Home Buying Process....NH

[Omahastylin16]

so guys, its been a while since ive been on here but i know that there are a lot of local guys and gals here that are first time home owners....so i have a question....

what is the process for buying your first home?

ive been saving for a while and have a good chunk of change saved up and am looking in southern NH for a 2 or 3 bedroom home with a decent sized lawn in the 250k range

from what i understand the first step is to apply for pre approval for a loan, but where is the best place to go for this? I'm fairly young but have excellent credit and a decent paying job steady job

and then whats the next step? and so on....

i know im being vague but ive always been the type of person who likes to completely understand what im getting into before i jump into it...course id still like to get some of that $8,000 for first time home buyers

so help me out guys, first time home owners? NH residents? how did you get where you are?

[LaRNZ]

my fiance's aunt, she took care of most of the stuff, hooked us up with loan guy and all that jazz, believe she is licensed for NH, give her a shout tell her chris lanni sent ya

http://fudgeproperties.com/

[Omahastylin16]

my fiance's aunt, she took care of most of the stuff, hooked us up with loan guy and all that jazz, believe she is licensed for NH, give her a shout tell her chris lanni sent ya

http://fudgeproperties.com/

thank you! ill be sure to check them out

[LaRNZ]

thank you! ill be sure to check them out

hey name is nancy fudge btw if u call

[netra709]

Speak to a few different bank/mortgage companys to see what they will approve you for and what interest rate. Then either find a realtor that works in the area you want to be in, or watch a site like http://http://www.nneren.com/ closley, be be ready when something comes up that interests you. I think Danville would be a pretty good place to look for the price you mentioned, affordable, you get a bit more for your money, fair amount of local offroad riding, and still close to major routes. Good luck, the only thing worse than buying a house, is selling one. Tim

[dhuze]

Look for houses and call realtors to check them out. You don't need to be pre-approved until you decide to make an offer. Most realtors can give you a number for a finance agent.

[Stoneman]

Be wary of preapproval type folk and do some homework...

For what it's worth, we've always used Schaefer. We've been using 'em for years for just about all our mortgage needs. Rich Nigro is who we usually deal with over there. But we know Tim Grenier as well. They have a large group of folks that migrated there from GMAC Mortgage too after they folded...

http://www.schaefermortgage.com/loan_officers.htm

My first choice and go-to guy - Rich Nigro: http://www.schaefermortgage.com/LO_rnigro.htm

Tim Grenier: http://www.timgrenier.com/Intro.aspx

Feel free to use my name with either, they're both great guys!

(Jay Stonner - although Tim would know me better through Sir Speedy Printing)

[Jim]

so this is why you never call to go riding anymore

[RandyO]

course id still like to get some of that $8,000 for first time home buyers
?

you better hurry

from what I understand to qualify for the $8k credit, you have to be moved into the home by Dec 1, making it almost impractical to build new

Be carefull what you pay, imho, prices are still dropping

How far north do you consider southern NH

[scorp7]

Look for houses and call realtors to check them out. You don't need to be pre-approved until you decide to make an offer. Most realtors can give you a number for a finance agent.

Actually most realtors will not work with you unless you're already pre-approved. They want to make sure they are showing you homes you're qualified to buy. Try not to let too many ppl check your credit, and get quotes in writing (Good Faith Estimate) as to not fall for the bait and switch.

Good luck

[scootertrash]

Step # 1 - Take a deep breath and be prepared for a lot of stress. I just closed on a house and was shocked by how different things are now. I've been through a bunch of home purchases over the years, but things are very different now, thanks to the credit crunch and large number of foreclosures.

Step # 2 - Get pre-approved. Check out rates online at different banks and credit unions. Personally, I would avoid fly-by-night morgage companies. They may offer lower rates, but they have a harder time getting the deal done because they don't always have the resources. Even with great credit, many applications are being rejected these days. You have to have good credit, and the house needs to be appraised favorably. The appraisal process is much more formal now, no more fudging the numbers because of the mess this caused in the last few years

Step # 3 - Make an offer on a house. If you pick one that someone is currently living in, and they are moving to a house that someone else is in, you are relying on others to get their deals done in order for yours to get done. That can get scary.
Don't use the realtor who is listing the house as your realtor also. Get your own to look out for your best interests. It doesn't cost you any more. The realtors will have to split the commission, but that's not your problem to worry about. You need to worry about yourself.

Step # 4 - Be prepared to fill out a whole lot of paperwork.

After a bunch of research, I ended up going with Bank of America for a loan. I know, they were one of the banks who had the most problems recently and when through the bailout, but I was actually very impressed with how they handled the whole process. I can't say enough good things about my loan officer. I highly recommend you at least speak to him. He made the whole thing happen for me.
His name is David Keslar. His email is David.Keslar@bankofamerica.com

Good luck !

[drowe531]

http://money.cnn.com/2009/07/29/pf/s...ion=2009072911

House just has to be bought before 12/1 for the credit

[scorp7]

Step # 1 - Take a deep breath and be prepared for a lot of stress. I just closed on a house and was shocked by how different things are now. I've been through a bunch of home purchases over the years, but things are very different now, thanks to the credit crunch and large number of foreclosures.

Step # 2 - Get pre-approved. Check out rates online at different banks and credit unions. Personally, I would avoid fly-by-night morgage companies. They may offer lower rates, but they have a harder time getting the deal done because they don't always have the resources. Even with great credit, many applications are being rejected these days. You have to have good credit, and the house needs to be appraised favorably. The appraisal process is much more formal now, no more fudging the numbers because of the mess this caused in the last few years

Step # 3 - Make an offer on a house. If you pick one that someone is currently living in, and they are moving to a house that someone else is in, you are relying on others to get their deals done in order for yours to get done. That can get scary.
Don't use the realtor who is listing the house as your realtor also. Get your own to look out for your best interests. It doesn't cost you any more. The realtors will have to split the commission, but that's not your problem to worry about. You need to worry about yourself.

Step # 4 - Be prepared to fill out a whole lot of paperwork.

After a bunch of research, I ended up going with Bank of America for a loan. I know, they were one of the banks who had the most problems recently and when through the bailout, but I was actually very impressed with how they handled the whole process. I can't say enough good things about my loan officer. I highly recommend you at least speak to him. He made the whole thing happen for me.
His name is David Keslar. His email is David.Keslar@bankofamerica.com

Good luck !

Good advice. Also, a lot of purchases now involve "short sale", where the seller is upside down, so the offer has to be approved by the bank and not the home owner. It can create a whole new set of problems if your loan officer is not experienced w/ this process. On the upside, you can get a great deal on a home.

[scootertrash]

Read this. Some good info on when to lock in a rate. Also some other links with info on short sales and getting pre-approved:

http://customsites.yahoo.com/financi...-mortgage-rate

[scootertrash]

Oh...I didn't mean to imply that Jay's, or any other ones listed above, are "Fly-by Night" mortgage companies. That was just a general comment by me, not pointed to any listed in this thread.

[802er]

Good advice. Also, a lot of purchases now involve "short sale", where the seller is upside down, so the offer has to be approved by the bank and not the home owner. It can create a whole new set of problems if your loan officer is not experienced w/ this process. On the upside, you can get a great deal on a home.

This just happened to a friend. Bank wouldn't let the owner sell it for the price they agreed on, it was too low.

When you find the house you might want buy, find out what other homes in the area have sold for recently before making your first offer.

[ChrisNoF4i]

I usually charge for advice as precious as this... but you seem like a good kid so I will give you a starter lesson.

What you need to do is get it in your mindset to approach buying a house the same way you should approach finding a wife and getting married.

1. Don't rush into mariage just because society tells you that you should get married in order to be a productive member of society. (i.e. - don't rush into buying a house because people tell you that you will be fulfilling the American Dream and that renting is a complete waste of money and there are so many tax breaks for homeowners and you NEED to be a proud homeowner or else you are a deadbeat hippy, blah, blah blah. Buy a house when you are ready for the responsibility and you really want it for yourself. Fuck society.)

2. Don't think you are too good to pay a hooker for sex. They are called professionals for a reason. If you pay them, they can't judge you or expect anything out of you other than that you are as morally bankrupt as them. And seeing as they have probably fucked eleventeen thousand guys, they can probably teach you a thing or two. (i.e. - don't be afraid to rent a place for awhile before jumping into the whoule house thing. Renting can be a good experience without all the responsibilities of owning a house. Renting is not necessarily throwing your money away. When you buy a house you will be throwing thousands away on interest with nothing in exchange but a measly tax dedcution.)

3. Go out there and sleep with as many chicks as you can. (i.e. - view a lot of properties)

4. You can fuck a fatty now and then, but never make one your wife thinking that eventually they will lose the weight if they really love you. (i.e. - size matters, don't settle on a 2 bedroom when you really want/need a 3 bedroom and tell yourself that you can just add on shit at your whim.)

5. Kind of going back to rule # 3. Never, under any circumstances, marry the first girl that fucks your pathetic dick. Highschool sweethearts works well in the movies, but in the real world it's a setup for a lifetime of loathing and disdain. (i.e. - don't make an offer on the first house you see.)

6. Never fall in love with a chick so hard that you absolutely cannot live without her and you are so dependent on her that if she takes away her coochie-woochie your only viable option is suicide. (i.e. - Don't fall head over heels for a house. It's just an object. It's a place to live. It's not an investment. It's a place to eat, sleep shit and fuck. It is NOT an investment.)

7. When you finally find a girl you think is worthy of sharing your kingsize bed, don't act desperate. Make her chase you. Be nice to her, but don't kiss her ass. Let her know that you are interested in the whole marriage thing but that you can and will go on with out her if it doesn't work out. (i.e. - don't be a motivated buyer. Let them be motivated sellers. Don't give in to any demands and be prepared to walk away from a deal if you don't get what you are asking for. Refer to rule #6 for the reason why you should stand your ground.)

8. If you haven't gotten laid in a year, don't confuse that wet sensation on your dick with true love. It may feel good now, but is it still going to feel good in a year or in five years? (i.e. - don't get discouraged if you can't find a house right away and then end up making an offer on a house you don't like just because it has a really pimp finished basement where you can stash your 1970's porno collection and industrial size bottle of KY Jelly.)

Class dismissed. (i.e. - good luck!)

[Omahastylin16]

I usually charge for advice as precious as this... but you seem like a good kid so I will give you a starter lesson.

What you need to do is get it in your mindset to approach buying a house the same way you should approach finding a wife and getting married.

1. Don't rush into mariage just because society tells you that you should get married in order to be a productive member of society. (i.e. - don't rush into buying a house because people tell you that you will be fulfilling the American Dream and that renting is a complete waste of money and there are so many tax breaks for homeowners and you NEED to be a proud homeowner or else you are a deadbeat hippy, blah, blah blah. Buy a house when you are ready for the responsibility and you really want it for yourself. Fuck society.)

2. Don't think you are too good to pay a hooker for sex. They are called professionals for a reason. If you pay them, they can't judge you or expect anything out of you other than that you are as morally bankrupt as them. And seeing as they have probably fucked eleventeen thousand guys, they can probably teach you a thing or two. (i.e. - don't be afraid to rent a place for awhile before jumping into the whoule house thing. Renting can be a good experience without all the responsibilities of owning a house. Renting is not necessarily throwing your money away. When you buy a house you will be throwing thousands away on interest with nothing in exchange but a measly tax dedcution.)

3. Go out there and sleep with as many chicks as you can. (i.e. - view a lot of properties)

4. You can fuck a fatty now and then, but never make one your wife thinking that eventually they will lose the weight if they really love you. (i.e. - size matters, don't settle on a 2 bedroom when you really want/need a 3 bedroom and tell yourself that you can just add on shit at your whim.)

5. Kind of going back to rule # 3. Never, under any circumstances, marry the first girl that fucks your pathetic dick. Highschool sweethearts works well in the movies, but in the real world it's a setup for a lifetime of loathing and disdain. (i.e. - don't make an offer on the first house you see.)

6. Never fall in love with a chick so hard that you absolutely cannot live without her and you are so dependent on her that if she takes away her coochie-woochie your only viable option is suicide. (i.e. - Don't fall head over heels for a house. It's just an object. It's a place to live. It's not an investment. It's a place to eat, sleep shit and fuck. It is NOT an investment.)

7. When you finally find a girl you think is worthy of sharing your kingsize bed, don't act desperate. Make her chase you. Be nice to her, but don't kiss her ass. Let her know that you are interested in the whole marriage thing but that you can and will go on with out her if it doesn't work out. (i.e. - don't be a motivated buyer. Let them be motivated sellers. Don't give in to any demands and be prepared to walk away from a deal if you don't get what you are asking for. Refer to rule #6 for the reason why you should stand your ground.)

8. If you haven't gotten laid in a year, don't confuse that wet sensation on your dick with true love. It may feel good now, but is it still going to feel good in a year or in five years? (i.e. - don't get discouraged if you can't find a house right away and then end up making an offer on a house you don't like just because it has a really pimp finished basement where you can stash your 1970's porno collection and industrial size bottle of KY Jelly.)

Class dismissed. (i.e. - good luck!)

love it!

[Omahastylin16]

you better hurry

from what I understand to qualify for the $8k credit, you have to be moved into the home by Dec 1, making it almost impractical to build new

Be carefull what you pay, imho, prices are still dropping

How far north do you consider southern NH

i understood the credit to apply to anyone who purchases a first home before december 1st, however its not a huge problem since i'm really not interested in building new

i would like to stay south of londonderry

[RandyO]

i understood the credit to apply to anyone who purchases a first home before december 1st, however its not a huge problem since i'm really not interested in building new

i would like to stay south of londonderry

Londonderry south.... does that infer your looking along the central corodor as well

purchase or build, I think you have to closed and in residence by Dec 1

finding home, getting approved, inspections, appraisals, title search, mortgage survey, flood certs, delays, something has to go into esgrow due to a bad report, delays and delays in closing, Dec 1 comes quick

You'll be busy the next few months, even with all the headaches, home ownership is worth it, although I think prices are still dropping, with the current incentives actual costs might not get better

in my neck of the woods, <$200k seems to be whats moving, places that 3 years ago were going for $375k

[Omahastylin16]

i'm mostly looking in hillsborough and rockingham counties....

and btw jay thank you for the tip, ive been exchanging emails with rich, he says hello

[Stoneman]

and btw jay thank you for the tip, ive been exchanging emails with rich, he says hello

That's awesome! Glad to point you to him, he's a helluva guy. He was even SUPPOSED to make it up to a Stonnerstock one year, but couldn't for whatever reason...