March
29
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Tips to Financing Your New Hampshire Home
Buying a home - whether it's your first home or your forever home - is a dream come true. But along with this dream comes the necessity of financing it. Yes, financing can be frustrating and nauseating (especially when you see how much interest you're potentially paying), whether you're looking to buy Lake Winnipesaukee real estate in New Hampshire, or Stinson Lake real estate. So how should you go about responsibly financing your next New Hampshire home? Here's some pointers:
- Try for a 15 year loan: You'll pay more on a monthly basis if you elect to go with a 15-year, rather than a 30-year mortgage. But in the long run, you'll save thousands of dollars because you won't be paying as much interest as you would in a 30-year loan. If you can afford it, it's worth it - you pay off your home sooner and for less overall.
- Refinance: This is a great time to buy, should you have good credit and qualify for a low interest rate. If you're credit isn't great, that's OK too - just work to build it back up and then look at refinancing options. If you belong to a credit union, you can likely refinance at a lower interest rate, potentially shaving hundreds off your monthly mortgage payment and thousands off what you'll pay in full.
- Be smart: This should go without saying, but never bite off more than you can chew. If you're pre-approved for a certain mortgage amount, make sure you can comfortably afford payments at that amount before you buy. You don't want to be a slave to your home, or - worse yet - risk losing it when you fall behind on payments.