First Time Home Buyers in New Hampshire

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Contributor, Benzinga
May 14, 2020

New Hampshire is a beautiful place to live. You’ll find beautiful mountain scenery and urban areas — there’s a place for everyone! Before you embark on your home buying journey, check out these New Hampshire mortgage lenders.

Best Mortgage in New Hampshire for First Time Buyers:

The 5 Best Mortgage Companies in New Hampshire

The secret to finding the best mortgage is to work with the right mortgage company for you. Here are some of the best mortgage companies in New Hampshire.

1. Best for Education: Bank of America

You might feel comfortable working with a major bank if you’re a first-time home buyer. Bank of America offers several branches throughout New Hampshire.

You can also take advantage of its Digital Mortgage Experience® if you’d rather work with this lender through its app. Prequalify and apply directly on the app.

No matter which direction you choose, Bank of America helps you learn by offering its First-Time Home Buyer Online Edu-Series™. This on-demand video series can help you get a better understanding of the entire mortgage process.

Quicken Loans
Best For
  • Online Service

2. Best Online Lender: Quicken Loans®

Quicken Loans lets you move through your mortgage process quickly and easily. Better yet, you can do the whole thing right from home.

Even if you’re not sure where to start, you can use the Quicken Loans website to find your starting point.

Its website is full of resources that can help answer many questions you might have about the mortgage process. You can even use its mortgage calculator to estimate your monthly mortgage payments.

If you can’t find what you need on its website, you can reach out to the Quicken Loans customer service team online or by phone for assistance. 

CrossCountry Mortgage
Best For
  • Self-employed Borrowers
securely through CrossCountry Mortgage's website

3. Best for Self-Employed Professionals in New Hampshire: Luxury Mortgage

Luxury Mortgage offers a free, quick way to get started with your FHA loan. All you need to do is fill out a quick start form with your basic contact information and an estimate of how much you need to borrow for your mortgage. Luxury Mortgage can then provide you with a quote and consultation on the best mortgage options based on your needs. It offers loan amounts ranging from $50,000 to $400,000. 

While you’re on the Luxury Mortgage website, you can also explore the benefits and qualifications for an FHA loan. When you’re ready, you can apply online with Luxury Mortgage.

Veterans United
securely through Veterans United's website

4. Best for VA Loans: Veterans United

If you’re interested in a VA loan, it’s important that you work with a lender that understands many types of home buyer programs. Veterans United specializes in helping qualified veterans and service members buy a home.

You can use the Veterans United website to learn more about VA loans, including its eligibility requirements. You’ll also be able to view current VA loan rates and use its affordability calculator to get an idea of the home prices you should be looking for. 

If you can’t find an answer to your question, you can reach out to Veterans United’s customer service team for support 24/7. Don’t be surprised if you end up finding yourself talking to a fellow service member — Veterans United’s customer service team includes members from each branch of the military.

Mortgages Explained

If there’s 1 thing you should know about mortgages, it’s that they are all different. As you shop, it’s important that you keep an eye out for these 2 things:

  • The mortgage type, which is the mortgage program that you will be using. This can range anywhere from a conventional mortgage to a government-backed option.
  • The mortgage term, which is the length of time that you will be repaying your mortgage. Your mortgage term will also include the type of interest you’ll pay on your mortgage.

Mortgage Type

To get started, you should familiarize yourself with these 3 common mortgage types:

  • Conventional loans are mortgages that aren’t part of any specific government-backed program. Since they aren’t part of a program, there are many sets of guidelines that could be applied to conventional loans. You can expect your lender to require a credit score of 620 or higher. 
  • FHA loans are part of a mortgage program regulated and insured by the Federal Housing Administration. The benefits of FHA loans include lower credit score requirements than most conventional loans. 
  • VA loans are a government-backed mortgage program offered by the Department of Veterans Affairs (VA). To qualify for a VA loan, you must meet service requirements set by the VA. 

Mortgage Term

You should also be aware of these common mortgage terms:

  • 30-year fixed loan: This mortgage term comes with the benefit of an interest rate that will stay the same for the lifetime of your loan. Your monthly mortgage payments will also remain the same throughout the 30 years you’ll repay your mortgage.
  • 15-year fixed loan: This mortgage term also comes with an interest rate and monthly mortgage payments that will remain the same for the lifetime of your loan. You’ll have a 15-year repayment period with this mortgage term. Since you’ll be making fewer monthly payments, you’ll also make fewer interest payments, which may allow you to save money throughout the lifetime of your loan. 
  • 5/1 adjustable-rate mortgages (ARMs): If you choose this mortgage term, you’ll benefit from a fixed interest rate for the first 5 years of your mortgage. After the first 5 years, your interest rate may change once per year until your mortgage is paid off.

Which Mortgage Lender is Best for You?

Mortgages aren’t a one-size-fits-all solution, and neither are mortgage lenders. Here are a few things to take into consideration:

  • Which mortgages does it offer? The first thing you’ll want to know about a lender is whether it offers the mortgage types that make sense for you.
  • What does it charge? Some lenders may charge origination and other fees. Take this into consideration as you choose your lender. If you can’t find information about its fees, you can ask the lender what it charges.
  • What’s customer service like? You’re going to want to go into the relationship with your lender feeling confident about its services. Asking questions now can help you get familiar with the level of customer service the lender provides.

Lender Credit Score Minimums in New Hampshire

One of the main requirements each lender has is a minimum credit score. Your credit score is based on information collected about you from creditors through the 3 major credit bureaus — Equifax, TransUnion and Experian. Your lender will use this information to determine whether to lend you money.

There are several factors that impact your credit score. Some of the factors include whether you make your payments on time, how much debt you owe and the types of credit accounts you have open. 

LenderMinimum Credit Score Required
Bank of America620
Quicken Loans®620
Luxury Mortgage620
Veterans United620

Current Mortgage Rates in New Hampshire

Mortgage rates change frequently, so it’s important to keep an eye on them. The rates fluctuate based on the current market. We regularly update our chart to reflect the most recent data.

You should also know that your personal mortgage rate can be based on factors including your credit score, your mortgage type and your down payment amount.

Loan TypeRateAPR
30-year fixed N/A N/A
15-year fixed N/A N/A
7/1 ARM (adjustable rate) N/A N/A
5/1 ARM (adjustable rate) N/A N/A
Rates based on an average home price of $225,000 and a down payment of 20%.
See more mortgage rates on Zillow

Average Days to Close on a Loan

Before you get too far into the mortgage process, you should be aware of everything that goes into closing on a loan. This can be a stressful and time-consuming process, but you can make it easier by knowing what to expect. 

  • It’s your responsibility to get homeowners insurance on your new home. Your lender will require proof of your homeowners insurance policy before it will lend you the money for your mortgage.
  • You’ll also be required to make important payments during this time. This includes your down payment as well as any closing costs.
  • Finally, you should expect to be required to sign paperwork, including an acknowledgement that you agree to pay your loan before the home can officially become yours.
LenderAverage Days to Close
Bank of America45
Quicken Loans®30
Luxury Mortgage35
Veterans United30

Take the Next Step to Buy Your New Hampshire Home

Next, it’s time to take action! Visit mortgage lenders’ websites to review their options and rates. Once you’ve found the right lender, get preapproved for your mortgage. This will allow you to show sellers you’re serious about buying their home.

Get Ready for Take Off

Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.

You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.