Resources

Whether you're a first-time homebuyer in NH, considering a refinance, or facing unique financial circumstances, we are here to help you understand all your options and guide you toward owning your dream home.

Preparing for the Loan Process

To start your journey to homeownership, here’s what you’ll need for pre-approval:


  • W2s from the last two years
  • 1040 Federal Tax Returns from the last two years (all pages)
  • For business owners: Business tax returns and K1s
  • Two most recent paystubs
  • Two months of recent bank statements for all assets (checking, savings, retirement, etc.)
  • Valid identification (Driver’s license or passport)
  • Additional documents may be required such as employment offer letters, school transcripts, or divorce decrees.


Information Shared with Your Realtor

We ensure transparent communication by informing your realtor about the mortgage program you are approved for, including details about closing costs and other essential elements they need to facilitate your home buying process.

Loan Options

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Conventional

A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), Farmers Home Administration (aka, USDA) and Department of Veterans Affairs (VA).


Conventional loans offer flexibility with down payments as low as 3% for first-time homebuyers and 5% for repeat buyers. When you put 20% down, you can avoid Private Mortgage Insurance (PMI). Once you reach 78% loan-to-value (LTV) on your primary residence, PMI can be removed, making this a cost-effective choice for those with good credit.

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FHA

Designed for low-to-moderate income borrowers who might not qualify for a conventional loan, FHA loans are backed by the Federal Housing Administration and require a minimum down payment of 3.5%.


These loans are particularly appealing due to their lower credit score requirements and the inclusion of the upfront mortgage insurance premium in addition to the monthly mortgage insurance.

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VA (Active Military & Veterans)

Exclusively for veterans, active-duty service members, and certain members of the National Guard and Reserves, VA loans are guaranteed by the U.S. Department of Veterans Affairs. These loans offer significant benefits, including no down payment, no monthly mortgage insurance, and limited closing costs.


The upfront VA funding fee, which varies based on service type and down payment amount, can also be financed into the loan amount. VA loans are an excellent option for eligible veterans looking for the lowest mortgage rates in Dover NH.

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USDA

Ideal for homebuyers looking to purchase in rural and certain suburban areas, USDA loans are backed by the United States Department of Agriculture. These loans offer no down payment, reduced mortgage insurance, and below-market mortgage rates.


To qualify, the property must be located in an eligible area and household income must not exceed set thresholds, which vary by county and family size.

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Mortgage Loan Process

The mortgage loan process can seem complex to many, but we'll work with you to guide you through every step so you never feel lost or overwhelmed.

1

Apply for NH Mortgage Pre-approval


Start by applying for pre-approval with us. This is a crucial first step for any homebuyer, especially if you're exploring first-time homebuyer loans in NH. It solidifies your budget and shows sellers that you're a serious buyer.

2

Document Submission


After your initial application, you'll need to provide essential documents such as W2s, tax returns, pay stubs, and bank statements. This helps us understand your financial landscape and tailor the best mortgage options for you.

3

Mortgage Consultation


Once we receive your documents, we'll schedule a meeting to discuss your mortgage choices. Whether you're considering conventional loans, FHA loans, or if you're a veteran interested in VA loans in New Hampshire, we'll cover all your viable options.

4

Home Search & Offer



With your pre-approval in hand, you can confidently start searching for your dream home in Dover, NH, or anywhere Nationwide. Once you find the perfect home, make an offer. Upon acceptance, we will lock in your interest rate.

5

Loan Processing



Our team processes your loan by ordering an appraisal and title work, ensuring everything is ready for underwriting review.

6

Underwriting Review



During this phase, an underwriter will review all provided documentation and the appraisal report to make sure everything meets loan requirements.

7

Closing Preparation



As we near the finish line, you'll receive final closing figures. This is when we finalize all the details, including the down payment and closing costs.

8

Closing Day



Attend your closing appointment where you'll sign your mortgage and other legal documents. Don't forget to bring your ID! This is the day you receive the keys to your new dream home!

Mortgage Calculator

Current Mortgage Rates

***Please note that the rates outlined above serve as general indicators and do not constitute a precise quotation. The accuracy of an actual mortgage quote can be influenced by a myriad of factors, totaling more than 40 in number. For a tailored quote that aligns with your unique circumstances, I encourage you to reach out to me directly. Through this communication, we can customize the quote to suit your specific needs.***


OBMMI™ offers an unparalleled analysis of pricing within the mortgage industry, characterized by its comprehensiveness, accuracy, timeliness, and interactivity. Derived from real locked rates obtained from consumers in approximately 42% of all mortgage transactions nationwide, OBMMI encompasses various mortgage pricing indices tailored around popular mortgage products and specific borrower attributes. This allows for customizable tracking of rate trends over time.

Common Questions

  • What are your business hours?
    Describe the item or answer the question so that site visitors who are interested get more information. You can emphasize this text with bullets, italics or bold, and add links.
  • Do we need to provide all of our information to get a rate quote?

    We can make assumptions but prefer not to since once we get your information it can change. There are over 25 different variables that go into the rate. Top variables are credit score, loan amount, loan compared to value, occupancy, and how much or if you want to pay what is called “discount points” to buy the rate down.

  • Do you guys do a hard credit pull/inquiry?

    Yes, we have to do a hard credit inquiry so we know your credit score. Lenders use a mortgage model which is most of the time different from what the free services give you. The free credit services give you an idea of where you might be, but the score may not be accurate. Credit is one of the major factors that affect interest rates.

  • How long is a preapproval good for?

    Preapproval is good for 120 days.  After that, information will have to get refreshed to extend that time.

  • What happens at closing?
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  • How long does it take to get pre-approved?

    Preapproval can get done as quickly as one day or may take up to a week depending on how long it takes to receive your required information. 

  • What am I approved up to?

    People are approved up to a certain monthly payment amount: Having to back into that amount by taking into consideration monthly insurance, taxes, etc. Then we also back into purchase price based on down payment.  It is always more important to find out what your ideal maximum monthly payment comfortable level is versus your maximum monthly payment qualification amount. 

  • What are the closing costs?

    The closing costs are mostly fixed costs associated with getting the loan. In addition, there are some variable items to set up escrow to pay for taxes and insurance at closing. Also, potential points to buy down a better interest rate or lender credit for a higher rate.  General rule of thumb of 3% of the purchase price can be a good gauge for homes in the $275K to $375K range. 

  • Who do I pay and when?

    Inspections will have to be paid at the time of the inspection. Earnest money is usually paid at the time that your offer is accepted. Sometimes appraisals are paid at the time of the appraisal (other times it will be collected at closing). The remaining items are paid at closing. 

  • When is my first payment?

    Typically, 30-60 days from closing.  Due on the 1st of each month with a 15 day grace period.

Homebuyers Guide

This comprehensive guide offers insights into the home shopping process, helping you prepare effectively from budgeting to closing. Learn about the different mortgage options available through Luminate Home Loans NH and how to choose the right one for your needs.