Mortgage Questions Answered for NH, MA and ME

A mortgage broker compares loan programs and pricing from multiple lenders and guides your file from application to closing. Instead of one bank's product menu, you get several options side by side, with one point of contact managing the process.

Start with a short conversation about your goals, then provide income, asset and credit documentation. A full pre-approval includes a credit review and verified documents, which makes your offer far stronger than a basic pre-qualification. You can start the process on the contact page or by calling 603-212-7944.

Most purchase loans close in about 21 to 35 days from an accepted offer, depending on appraisal timing, title work and how quickly documents are returned. Refinances are often similar or slightly faster.

Typically recent pay stubs, the last two years of W-2s or tax returns, two months of bank or asset statements, photo identification, and for veterans a Certificate of Eligibility. Self-employed borrowers usually provide business returns and a year-to-date profit and loss statement.

FHA can go as low as 580 with 3.5% down, most conventional programs start around 620, and VA has no published minimum although lenders commonly look for the low to mid 600s. Higher scores generally mean better pricing and lower mortgage insurance costs.

Debt-to-income ratio compares your total monthly debt payments, including the new housing payment, to your gross monthly income. It is the single biggest factor in how much you can borrow. Many programs allow up to 43% to 50% depending on credit, reserves and automated underwriting findings.

Yes. Student loans are counted in your debt-to-income ratio, and each program has its own rule for payments in deferment or on income-driven plans, so the same loan can be counted differently depending on the program chosen.

Mortgage inquiries made within a short shopping window are generally treated as a single inquiry by common scoring models, so comparing options usually has a minimal effect.

FHA is more flexible on credit and debt ratios and requires 3.5% down, but carries mortgage insurance that usually lasts the life of the loan. Conventional allows as little as 3% down, and its mortgage insurance can be removed once you reach sufficient equity. The better option depends on your credit score, down payment and how long you plan to keep the loan.

Yes, for eligible borrowers up to the appraised value, with no monthly mortgage insurance. Most borrowers pay a one-time funding fee that can be financed, and it is waived for many veterans receiving service-connected disability compensation.

Many towns in rural New Hampshire and much of Maine fall inside USDA eligible areas, which allows zero down financing for buyers within program income limits. Eligibility is determined by property address and household income.

A refinance makes sense when it lowers your rate or payment enough to recover closing costs within a reasonable period, removes mortgage insurance, shortens your term, or converts equity to cash for a specific purpose. The right answer depends on your current rate, remaining balance and how long you plan to stay.

Closing costs commonly run about 2% to 5% of the purchase price, including lender fees, title and settlement charges, recording fees, state transfer taxes where applicable, and prepaid property taxes and insurance. You receive an itemized Loan Estimate within three business days of applying.

Private mortgage insurance applies to conventional loans with less than 20% down. It can typically be removed once the loan reaches 80% of value by request, and it terminates automatically at 78% of the original value under federal rules. FHA mortgage insurance follows different rules.

Yes. The mortgage calculator on this site estimates principal, interest, property taxes, homeowners insurance, mortgage insurance and HOA dues so you can see a realistic total payment before you talk to anyone.

Loan pricing and any applicable fees are disclosed in writing on your Loan Estimate before you commit to anything. Nothing is hidden, and you can ask for a plain-English walkthrough of every line item.