About Merrimack County, NH

Alphonse and Gastonwas an American comic strip by Frederick Burr Opper, featuring a bumbling pair of Frenchmen with a penchant for politeness.
The strip's premise was that both were extremely polite, constantly bowing and deferring to each other. Neither could ever do anything or go anywhere because each insisted on letting the other precede him.(Wikipedia)

Yesterdays closing should have been without incident.

My Clients ,The Buyers, of a Bank Owned property had cleared through their financing in record time. They were happy with the agreed upon price and the Seller (NHHFA) had even granted concessions on Closing Costs. The Home Inspection revealed no surprises and we were set to close.

(I should have known better)

WE had our early afternoon walk-thru and headed back to the office for closing.
When I came through the door My Buyers Mortgage Broker was sitting there with his head in his hands....I had that sinking feeling....

It seems the Seller was refusing to sign all of the closing papers. In order to limit any possible hint of any liability....they will only sign 3. (the deed,the title and the HUD). On the other hand, The Buyers Lender insists on having 5 signed. The 3 above and two other innocuous ones (something about correctness of address)
Neither would give....we were at a standoff. And all of the decision makers were at lunch.
My Buyers were beside themselves.

When the "lunch-goers" returned, at least an hour was spent going back and forth with each player insisting that they were right and the other should give in....as a result....nothing was happening!
At that point the closing attorney announced that he had one card up his sleeve. He went into the other room to make a call. He returned with a big grin on his face.

WE WERE OK !!!

It seems 25 years ago he had worked with one of the decision makers at NHHFA. He explained our situation and she said....in a human, sensible, logical NH fashion...well that's just silly! I have no problem signing those. It was as simple as that!

We were fortunate to be able to circumvent the red-tape with a personal contact.
Most others are not so lucky!
How many other transactions have been stopped in their tracks for such foolishness?
Whatever happened to common sense and people power?

I'm still shaking my head ........
.

Concord NH Area Realtor

Concord Area NH Realtor

The Mortgage Interest Rate Lock Advisory for Manchester NH for September 30, 2009

Here are some of the events affecting mortgage interest rates today in Manchester, New Hampshire.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened down 2/32 at 101.28.

The price of the FNMA 30-Year 4.5% MBS coupon closed up 1/32 yesterday at 101.34 (as shown by the white line). MBS is currently trading down 3/32 at 101.25 (as shown by the blue line). Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage interest rates. I expect that mortgage interest rates will be about 0.125% worse in price this morning as compared to yesterday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Final Revision to the 2nd Quarter Gross Domestic Product (GDP) - there was a 0.7% decline in the GDP - a little better than the 1.2% decline analysts were expecting - and is slightly better than the 1.0% decline the previous month. This indicates that the recession is nearing an end as the overall economy is improving. However, this revision did not have much of an impact on the mortgage market or on mortgage interest rates this morning.

In other news, ADP reported that 254,000 jobs in the private industry were lost in September; analysts expected the report to reveal a loss of 298,000 jobs.

Are low interest rates here to stay for a while? Watch this video from CNBC to find out:

What's Happening With Mortgage Interest Rates Today:

Low to Moderate Volatility. Overall, look for some volatility in the mortgage market today.

My Mortgage Interest Rate Lock Advice for Today:

If I were considering financing/refinancing a home, I would...

• Lock if my closing was taking place within the next 7 days
• Float if my closing was taking place between 8 and 30 days
• Float if my closing was taking place between 31 and 45 days
• Float if my closing was taking place between 46 and 60 days

This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.

For the best mortgage interest rates in Manchester, NH, click here.

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