New Hampshire Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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New Hampshire, one of the six states comprising New England, is found in the eastern US, bordered by Maine, Vermont, and Massachusetts. Nicknamed "The Granite State", due to the type of rock found there, and home to Mount Washington, New Hampshire is so diverse in geography that activities are plenty throughout the whole year and all four seasons. The region has several covered bridges, but the most famous, and the longest wooden covered bridge in the US is the Cornish-Windsor Bridge between New Hampshire and Vermont. The largest present day cities are Manchester, Nashua, Concord, Derry, Rochester, Salem, Dover, Merrimack, Londonderry and Hudson.

Surprisingly, housing costs are not as high as one would expect in New Hampshire. Being one of the oldest states in the Union, and a state with an abundance of charm and character, it would be natural to think that prices are well beyond national averages. In fact, the state is in the bottom tier of closing costs when taking out a New Hampshire mortgage refinance, and only two areas, Rockingham and Strafford slightly exceed the conforming limits of $417,000 at $465,750. And these two areas are showing the highest foreclosure rates in the state. But, as a whole New Hampshire is trending with much lower rates against other state statistics.

For home owners in danger of foreclosure, however, the process happens very quickly, as New Hampshire is a "non-judicial state" which means that lenders do not have to go to court to exercise their rights to seize properties, provided they include the power of sale information in the original contract. Once they are in the process of power-of-sale, they will advertise the foreclosure sale of the home and use the proceeds to pay off the loans or mortgages outstanding. Considering the lead time could be as short as sixty to seventy days, home owners need to take action once they know they cannot make their monthly payments. Seeking New Hampshire mortgage refinance through better interest rates and longer amortization periods should become their top priorities. If lenders will not work with them directly, then it is important to contact local programs such as those under the NeighborWorks umbrella or the Emergency Homeowners Loan Program. Resources and phone numbers are listed on the official "Help for New Hampshire Homeowners" website. (http://www.homehelpnh.org/)

Contrarily, for home owners who cannot arrange a reasonable New Hampshire mortgage refinance, the process of foreclosure takes a huge toll on them. Credit ratings are ruined, they are evicted from their homes, their family members feel a sense of loss, and in many instances, there is nothing left after the proceeds are taken by the lenders. The truth is in situations where home owners owe more than the house is worth, they will continue to owe, as this state permits what is know as "deficiency judgment". This means that if the house is sold for $100,000, and the outstanding mortgage is $125,000, the home owner is responsible for the remaining balance of $25,000. Lenders can go after other assets, and/ or force home owners to pay until the balance is removed. And, remember that this is just a mathematical example, in reality, there will be fees attached to the remaining balance making it much higher.

On the other side, if creditors decides to absolve home owners of the deficiency balance, then home owners are obligated to record this as income on their income tax filings. The creditor is bound by tax law to send home owners a Form 1099-C, and to report the deficiency to the IRS in all circumstances, whether the balance is absolved, collected, or remains outstanding. New federal laws have been enacted to provide some tax relief, but the principle of the concept remains.

Indeed, being one of the oldest states in the country is hugely advantageous to New Hampshire. Tourists will continue to visit and the area's charm will continue to attract home owners.

Author's Note:

As we have discussed specific legal and tax ramifications of mortgages, we suggest that you speak with qualified persons before making a decision. Although we believe the information provided to be accurate, it is presented for informational purposes only, and should not be considered as legal or taxation advice.

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