Tuesday, January 15, 2008

How to Get a Home Mortgage in New Hampshire

Introduction

Set your mind at ease when getting a home mortgage loan in New Hampshire. Knowing what to expect will eliminate unwanted surprises that could cost you money. These easy steps will send you on the way to getting a New Hampshire home mortgage loan.

Instructions

Difficulty: Easy

Steps

1

Step One

Acquire a recent credit report and check it for any mistakes so it doesn’t affect your mortgage application.
2

Step Two

Look into getting homeownership assistance from New Hampshire or the federal government. There are programs in New Hampshire for veterans, disabled, rural home buyers, low-income buyers, single parents and senior citizens, such as: the Voucher Assisted Mortgage, the Home of Your Own program and the Philip S. Rader Divorced Borrower Initiative.
3

Step Three

Visit these government web sites for specific assistance information:
• New Hampshire Homeownership Overview
• USDA New Hampshire Rural Development programs
• New Hampshire Homeownership Assistance programs
4

Step Four

Compare loan rates and terms from several lending institutions such as mortgage brokers, credit unions, banks and online mortgage lenders.
5

Step Five

Take your pertinent financial information (such as proof of employment, tax returns, etc.) to your desired lending institution and obtain pre-approval for a home mortgage loan. Pre-approval simplifies and expedites the loan approval process.
6

Step Six

Use the services of a local real estate agent, and find the home that fits your budget and needs.
7

Step Seven

Complete your mortgage loan after selecting a lender, and submit a formal offer on the home.
8

Step Eight

Pay all closing costs, attorney fees, and realtor fees at the time of closing. The lender will provide you with a schedule for repayment of the mortgage loan.

Tips & Warnings

  • Make sure you shop around for the lowest interest rates. Even one quarter of a percent can mean thousands of savings over a thirty year mortgage.
  • Get your prospective home professionally inspected so as to discover problems that may exist before the deal is completed.
  • Do not let a real estate agent pressure you to buy a specific home, they may have another agenda.
  • Be sure that you understand the entire mortgage contract before you sign anything.
  • Never pay a lender to fill out a loan application. No reputable lenders engages in this practice.
  • There are many unethical lending and loan scams in the US. Have an attorney review any documents before you sign them. Beware of lenders that intentionally coerce consumers into contractual loans with unusually high payment terms and interest rates, often directed at uninformed borrowers or those with poor credit. This is known as predatory lending.
  • Check to see that the home title is clear of liens before you purchase it.

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