Get Your Credit Score Before Applying for a Home Loan

The mortgage crisis of 2007-2008 is the direct result of millions of consumer getting talked into mortgage loans that they did not need and could not afford.

If you have difficulty paying your property taxes or making the necessary repairs to your home, high-pressure salesmen may try to fast-talk you into a bad loan with many unnecessary fees and hidden charges. Don't fall for them

First of all get your CREDIT SCORE and make a realistic assessment of your credit worthiness.

Did you know that the three main credit reporting agencies in the United States are bound by law to provide you with a FREE report of your credit, once a year? But the report is not automatic and you have to ask for it. Here is their contact information:

Equifax: (800) 685-1111, www.equifax.com;
Experian: (888) 397-3742, www.experian.com/consumer; and
TransUnion: (800) 916-8800, www.transunion.com/index.jsp.

Your credit will range between 300 to 850. The higher the score, the better is your credit rating and better terms you can get for your loan.

A credit rating under 500 spells trouble. That's when you will be forced to accept stiff terms by the private mortgage lenders since most banks will try to avoid lenders with credit score that low.

If your credit score is 700 and above, you should be able to get a mortgage loan with acceptable terms.

Should you pay off your credit cards with home equity loan?

The next time your credit lender suggests you take out a home equity loan to pay off your credit card debt, think twice before quickly jumping on the offer.

Why?

Because if your cash flow is limited and you end up defaulting on your credit card debt, a credit card company cannot foreclose your property. But if you cannot pay your home loan, the mortgage company can foreclose your house and take it away from you.

Thus those two different types of debts have very different results if and when disaster strikes. Consider that before taking out a home equity loan.

(This article is written for information purposes only. Before making a financial decision please consult a licensed professional.)

Rabies Clinic in Support of the Londonderry Lancer Marching Band Trip to China in 2008

Earlier in January, I wrote about supporting Andy Soucy and the Londonderry Lancer Marching Band for their trip to China in 2008. Here's another fund raising event that will help protect you and your family. The upcoming Rabies Clinic.

Rabies Clinic

When: Saturday - April 5, 2008

1:00 PM to 4:00 PM



Where: Londonderry Central Fire Station

268 Mammoth Road
Londonderry, NH



Vaccinating Dogs, Cats, Ferrets & Rabbits
(over 12 weeks of age)



** Must bring previous Rabies certificate to receive 3 year vaccination **



Donation: $10.00



Protect your Pets and your Family.



Sponsored by: Londonderry Animal Clinic LLC



Entire Proceeds to benefit:
LONDONDERRY LANCER MARCHING BANDS TRIP TO CHINA!!

News from New Hampshire...

NH group makes pitch for new taxes
Boston Globe, United States - Feb 25, 2008
Leaders of the campaign say the state's mood has changed in recent years, as demand for rural properties has increased, driving up real estate prices and ...

NH Hoteles FY net profit up 24 pct on strong operating performance ... Forbes, NY - 5 hours ago The hotel group's Sotogrande real estate unit posted net profit of 78.6 mln eur, up 13 pct from a year earlier, with pending sales of 77.6 mln.MCE:NHH

State cuts to care for poor are pathetic Concord Monitor, NH - 3 hours ago New Hampshire expects revenue to be lower than predicted, so to balance its budget the state can either raise taxes or cut $50 million in spending in the ...

FOCUS Spain hoteliers seen diversifying offer amid slowing ... Thomson Investment Management News (subscription), UK - 9 hours ago But its real estate division Sotogrande is seen as a potentially negative element. NH Hoteles chairman Gabriele Burgio, however, recently said the company ...

planetRE Announces Launch of Web 2.0 Broker Apps Platform RisMedia.com (press release), CT - 18 hours ago ... and financial management,” said Donna Southwell, COO of Masiello Group, an independent real estate company with 30+ offices based in Keene, NH. ...

Owl's Nest Named One of New Hampshire's Top Five Best Golf Courses Market Wire (press release) - Feb 22, 2008 LandSource, LLC is a real estate marketing and development firm based in Bedford, New Hampshire that focuses on premium quality, private setting lots with ...

Forum assesses state of NH real estate market New Hampshire Business Review, NH - Feb 7, 2008 New Hampshire’s Seacoast Region remains a bright spot compared to the rest of the state and nation in real estate sales and prices, according to John Rice, ...

Bode Miller: Downhill hellraiser
Independent, UK - Feb 25, 2008
He shot to international prominence as the hick from rural New Hampshire who won two Olympic silvers at Salt Lake in 2002. His genius lay in full-thrust ...

A Trip to Mount Washington Observatory

Spend a night over at New Hampshire's Mount Washington Observatory through mid-April 2008.

Trips leave from the base of Mount Washington at 8:30 a.m. on the first day of the two-day trip, then head back to the valley the next afternoon (weather permitting). The trip includes transportation, lectures and field trips, tours of the observatory and the summit, all meals and overnight lodging.

Sleeping arrangements are summer camp style, with bunk beds and a shared bathroom. There is heat, but no showers for guests.

The EduTrip program is open to members of the observatory, and most participants join just to make the trip. In addition to the membership fee ($30 and up), the cost of each trip is $459 per person. Any "physically fit" adult can make the trip, as can teenagers 14 and older who are accompanied by a parent or guardian.

Click below for more on this Washington Post story and the directions to the Mountain:

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022201024.html


P.S. Always check the weather as it can be very tricky, and at times dangerous.

NEW HAMPSHIRE STATE HOME SHOW

NEW HAMPSHIRE STATE HOME SHOW

Click on the HOME SHOW HOUSE for savings.

New Hampshire's Oldest & Largest Professional Home Show

41st ANNUAL

NEW HAMPSHIRE STATE HOME SHOW

MARCH 7-9, 2008

Radisson Hotel/Center of NH Convention Complex Manchester, NH

Show Hours
Friday, March 7th 1:00-8:00
Saturday, March 8th 10:00-8:00
Sunday, March 9th 10:00-4:00

General Admission: $8.00 per person
Seniors (60+): $5.00 per person
Under 12 (Must be accompanied by an adult) Free

Parking $3.00 at city garage next to Center of NH
with Home Show wristband.

Hollis Heritage Commission to catalog pre-1960s homes

Hollis has its share of history, and now a small group of volunteers is working on an ambitious project to catalog it.

Last week, the Hollis selectmen agreed to allow the heritage commission to accept a $15,000 grant from the N.H. Division of Historical Resources to create a database of vital statistics for more than 560 structures in Hollis built before 1960.

Click here for the rest of the story.

Londonderry Historic Property Preservation Task Force Workshop

Londonderry Historic Property Preservation Task Force Workshop


WHAT: Historic Properties Preservation Task Force Meeting

WHEN: Wednesday, February 20 at 7:00 pm

WHERE: Londonderry High School Cafeteria

New Hampshire Small Business Owners Struggle in Uncertain Times

New Hampshire is a state that relies heavily on small businesses for its well-being. One out of every 4 businesses employ 20 people or less. So when the small business owners start to sneeze, there is chance that the whole state may catch cold.

Not only the latest sub-prime mortgage crisis but other factors like increasing fuel prices and medical expenses have also contributed to the recent downturn of fortunes on New Hampshire's proverbial Main Street. People seem to be more careful with their money and think twice before they make a purchase.

Small businesses in various New Hampshire cities polled by New Hampshire Union Leader newspaper mostly reported the same thing – times are rough and they are barely making it.
Ron Poirier, co-owner of Bob & Sons Automotive on Manchester's West Side, said "we're just treading water waiting for the lifeboat to pick us up."

Jim Flowers, who owns a retail store in Manchester, felt better about his 15% increase in sales in December. But in January, his gross dipped by 50% and he expects February to bring in even less.

The Scrapbook Attic on the mall in Lebanon is reportedly going out of business at the end of this month (February 2008).

The number of going-out-of-business signs seems to have increased lately on Nashua's Main Street. Absolutely New Hampshire, a made-in-New Hampshire gift shop, and Sugar Snaps, a high-end children's clothing store, are just two of them.

A 21,000 sq ft development project planned for Goffstown by Brookfield Investment Group was put on hold when not enough commercial tenants showed interest.

However, a number of new restaurant and stores have also sprung up in downtown Nashua recently.

All businesses are cyclical in nature. Given the traditional vitality of small businesses in New Hampshire and the consumer loyalty with which a lot of Granite State businesses have been awarded for decades in the past, those mom and pop stores that can weather this storm will again be glad they are doing business in New Hampshire.

Visit http://www.yourhomebuyingassistance.org/ for a comprehensive package of home buying assistance programs that can help you get the home of your dreams in New Hampshire and Northeast Massachusetts even in this turbulent market.

(PHOTO CREDIT: Wikipedia photo by Jim Richmond published under GNU license. Swamscott Street in Newfields, Fall of 2005. Thanks Jim for the beautiful photo!)

Now I know how to negotiate with home buyers and sellers.

I don't know why I'm so fortunate tonight but I've stumbled across a second video that I just have to share with all of you. Whether you're a home buyer or seller - watch out! Now, I really know how to negotiate.

Check it out and leave me a comment below.

Cheers.

Are Home Buyers Acting Like This?

I just saw this video and was wondering if anyone thinks that it could be a metaphor for what's happening with home buyers these days.






Please let me know what you think of this.

Andy Soucy of Londonderry, NH Deserves Our Support for China 2008

If you live in New Hampshire, and especially in Londonderry, you know Andy Soucy. He is the talented and hard-working Band Director for Londonderry Schools. The Londonderry High School Lancer's Marching Band is something to see and be proud of, thanks to all the diligent work and dedication by Mr. Soucy.

Did you know that the band has been to the Rose Bowl Parade 3 times already?

But hear this -- the band is now planning a trip to China this summer. That will be a crowning achievement both for the City of Londonderry and also for Andy's music career which started after he graduated from college over 30 years ago. There is a chance Governor John Lynch may also join the band to represent the great state of New Hampshire with pride in China.

Soucy did not have any need to prove his credentials to anyone but he really rose up to the occasion when he conducted the venerable Boston Pops at Machester's Verizon Center on December 15, 2007.

A clarification - when we say "the band," we mean THE BAND, with over 300 members!

Check out this site for more information on Londonderry's very best:
www.lancermusic.org.

There is, however, one "little" challenge that needs to be solved before Londonderry can send its great Band and Director to China - money. To solve that bottleneck, there'll be a fundraiser Auction Gala on March 7, 2008 sponsored by Twin Gate Farm. The Gala will be held at Atkinson Resort and Country Club, 85 Country Club Drive, Atkinson NH.

Don't you miss it!

The City of Londonderry, its talented youngsters, and Mr. Soucy are worth all our support.

New Hampshire Highlights - Mount Washington

New Hampshire has so many things to do and see for folks of all ages.

One of the great year-around attractions is Mount Washington which offers great skiing and very challenging climbing opportunities. But watch out for the weather since it’s no joke even in summer months. Every year some people try to go up Mt. Washington totally unprepared and they end up losing their lives. Pay close attention to weather advisories and make sure to check with the forest rangers and the Mount Washington Observatory website before venturing out for any outdoor activities.

To go up the mountain you can use either the Mount Washington Cog Railway or the Mount Washington Auto Road. And the scenery is simply breathtaking on a calm beautiful day.

One local highlight is the famous Mount Washington Hotel and Resort, a historic landmark built in 1905. The hotel offers Alpine and Nordic winter sports as well as golf (2 courses), tennis, and various hiking and nature programs offered through its "Adventure Center."

Do You Know What Your Closing Costs Will Be?

It's not enough to know the interest rate of your loan. You have to know what the closing costs will be also and that can add many thousands of dollars to your total cost of ownership.


Closing Costs is a general term representing all the related miscellaneous expenses associated with closing a deal like:

• Loan application fees


• Loan origination fees


• Attorney's fees


• Transfer Taxes


• Title inspection fees


• Mortgage insurance premiums


• Survey fees


• Deed preparation and recording fees


• Prepaid interest


• etc.

But there are no fixed closing costs as such. It just depends on the deal is structured, the price of the house, etc. You can negotiate some of the closing costs (like loan application and origination fees). But some others (like mortgage insurance and taxes) cannot be negotiated.


However all closing costs must comply with the Real Estate Settlement Procedures Act (RESPA). According to RESPA, the lenders must provide you with a clear statement of the cost of the loan and the closing costs so that as a consumer you can compare alternative offerings and make an intelligent decision.


The lenders are supposed to provide you with a Good Faith Estimate of the total loan-related expenses that you'll be asked to pay at the settlement table. But if your application is turned down, then they do not need to disclose such closing cost information.

Order a Home Inspection Before You Sign Anything

It's important that you do a thorough inspection of the house you're intending to buy before signing a single binding document. Even when the house is sold on an "as is" basis, the results of the inspection can provide you with arguments for a better deal.

Even if a house looks perfect from the outside it may have serious defects inside that can be detected only by a trained professional inspector.

Many banks and mortgage institutions demand you conduct a radon and termite test as well since correcting such problems can be very costly in the long run. Banks mandate such an inspection before they loan any money in case they'd need to foreclose the property. Properties with structural problems cannot be re-sold easily on the market.

Have a Licensed Professional Engineer (P.E.) report on the condition of a house's foundation and walls, sewage system, electrical system, plumbing, heating, cooling, roofing, insulation, the floors, etc. Does, for example, the existing roof need to be removed completely before re-roofing it? If so, that would be a high cost item which can be revealed during the inspection.

Signs of any prior structural alterations and water damage should also be on your inspection report. Such an inspection would be worth every penny you spend even if it reveals nothing wrong about the house.

It's better to be safe than sorry.

Credit Card Accounts - Should You Close Them or Not?

Many of the people that I talk to about improving their credit often confide in me that they've just spent the last year or more paying off some old credit cards. Now that the account is fully paid they proudly announce that they've just closed the account so that they won't be tempted to use the credit card again and rack up a bunch of bills that they can't afford.

Then they ask, "This is should really help my credit, right?"

In fact, they are both right and wrong.

When examining your credit, lenders are looking to see if you are using credit wisely. Paying off your debts is great.

If you are paying the minimum amount that you've agreed to pay on time, lenders would be very satisfied with that.

They also would like to see that you have the capacity or the ability to use credit responsibly. They can easily understand that if you have open credit cards with little or no balances on them.

CAUTION -- closing an old credit card account that was paid and is now in good standing will actually hurt your credit in the short-term since you would no longer have the ability to use credit with that account.

So, after you've paid down or paid off an old outstanding balance on a credit card, the best thing to do is to put your card away and store it in a safe place but do NOT close the account. This will demonstrate that you are wisely using your open line of credit.

Settle Your Credit Card Debt with Your Creditors

Settling your outstanding, delinquent debts is the best thing you can do if you are in the market to buy a house.

The negative listing on your credit report is unfortunately what the creditors want you to keep since it gives them the legal right to recourse to collection.

Even if you delete a negative unpaid listing, that negative listing may still reappear when the creditor or collector sells the account, seeks a judgment, or turns over your account to collections.

A question often asked is this: "Can I just delete the negative listings on my credit report without paying the debt?"

The answer is both YES and NO.

Yes, you can have the negative debt listings deleted from your credit report even before paying your debt in full. However, did you know that such negative listings have a way of reappearing on the credit file, sooner or later?

There is a better alternative than running away from your financial obligations.

The BEST SOLUTION is this: you can create a true win-win situation by settling the debt with the creditor.

It is my experience that the average consumer settles a debt for about 75 cents on the dollar. It is also my experience that a professional negotiator will settle an average debt for about 60 cents on the dollar, including their fee. Thus, there is rarely a good reason trying to "settle" your debt on your own and run away from your obligations temporarily.

Creditors will not take you half as seriously as they will take your attorney or professional negotiator.

The consumer rarely has sufficient funds to repay a debt in full when a creditor demands payment.

In many cases, much of the debt represents interest and penalties accrued while the consumer was unable to pay. That's why it is in the best interest of both parties if a reasonable arrangement for settlement can be reached.

However, you cannot expect to reach an affordable settlement if the creditor thinks he has the upper hand. For example, if you tell a creditor that you really need to get this debt settled to get into your "dream home" the creditor may insist on the full balance.

Collection agencies may agree more readily to delete the negative listings than banks or credit card companies. But there are also times when you may have a real problem with collection agencies. This is when they represent a larger, institutionalized creditor. You have the natural advantage in debt settlement, because you have something the creditor wants. You must hold out for your terms until the creditor gives you what you want. Once you've written that settlement check, your advantage vanishes. Get your terms in writing before you even open your checkbook.

Fortunately, creditors make their profits by collecting from their customers, not reporting negative credit information. Many creditors will agree to delete a negative listing upon settlement of the debt, if handled correctly. Do not expect a creditor to honor an agreement that was made verbally.

Everything must be in writing and, even then, you will probably have to fight to make the creditor live up to his end of the bargain.

"New Hampshire Prepares For Invasion"

That was the header of a lead story by CBS News and guess what, it's not that far off from the truth.

I'm not that much into politics but New Hampshire is my home and yes I admit -- I'm proud that my state is playing this important a role in national politics in such an important juncture.

Volunteers from different political camps are already going door to door in cities like Nashua, Concord and Manchester to persuade the still-undecided voters in favor of their candidates.

No matter who wins in New Hampshire one thing is certain -- the eyes of the nation (and perhaps of the world) will be on my beautiful state for a while.

(If you've got any questions about NH just send me a note. Would be glad to help.)

"House Lust" by Dan McGinn

"House Lust" is the name of a new book by Dan McGinn that gets your attention.

McGinn is referring to the enormous sizes of the new built houses, at least in America.

"In Sweden, Britain and Italy, new homes average under 1,000 square feet. By 2005, the average newly built U.S. home measured 2,434 square feet, and there were many that were double, triple or quadruple that," McGinn writes.

Robert Samuelson, reviewing the book for the Washington Post, wrote: "In 2000, Toll Brothers' most popular home was 3,200 square feet; by 2005, it had grown 50 percent, to 4,800 square feet. These "McMansions" often feature marble floors, sweeping staircases, vaulted ceilings, family rooms, studies, home entertainment centers and more bedrooms than people."

Now with the latest credit crunch, some of those McMansions have been on the market for quite a few months now. Buying them was fun. I'm not sure selling them would be as pleasant.

After all is said and done, it all boils down to one thing: it's a BUYER'S MARKET dear reader. So if you've been in the market for a while this might be the best of all possible markets to own the home of your dreams. And if you haven't got the finances, or think you don't, that's why I'm here. Give me a call and see if we can put together an affordable home-buying package for you.

Call me today at (603) 505-4291 for a confidential consultation.

We Cover a Lot of Areas...

We provide assistance in all areas to buy real estate in these cities and towns:

• In Belknap, Cheshire, Grafton, Hillsborough, Merrimack, Rockingham, Strafford and Sullivan counties in NH:
  

Acworth, Allenstown, Alstead, Alton, Amherst, Andover, Antrim, Ashland, Auburn, Barnstead, Barrington, Bath, Bedford, Belmont, Bennington, Bethlehem, Boscawen, Bow, Bradford, Brentwood, Bridgewater, Bristol, Brookline, Campton, Canaan, Candia, Canterbury, Center Harbor, Charlestown, Chester, Chesterfield, Chichester, Claremont, Concord, Cornish, Croydon, Danbury, Danville, Deerfield, Deering, Derry, Dorchester, Dover, Dublin, Dunbarton, Durham, Eas, Easton, Ellsworth, Enfield, Epping, Epsom, Exeter, Farmington, Fitzwilliam, Francestown, Franconia, Franklin, Fremont, Gilford, Gilmanton, Gilsum, Goffstown, Goshen, Grafton, Grantham, Greenfield, Greenland, Greenville, Groton, Hampstead, Hampto, Hampton, Hancock, Hanover, Harrisville, Haverhill, Hebron, Henniker, Hill, Hillsborough, Hinsdale, Holderness, Hollis, Hooksett, Hopkinton , Hudson, Jaffrey, Keene, Kensington, Kingston, Laconia, Landaff, Langdon, Lebanon, Lee, Lempster, Lincoln, Lisbon, Litchfield, Littleton, Londonderry, Loudon, Lyman, Lyme, Lyndeborough, Madbury, Manchester, Marlborough, Marlow, Mason, Meredith, Merrimack, Middleton, Milford, Milton, Monroe, Mt. Vernon, Nashua, Ne, Nelson, New, New Boston, New Hampton, New Ipswwich, New London, Newbury, Newfields, Newington, Newmarket, Newport, Newton, Nort, Northfield, Northwood, Nottingham, Orange, Orford, Pelham, Pembroke, Peterborough, Piermont, Pittsfield, Plainfield, Plaistow, Plymouth, Portsmouth, Raymond, Richmond, Rindge, Rochester, Rollinsford, Roxbury, Rumney, Rye, Salem, Salisbury, Sanbornton, Sandown, Seabrook, Sharon, Somersworth, Sout, Springfield, Stoddard, Strafford, Stratham, Sugar Hill, Sullivan, Sunapee, Surry, Sutton, Swanzey, Temple, Thornton, Tilton, Troy, Unity, Walpole, Warner, Warren, Washington, Waterville Valley, Weare, Webster, Wentworth, Westmoreland, Wilmot, Wilton, Winchester, Windham, Windsor and Woodstock.

• In Essex and Middlesex counties in MA:
  

Acton, Amesbury, Andover, Arlington, Ashby, Ashland, Ayer, Bedford, Belmont, Beverly, Billerica, Boxborough, Boxford, Burlington, Cambridge, Carlisle, Chelmsford, Concord , Danvers, Dracut, Dunstable, Essex, Everett, Framingham, Georgetown, Gloucester, Groton, Groveland , Hamilton, Haverhill, Holliston, Hopkinton, Hudson, Ipswich, Lawrence, Lexington, Lincoln, Littleton, Lowell, Lynn, Lynnfield, Malden, Manchester-By-The-Sea, Marblehead, Marlborough , Maynard, Medford, Melrose, Merrimac, Methuen, Middleton, Nahant, Natick, Newbury, Newburyport, Newton, North Andover, North Reading, Peabody, Pepperell, Reading, Rockport, Rowley , Salem, Salisbury, Saugus, Sherborn, Shirley, Somerville, Stoneham, Stow, Sudbury , Swampscott, Tewksbury, Topsfield, Townsend, Tyngsborough, Wakefield, Waltham, Watertown, Wayland, Wenham, West Newbury, Westford, Weston, Wilmington, Winchester and Woburn

Our Mission and Values ...

Our Mission ...

Our mission is to make a positive difference in our client's lives by educating them on the different aspects of purchasing a home and the many options available to them. Our primary goal is to help you with whatever situation you may have with respect to buying a home and help you make the best possible decision to meet your goals and objectives. We firmly believe that rewards will come to us when we are focused on helping others. It is this belief that drives who we are and what we do.

Our Values ...

Integrity

We firmly believe in treating all of our clients with fairness, honesty and respect. There is no compromise.

Commitment to Customers

Our client's success in meeting their goals and objectives is our driver. We put ourselves in our customer’s shoes. We aim to understand their needs and to be responsive to those needs. We are in partnership with our customers. Service before reward.

Relentless Focus

We continually focus on helping you meet your objectives. We listen and determine what is most important for our clients and focus on making those things happen.

Intense Determination

We have a deep resolve to do what is necessary for our clients. We are focused on your goals and objectives and work diligently to make them happen.

Accountability

Trying hard isn’t good enough. Results are what matters. No Excuses.

A Good Time to Buy a Home

Hi there! This is Eric Holm, your guide to home buying in New Hampshire and Eastern Massachusetts.

Despite the collapse of the sub-prime mortgage market and the related market contraction did you know that this is still one of the best times to buy a home?

Why?

Because sellers had never been this motivated for a long time. Houses are waiting longer and longer on the market for lack of buyers at the original listing prices.

I'll be writing more about this and other topics related to buying your own home in New Hampshire and Eastern Massachusetts in the days ahead. Make sure check out this blog frequently.

Best regards. Eric.