What is mortgage insurance? Mortgage insurance, or MI, gives eligible New Hampshire homebuyers the flexibility of making a smaller down payment by lowering the risk to the lender originating the loan. Without mortgage insurance protection, lenders normally require a borrower to make a down payment of at least 20% of …
Key differences between fixed-rate and adjustable-rate mortgages
Know before you sign! Definitions The best way to understand the differences is first to understand what each loan is all about. Let's start by defining both options: A fixed-rate mortgage is a home loan with an unchanging interest rate for the entire loan duration. An adjustable-rate mortgage is also called an ARM. …
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Second Mortgages and HELOCs
What is the difference between a HELOC and a second mortgage? Many mortgage industry terms are confusing to consumers. Multiple names often describe the same loan product or mortgage program. A second mortgage is one of those terms. A second mortgage is a loan you take out using your house as collateral while you …
Should I Get Down Payment Assistance?
What is Down Payment Assistance? Of the many steps to homeownership, the one that is often the most difficult for credit-worthy first-time homebuyers is coming up with funds for a down payment and closing costs. For example, borrowers with high student loan payments or low to middle income may not have extra cash to …
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8 reasons to purchase real estate this winter
Winter is a great time to buy Many people believe spring is the best time to buy a home, but winter is a great time to make a purchase, especially in New Hampshire. While the weather may not be as inviting, there are several advantages to buying a home during the winter months. Buying a home during winter can be a …
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What are Reverse Mortgages?
Are reverse mortgages right for you? Reverse mortgages have become an increasingly popular option for older adults in New Hampshire to use as a strategic financial tool for retirement. Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM), are still a somewhat misunderstood mortgage product; …