manchester NH Homes for Sale - Map Search - Search by location, neighborhood and commuting.

Virtual Homes Real Estate provides search tools to asist you in learning about the community, listing and market conditions.

Visit NH Homes for Sale and MA Homes for Sale for direct MLS access to all listings. To obtain school, demographic, commuting, relocation, home buying and selling information, go to New Hampshire real estate, Massachusetts real estate, Connecticut real estate, Maine real estate and Rhode Island real estate. For information regarding foreclosures, visit Massachusetts foreclosures, New Hampshire foreclosures and Connecticut foreclosures.

The Manchester NH real estate homes sold report is based on activity reported from the NNEREN NH MLS system and is not guaranteed to be accurate. It does not represent all of the listings that have sold during the specified time frame.

How to Buy Real Estate in Mont Vernon New Hampshire

Purchasing a home can be a very stressful and complicated process especially if you are a first time buyer. Enlisting the services of experienced real estate related professionals will provide you with the information and advice to make sound decisions in buying Mont Vernon NH real estate. Buyers often interview mortgage loan officers, Realtors, attorneys, home inspectors, accountants and financial advisers during the process of purchasing a property.

Information regarding the home buying and selling process, demographics, commuting, school and relocation information can be found by visiting

Mont Vernon NH Real Estate and Homes for Sale

Financing

Most home buyers will obtain a mortgage to purchase their home and there are numerous first-time home buyer financing programs offered by state agencies, local banks and national lenders. A common source for mortgage funding is the FHA (Federal Housing Administration). The major benefits of their programs include low down payment options (can be gifted by a family member), flexible qualifying, assumable mortgages, and rehab financing.

In 2009, there are four major reasons to consider purchasing your first home:

1. First-time home buyer tax credit of $8000 (for qualified buyers). Tax credits of up to $6500 are available to existing homeowners as of November 6, 2009.
2. Historically low interest rates.
3. Affordability - declining values in the past three years provide exceptional price offerings.
4. Tax benefits - current tax law favors owning a home over renting.

The Home Search

Consumers in New Hampshire have the option of hiring a real estate agent to represent them in "buyer agency" and this is disclosed in a "mandatory disclosure form" required by state law. The agent has a fiduciary responsibility to represent the buyer's interests instead of the seller's. Interview two or three agents to determine their qualifications before signing an agency contract.

Your agent can assist you in searching for a property through the Mont Vernon NH MLS (Multiple Listing Service) and homes sold by their owners (FSBO). Most property for sale, including Mont Vernon NH foreclosed and bank owned homes, is listed in the MLS. You may want to look for a condominium which may be found through Mont Vernon NH Condo. The NH MLS map search for property may be viewed at Mont Vernon NH Real Estate - NH MLS.

Home Inspection

Once you have found the property and successfully negotiated a purchase and sales agreement, you will probably contract for a home inspection. This will give you more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:

1. Evaluate the physical condition: structure, construction, and mechanical systems;
2. Identify items that need to be repaired or replaced; and
3. Estimate the remaining useful life of the major systems, equipment, structure, and finishes

Title and Closing

Title companies or attorneys will research the title to make sure both the lender and the buyer is protected and has "clear title" to the property. Prior to the actual closing, most buyers schedule a final walk-through with their agent to inspect the property. Once the closing is complete buyers can now occupy their new home.

Visit Virtual Homes real estate for assistance in buying Mont Vernon NH real estate and surrounding communities. Visit Rhode Island real estate, MA real estate and NY real estate for information about towns, cities, homes and condominiums in those states.