New Hampshire Mortgage & Refinancing

Last Updated on June 5, 2017 by Taylor Welshe

There’s so much to do in New Hampshire that its residents and visitors alike don’t have to worry about their time going wasted. Featuring seven different geographic regions, like the Seacoast, Great North Woods, and Lakes Region, it has an abundance of activities that fulfill every wish and desire. Hikers, snowmobilers, and boating enthusiasts will never get bored here. Add to this the fact that the state implements a no personal income and a no general sales tax law, and there’s no longer a need to wonder why its draws its fair share of home buyers. (Source:

Although it has many different beautiful cities, some of the top-rankers include Nashua, Concord, and Portsmouth.

Home buyers: Considerations to make

Home ownership is one of the most satisfying experiences one can ever have. However, it is also one of the biggest financial responsibilities one can ever take on. This long-term decision involves spending a lot of money, so buyers should take as much time as they can in preparation for the long road of debt repayment ahead of them. It’s critical that they arm themselves with the knowledge of various home financing services available in the Granite State.

All home buyers should also first determine what their housing needs are, both in the present time and the foreseeable future. Also, one thing that will help them decide which type of mortgage suits their needs best is to ask themselves how long they plan to live in the same house. For those who don’t have any plans of moving to a new place, a fixed-rate mortgage may offer the most suitable option. On the other hand, those whose short-term priority is to obtain the lowest possible mortgage interest rate may find an adjustable-rate mortgage more appropriate.

30-year fixed-rate mortgage rate average

Majority of borrowers take out a 30-year fixed-rate mortgage, although this type of housing loan also comes in 15- and 40-year terms. The term basically refers to the length of time a mortgage holder has to repay the debt. So with a 30-year term, the home owner will make monthly payments for a period of 30 years, or three decades.

In this state, 30-year fixed-rate mortgages have an average rate of 3.93%.

Adjustable-rate mortgage rate averages

The key difference between a fixed-rate and an ARM that the latter typically has a lower interest rate. However, this upfront rate only lasts for a specified period of time, usually for one to five years. As soon as it expires, the interest rate can already move, either in downward or upward trend. This is why most borrowers who apply for this are those who don’t intend to stay in the same house for long.

The state has an average ARM rate of 2.88%.

Prices of homes

Cost of living in NH is higher than other states in the country, and a big factor behind this is the housing. Real estate here is costlier, with the median home value at $238,800, as opposed to the $195,300 countrywide median.

Price of houses still depend on their type. For example, an average single-family home can fetch a value of $145,520.08, while condominiums have an average value of $98,333.27. PUD homes are the most expensive, with their average value at $151,529.18. Home buyers can expect townhomes to have a median value of $104,841.55.

Seeking assistance for mortgage-related concerns

Help is available for New Hampshire consumers who require help in securing a mortgage.

There is the New Hampshire Housing Finance Authority, which helps out home buyers in need of assistance with down payment and closing costs. The organization also delivers free programs that educate shoppers with the buying process. First-time buyers may also want to check out its Home Start Homebuyer Tax Credit Program.


New Hampshire Housing Finance Authority

USDA Rural Development – Single family loans

Home Affordable Refinance Program