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Guide to New Hampshire Mortgages
Maybe you are buying your first home in New Hampshire, or perhaps you're relocating to New Hampshire from another state. Then again, you may be a long-time New Hampshire resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on New Hampshire home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in New Hampshire:
The median price of a home in New Hampshire is $211,500. Recently, homes in New Hampshire have been appreciating at rates well above the national average. As a result, income levels in many parts of New Hampshire are too low to purchase a median-priced home with a conventional loan. Although average interest rates in New Hampshire are below the national average, New Hampshire has one of the lowest levels of home affordability in the nation.
In New Hampshire, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
New Hampshire's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. New Hampshire law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, New Hampshire law enacted a set of anti-predatory lending laws in order to help protect New Hampshire homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of New Hampshire, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for New Hampshire FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for New Hampshire's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of New Hampshire also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, New Hampshire's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the New Hampshire Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
New Hampshire Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
New Hampshire |
United States |
| Total housing units |
583,324 |
n/a |
| Owner-occupied housing units |
73.0% |
66.9% |
| Renter-occupied housing units |
27.0% |
33.1% |
| Vacant housing units |
14.8% |
10.8% |
| Average Home Value |
$240,100 |
$167,500 |
| Average Mortgage Payment |
$1,566.00 |
$1,295.00 |
| Average Rental Payment |
$574 .00 |
$388.00 |
| Total Population |
1,272,486 |
n/a |
| Percentage Male |
49.4% |
49.0% |
| Percentage Female |
50.6% |
51.0% |
| Median Age |
39.5 |
36.4 |
| Under 5 years |
5.8% |
7.0% |
| 18 years and over |
76.2% |
74.6% |
| 65 years and over |
11.9% |
12.1% |
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1 Year Market Value Change for New Hampshire |
| 1yr | 5yr | 10yr |
 |
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Popular New Hampshire Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Bedford |
18,274 |
$84,392 |
| Concord |
40,687 |
$42,447 |
| Derry |
34,021 |
$54,634 |
| Dover |
26,884 |
$43,873 |
| Goffstown |
16,929 |
$55,833 |
| Hampton |
14,937 |
$54,419 |
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| Courier Mortgage |
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Courier Mortgage is a family owned and operated mortgage and financial services business. We have been serving the New Hampshire and Massachusetts communities for over 5 years. We have new offices opening across the New England region so that we can continue to assist our customers with their mortgage needs. We know that our customers have individual needs, so Courier Mortgage endeavors to meet those needs by providing superior quality of service and individual attention. Courier Mortgage has an array of products, investment tools, and mortgages that deliver opportunities for financial balance for you and your family. We strive to provide a seamless mortgage experience to everyone. The staff of Courier Mortgage has the product knowledge to serve your needs and provide you with access to leading financial institutions that offer different competitive loan programs. By providing our customers with the best rates, programs and customer service, we have been given the privilege to serve our families for a second or third occasion, when a new or refinanced mortgage was necessary. We welcome the occasion to serve your financial needs as well as welcome you to the Courier Mortgage experience. We offer: FHA Loans, VA Loans, Conventional Mortgages, Fixed Rate Loans, New Construction, Interest-Only, Bruised Credit Loans, No Document Loan, CM Foundation Loan and much more. Licensed by NH Banking Dept: #111-28-mbr Courier Mortgage, LLC
89 South Mast Road
Goffstown, NH 03045
Tel: 603-497-3960
Fax: 603-497-2172
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| White Peak Mortgage |
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At White Peak Mortgage, LLC, headquartered in the heart of historic downtown Manchester, New Hampshire, our purpose is to enrich the lives of our customers by offering the very best in home loans for refinances and new home purchases. We are committed to deliver a mortgage loan experience that earns us a lifetime relationship with our clients. We pledge to improve the financial lives of our clients, strategic alliances, and employees to help them exceed their greatest goals. We provide over 1,000 first and second mortgage loan programs to our clients using over 45 different lending institutions. With so many programs to choose from, our mortgage company can offer the very best custom tailored solutions to our clients that best suit their financial needs. To accommodate our borrowers' busy schedules we meet face-to-face at our office, their home or their place of employment. Our knowledgeable mortgage consultants advise every client throughout the entire loan process and beyond, and are on-hand for every closing to ensure accuracy and comfort. Finally, we are dedicated to making homeownership a cornerstone of our clients' financial success by helping our clients learn how to protect their investment and use homeownership to their financial advantage. Of all the mortgage companies NH, we are at the peak! White Peak Mortgage, LLC offers many loan programs; here is a list of just a few: Conforming Loans, Jumbo Loans, B/C Loans, Fixed Rate Mortgages, Adjustable Rate Mortgages, Combination Loans, Home Equity Line of Credit and more! White Peak Mortgage, LLC
540 Chestnut Street, Suite 201
Manchester, NH 03101
603.232.8800 - Office
866.944.8735 - Toll Free
603.647.6181 - Fax Licensed by the NH Banking Dept. 10387-MBR
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| Belle Mortgage, LLC |
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Belle Mortgage is a local, family owned mortgage company serving residential home loan and commercial financing needs throughout New Hampshire, Maine, Massachusetts and Connecticut. If your looking for a company that you feel comfortable with, you've come to the right place. We offer superior service, competitive interest rates and some of the lowest closing costs in the industry. We Will: Provide professional, courteous service. Listen to your goals and provide programs to fit your needs, not ours. Inform you of market conditions and how they affect your choices. Provide you with a complete breakdown of closing costs on a Good Faith Estimate. We Won't: Become overly aggressive and chase you for your business. Pressure you into any one type of mortgage loan program to fit our needs. Give you false rates or information to that would make you to decide on us. Pressure you into letting us pull your credit report. Our goal is to satisfy each and every customer. Our experienced staff can meet when and where it is convenient to you. If you are looking for a mortgage company that you will make you feel comfortable doing business with, that will keep you informed and one that will save you time and money, you have come to the right place. New Hampshire Mortgage Broker # 10763-MBR Belle Mortgage LLC
The Marshall Building
213 Stage Road, Suite 8
Hampstead NH 03841
Phone: (603) 329-8040
Fax: (603) 329-8041
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