New Hampshire Mortgage Rates

July 4, 2015 12:56 PM Eastern

Refinance rates now in MANCHESTER, NH [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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Current New Hampshire Mortgage Rates: A Buyer's Market
More than 1.3 million people call the Granite State home. From big cities like Concord and Manchester to smaller communities like Nashua, New Hampshire residents enjoy mild summers and cold, snowy winters. When homebuyers in the state find NH mortgage rates that they're happy with, they can buy themselves a little bit of the state that they love.

No matter where you're considering purchasing property, you won't get far without securing good NH mortgage interest rates. Finding low current interest rates in New Hampshire can be a challenge, however this is particularly important for buyers on a budget. Fortunately, New Hampshire offers several programs to ensure that homebuyers are protected from predatory lenders and helps them secure the best NH mortgage interest rates.

New Hampshire's Single Family Mortgage Program
One of the many homeownership incentive programs offered in the state, the Single Family Mortgage Program has been designed to help qualified applicants purchase their first single-family home. Qualified buyers:

• may choose among 2-4 family and manufactured homes
• must be within specific low and moderate income brackets
• must live within a state specified target area
• will enjoy competitively low current NH mortgage rates along with low down payment requirements

Some potential homebuyers may also qualify for cash assistance grants.

NH Mortgage Interest Rates for Low-Income Families
New Hampshire's lending programs are particularly sensitive to low-income families and those with poor credit. Many options are available for securing low NH mortgage rates for those on a restrictive budget.

The Voucher Assisted Mortgage Program, for example, helps very low-income families use their Section 8 housing allowance towards mortgage payments on a purchased home. This program helps low-income families to secure favorable NH mortgage interest rates and assists them with closing costs. Participants must enroll in a first-time homebuyer education course to qualify.

Getting NH Mortgage Rates with Poor Credit
If you're interested in buying a home but your credit isn't that great, you can get help for that in New Hampshire as well. The State of New Hampshire offers programs for people with poor credit. Counseling options and specialized loans can provide you with current NH mortgage rates and the opportunity to pay your bills while owning a home. For people with past credit problems, these programs can be an extremely valuable way to get the great New Hampshire mortgage interest rates that are currently available.