For most of us, buying a home is the largest investment we'll make in our lives, so take the time to speak to different lenders and see what offers are available to you.  Getting several competing quotes and getting the best offer can save you thousands over the course of your loan.

The New Hampshire Housing Finance Agency helps to connect future homeowner with affordable mortgage programs and lenders. It also provides information and resources for homeowners who need assistance due to financial hardship, inability to refinance, or foreclosure.

Refinancing : Tracking Local Real Estate Trends

When mortgage rates are low, refinancing may help you save money. Before refinancing, here are a few things to consider:

• How long will you live in your home? Refinancing requires closing costs, and if you may be moving in a couple of years, you may not break even on closing costs.
• How much home equity do you have? Lenders typically require that homeowners maintain home equity equivalent to at least 20% of current home value. If your home is worth $200,000 and you refinance for $160,000, you have approximately $40,000 in home equity, which is equivalent to 20% of your home's current value of $200,000.
• Understand the connection between cash-out and real estate market trends: If you're considering cash-out refinancing, please research current home values and market trends in your area. Taking cash out reduces your equity, and if home values fall, you could risk owing more than your home is worth.

Knowing what kind of mortgage loan you want and how much you can afford to borrow can help you and potential mortgage lenders focus on finding appropriate loan options.

Mortgage Calculator Tools: Getting Answers Before Visiting Lenders

If you want to buy a home, it's a good idea to determine first how much you can afford to finance. Future homeowners can avoid trouble later by limiting their home search to homes within their price range. As you go from researcher to homebuyer to homeowner, please continue to make use of our mortgage loan calculators which include a refinance calculator, a mortgage comparison calculator, and an amortization calculator & amortization chart. There's also a mortgage calculator to tell you your monthly payments, and an affordability calculator that looks as how much you can spend, and your expenses to show you how much home you can afford.

Here are some tips for starting your home search:

• Use mortgage calculator tools to estimate your affordable price range and for comparing loan terms
• Remember to estimate additional costs including closing costs and lender fees.
• Shop and compare mortgage loan terms before selecting a mortgage loan
• Get pre-qualified for a mortgage before looking at homes (This lets real estate professionals and sellers know that you're a serious buyer, and can help you get the home you want if multiple offers are on the table.)

Review the resources provided below to learn more about first time homebuyer programs and find information about mortgage loans and lenders in your area.