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New Hamphire
New Hampshire is a state located in the northeastern region of the United States. Here are some key facts and information about New Hampshire:
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Capital and Largest City: Concord is the capital of New Hampshire, while Manchester is its largest city.
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Nickname: New Hampshire is often referred to as the “Granite State” because of its abundant granite formations and quarries.
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Geography: The state is known for its picturesque landscapes, including the White Mountains in the northern part of the state and the Lakes Region, which includes several beautiful lakes like Lake Winnipesaukee. New Hampshire is also home to a portion of the Appalachian Trail.
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History: New Hampshire played a significant role in American history, particularly during the American Revolutionary War. It was one of the original 13 colonies and the first to declare its independence from British rule.
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Economy: New Hampshire’s economy is diverse, with key sectors including manufacturing, tourism, technology, and healthcare. It is known for having no state income tax or sales tax, which makes it an attractive destination for businesses and residents.
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Politics: New Hampshire is an important state in U.S. presidential elections because of its early primary election, which often helps determine the direction of the presidential race. The state has a reputation for its “First in the Nation” primary.
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Education: New Hampshire is home to several prestigious colleges and universities, including Dartmouth College, the University of New Hampshire, and others.
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Tourism: Tourism is a significant industry in New Hampshire, attracting visitors with its outdoor recreational opportunities, including hiking, skiing, and snowboarding in the winter, as well as its scenic beauty and historic sites.
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State Symbols: New Hampshire has various state symbols, including the state bird (purple finch), state flower (purple lilac), state tree (white birch), and state animal (white-tailed deer).
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Motto: The state motto of New Hampshire is “Live Free or Die,” reflecting the state’s historic commitment to individual liberty.
New Hampshire is known for its natural beauty, outdoor recreational activities, and its role in American history and politics. It’s a state that offers a blend of rural charm and modern amenities, making it a unique place to live and visit.
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3 Replies
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Buying a Home in New Hampshire and Getting Pre-Approved for a MortgageSteps to Buying a Home in New Hampshire
Determine Your Budget: Evaluate your finances to determine how much you can afford for a down payment, monthly mortgage payments, and other costs such as property taxes and insurance.
Check Your Credit Score: Your credit score significantly impacts your mortgage interest rate and approval. Aim for a score of at least 620 for conventional loans, though FHA loans can be approved with scores as low as 580.
Get Pre-Approved for a Mortgage: Pre-approval involves providing your financial information to a lender, who will then give you a letter indicating how much they are willing to lend you. This strengthens your position as a buyer.
Documents Needed: Proof of income, employment verification, credit history, bank statements, and identification.
Choose a Lender: Research and compare lenders for the best rates and terms. Consider local banks, credit unions, and online lenders.
Find a Real Estate Agent: A local real estate agent can provide valuable insights into the New Hampshire market and help you find properties that meet your criteria.
House Hunting: Use online resources like Zillow, Realtor.com, and local real estate listings to find homes. Schedule viewings and look for new listings.
Make an Offer: Once you find a home, your agent will help you make a competitive offer based on market conditions and the home’s value.
Home Inspection: After accepting your offer, hire a professional inspector to check the property for any issues.
Appraisal: Your lender will require an appraisal to determine the home’s market value and ensure it matches the loan amount.
Closing: Review all closing documents, secure homeowners insurance, and finalize your mortgage. On closing day, sign the final paperwork, pay closing costs, and receive the keys to your new home.
Getting Pre-Approved for a Mortgage in New Hampshire
Prepare Your Financial Documents:
Income Verification: Recent pay stubs, W-2 forms, or tax returns if self-employed.
Employment Verification: Contact information for your employer or a letter verifying employment.
Credit History: Credit reports and scores from major credit bureaus.
Bank Statements: Recent statements from all bank accounts.
Debt Information: Details of existing debts and monthly payments.
Research Lenders:
Local Banks and Credit Unions Often provide competitive rates and personalized service.
Online Lenders: Offer convenience and a range of options.
Mortgage Brokers: Can help you find the best mortgage options by comparing offers from multiple lenders.
Submit an Application: Fill out the lender’s pre-approval application form and submit the required documents. The lender will review your financial information to determine how much they will lend you.
Receive Pre-Approval Letter: If approved, you’ll receive a pre-approval letter stating the loan amount you qualify for. This letter is valid for a specific period, usually 60-90 days.
Shop for Homes Within Your Budget: Use your pre-approval amount as a guide for your home search. Staying within this budget can streamline buying and help you avoid financial strain.
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Best New Hampshire Mortgage Lenders For Bad Credit in 2022
The Best New Hampshire mortgage lenders for bad credit are experienced mortgage brokers with a large network of wholesale lenders.
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How much are taxes?
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New Hampshire is known for having a unique tax structure compared to many other states in the U.S. Here’s a detailed breakdown of property taxes, state income taxes, state sales taxes, and other taxes in New Hampshire:
Property Taxes:
High Property Taxes: New Hampshire relies heavily on property taxes for revenue since it does not have a state income or sales tax. The state has some of the highest property taxes in the country.
Average Property Tax Rate: The effective property tax rate in New Hampshire is approximately 2.18% of a property’s assessed value (Gustan Cho Associates Mortgage Brokers) (Gustan Cho Associates Mortgage Brokers).
Example: For a home valued at $250,000, the annual property tax would be around $5,450.
State Income Taxes:
No General State Income Tax: New Hampshire does not impose a general income tax on wages and salaries (Better Business Bureau).
Interest and Dividends Tax: The state does tax interest and dividend income at a rate of 5%. However, plans are to phase this out by 2027 (GCA Mortgage).
State Sales Taxes:
No State Sales Tax: New Hampshire is one of the few states without a state sales tax. This makes it a popular destination for shopping, especially for residents of nearby states (GCA Mortgage).
Other Taxes:
Business Profits Tax (BPT): Businesses in New Hampshire are subject to the Business Profits Tax, which is currently 7.7% of taxable income.
Business Enterprise Tax (BET): This tax is 0.60% on the enterprise value tax base, which is the sum of all compensation, interest, and dividends the business pays.
Real Estate Transfer Tax: New Hampshire charges a real estate transfer tax of $0.75 per $100 of the sale price, paid by both the buyer and seller.
Meals and Rentals Tax: There is a 9% tax on meals, hotel rooms, and car rentals.
State Gasoline Tax: The state imposes a gasoline tax of $0.23 per gallon.
Property Taxes: High, around 2.18% of the property’s assessed value.
State Income Tax: No tax on wages and salaries, but 5% on interest and dividends (phasing out by 2027).
State Sales Tax: None.
Other Taxes: These include the Business Profits Tax, the Business Enterprise Tax, the Real Estate Transfer Tax, the Meals and Rentals Tax, and a gasoline tax.
New Hampshire’s tax structure, with no general state income or sales tax but high property taxes, is designed to effectively fund state and local services. Understanding this tax landscape is crucial for those considering moving to New Hampshire or purchasing property there.
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GCA Mortgage | Mortgage Experts With No Overlays
Whether you’ve gone through bankruptcy, divorce or you are a first-time homebuyer, Gustan Cho Associates are experts in difficult loans
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