Today's Rates In New Hampshire
If you're wondering where to find the lowest New Hampshire mortgage rates, you've come to the right place. Whether you're purchasing a farmhouse, refinancing a condo in town or getting a home equity loan to fix up that secluded forest cabin, the best thing to do is start with a plan.
You want to be sure to familiarize yourself with New Hampshire mortgages before you start calling lenders and submitting applications. Fortunately, we've got the resources you need right here. These include current NH mortgage rates, informative consumer articles about virtually all aspects of getting a mortgage and buying a home, more than 100 mortgage and financial calculators, and free, no-obligation personalized rate quotes from our network of mortgage lenders doing business in New Hampshire.
You probably already know about the general mortgage loan types available in New Hampshire: fixed-rate mortgages, adjustable-rate mortgages, home equity loans, and home equity lines of credit. But you might not know that there are many, many variations within these categories. You can focus your mortgage search early on by thinking about your desired objective for cost savings, which could be the best rate, the lowest payment, or low overall interest expenses.
Different Types of Home Loans
- Conforming mortgages are the most common type of home loan and offer excellent rates and terms to borrowers with good credit. New Hampshire FHA loans offer less stringent credit requirements and low down payments, making them a popular choice for first-time homebuyers. VA loans allow qualified veterans and active duty personnel to buy a home with no down payment, up to fairly generous lending limits.
- Within these types, adjustable-rate mortgages appeal to borrowers who are looking to minimize their mortgage rate for the first few years of the loan. The risk is that the interest rate may eventually adjust upward, although that isn't necessarily a problem for buyers who expect to move or refinance before that happens.
- Fixed-rate mortgages offer stability, as the rate never changes over the life of the loan, up to 30 or even 40 years. With a rate that doesn't change, monthly mortgage payments remain the same as well, although property taxes and homeowner's insurance premiums may increase.
- Thirty-year mortgages offer low monthly payments, as you're spreading your payments out over three decades, but you end up paying considerably more in interest over the duration of the loan. Shorter loans, like 20- or 15-year mortgages, have lower rates and you pay far less in interest over the loan term, but your monthly payments are higher because you're paying more against the loan principle each month.
- Home equity loans and home equity lines of credit are both types of second mortgages that allow you to borrow against the value of your home. Home equity loans usually have fixed interest rates, while lines of credit have adjustable rates during the time you can draw against them. .
Mortgage Companies in New Hampshire
You may be surprised to learn that the New Hampshire mortgage lenders with the best rates may not even be located in New Hampshire. With the rise of online mortgage lending, you can get home loans from lenders located anywhere in the country, as long as they're licensed to make loans in New Hampshire.
Online lending greatly expands your options, giving you more lenders to choose from, while allowing you to compare rates, request quotes, ask questions of your lender and submit your application all from home. You don't have to make a special trip to a lender's office to talk with your lender or submit your paperwork. Closing the loan can be done at the office of a title company or attorney hired by your lender for the purpose.
Mortgage Refinancing in New Hampshire
You might be thinking about a mortgage refinance if your existing mortgage no longer suits your needs. A refinance can allow you to:
- Lower your monthly payment. You can lower your payment when market rates are less than your existing rate. You might also get a lower payment by lengthening your loan's maturity.
- Raise a sum of cash. A cash-out refinance can help you raise funding for a home improvement project, debt consolidation, college tuition, or another purpose. To do this, you need to have sufficient home equity. Your refinance your mortgage for more than you owe on your current home loan, and receive the difference in cash. This is an alternative to a home equity loan for borrowers seeking to raise a large sum or who can reduce their mortgage rate or otherwise improve the terms of their loan by refinancing.
You can refinance a mortgage with the same types of loans you use to purchase a home. With a mortgage refinance, you simply replace one home loan with another – the new loan pays off the old and you go forward from there. You don't have to use the same lender and you can even switch among loan types – replacing an FHA loan with a conventional mortgage, switching from a 30-year to a 15-year fixed-rate mortgage, changing out an ARM (adjustable-rate mortgage) for a fixed rate, etc.
New Hampshire mortgage refinance rates are similar to those used to purchase a home, although borrowers who are refinancing often have more equity and better credit scores they did when the first bought their home, so they can qualify for relatively better rates. Rates on cash-out refinances are higher than those for a standard refinance, though.
Shopping for Mortgages
Are you ready to start comparison shopping for New Hampshire's best mortgage rates? Try this step-by-step approach:
- Review/compare New Hampshire rates
- Budget for payments/review amortization tables
- Request rate quotes from New Hampshire mortgage lenders
- Use a mortgage calculator to compare loan offers
- Choose the loan that works best for you and submit your application
After you submit a loan application, you'll receive a written commitment letter with the proposed loan terms. Take care that you compare these quotes on an equivalent basis. Some mortgage rate quotes, for example, may include points, while others may be quoted without points. Also, don't be surprised if the rate that you're offered is different from a lender's advertised rate, which are offered to buyers with the best credit and income qualifications. If you have bad credit, take a moment to review New Hampshire rates by credit quality here.