THE CONWAY DAILY SUN, Saturday, June 25, 2011— Page 51
from preceding page
About half of borrowers now keep their loan balance about the same, and 21 percent cut that balance. Some want to cut debt, but others are putting in cash because the dwindling value of their home means they don’t have 20 percent equity, and the extra cash increases equity, the way a bigger down payment does. Others want to get their loan below $417,000 to take advantage of the lowest rates, according to Philip Merola, an executive vice president of Mountain Mortgage Corporation, a lender in Union, N.J. People still do take cash out for things like college tuition, Merola said. But the equity has to be there — don’t expect a loan for more than 80 percent of the current appraised value. And if you don’t have equity? If your loan is insured by the Federal Housing Administration, consider an FHA Streamlined Refinance, which may not require a new appraisal. There’s also the government-backed Home Affordable Refinance Program, designed for loans that have little or negative equity. Also bear in mind that you’ll need more documentation. Expect to document all income, assets and debts. In fact, you can expect the lender to go beyond the application, said Michael Moskowitz, the president of Equity Now. Borrowers sign an Internal Revenue Service Form 4506, which allows a lender to get tax returns. In the past, lenders used returns for quality control after closing, if they looked at them at all, Moskowitz said. But now his company
If you don’t have equity? If your loan is insured by the Federal Housing Administration, consider an FHA Streamlined Refinance, which may not require a new appraisal. There’s also the government-backed Home Affordable Refinance Program, designed for loans that have little or negative equity. reviews all tax returns. For instance, he said, a money-losing side business will show up, thus reducing the borrower’s income. Finally, remember that disclosure forms have changed. As of last year, lenders were required to provide a revised Good Faith Estimate form aimed at making terms more transparent. One key update: In the past, some closing-cost estimates were fairy tales. The new form specifies fees that can’t change between estimate and closing, fees with changes capped at 10 percent, and others that can grow more. Hackett warned that some lenders, when they haven’t technically accepted a loan application, fudge on estimates with informal “initial fees worksheets” they provide. Some people think they have a good-faith estimate in such cases, he said. But fees aren’t capped. One thing that hasn’t changed, said Nothaft: “It will still come across as a thick wad of paper with a lot of forms to sign.”
Bartlett • Jackson • The Conway’s
Fabulous 1.6 Acre Lot Located On Cobb Farm Road In Bartlett.
On 4+ Acres In Jackson
Just over the Saco River outside of the Village. Walk to the river in two minutes and hike up Cave Mt. right outside your door. Close to school and skiing. Perfect spot for a new home, it just doesn’t get any better. $89,900 (MLS 4046387) Call listing agent Tony Rocco anytime 387-5249.
Family Vacation Townhouse
This architect-designed home has been nicely upgraded. Views of Mt. Washington and Giant’s Stairs from a large deck to entertain family and friends. 2-car garage a big plus. Make this your primary or second home. $370,000 (MLS 406727)
Commercial Opportunity
This 4BR/3.5 bathroom end unit offers a terrific Jackson location--esp. for Wildcat and Jackson XC skiers. Phenomenal private swimming hole on the Ellis River, plus tennis courts. The spectacular Presidentials just up the road! $140,000 (MLS 4061362)
Glen 4 bdrm 1893 Victorian with hand hewn pegged beams, granite foundation ornate period wood work and hardware good donut/QSR spot easy conversion retail/apts above or knock down with salvage value The highlight of this listing is the buildable flat commercial acre. $275,000 (MLS 4035582)
Rt. 302 At the base of Attitash Mountain in Bartlett
(603) 374-6514 • 888-782-9268 www.attitashrealty.com EQUAL HOUSING OPPORTUNITY
Debbie Phaneuf, Realtor
3280 White Mtn. Highway, North Conway, NH Cell (603) 986-0335 • (603) 356-9444 ext. 217 email: debbie@mwvhomes.com www.sellmwv.com
PUBLIC OPEN HOUSE Saturday, June 25 • 10:00AM-2:00PM Refreshm en tswillbe served … Follow the balloon s!!Brin g a Frien d !
Glass Railings Let GSG Enhance Your View!
• Tempered Safety Glass • Custom Designs & Colors • Professional Installation • Variety of Hardware & Top Rails
447-5471 181 West Main St., Conway • www.granitestateglass.com
UNIQUE EQUESTRIAN PROPERTY. This traditional cape was built in three stages-main house in 1972, in-law suite est. 1980 and master suite added between 1986 and 1989. A variety of flooring accents the beauty of this home from wide pine, to parquet, slate and more. Newer appliances as well as many upgraded windows and doors. Programmable zoned heating. First floor master offers a suite with Vermont Casting Woodstove, & vaulted ceiling. Second level offers two additional bedrooms, each with skylights, & one with Franklin Woodstove, and hearth. Full bath on both floors, as well as in-law suite off of the main house. Property landscaped, established perennial beds, along with organic Vegetable garden. Potential Views to Pleasant Mountain with cutting. Interior of house, bright, lots of light, with Eat in kitchen. 2 Acre lot with existing Stable and fencing. Livestock allowed. Might this be, “Your Horse Lovers Dream come True?” MLS #4071990, $198,900 Directions: Route 302 in Fryeburg, continue (R) past Fryeburg Academy and follow to next (blinking light) intersection. Right on Denmark Road. As it turns to gravel, approximately 2/10 mile, see property on left.