Real People. Real Banking.

There are different government programs available for first-time home buyers, as well as, individuals who might not otherwise be able to afford their own home.

Choosing the right type of mortgage and bank for you depends not only on your financial information, such as your current income and the source of down payment, but also more subjective criteria such as how long you expect to stay in the house and how fast you expect your income to grow over time. 

This information provides a brief overview of some of the mortgage products that we offer at The Bow Mills Mortgage Center.  We would be happy to meet with you at your convenience and help you determine how much house you can afford and the best options available for financing your new home.

Conventional Financing 
Conventional Fixed-Rate Mortgages: 1- 4 family, for residential use and investments. 10-, 15-, 20-, 25-, and 30- year terms available. This is the traditional mortgage in which the payment is fixed for the life of the mortgage.  Note that the term makes a big difference in the total cost. 

For example, an $80,000 mortgage, at 6.875% with 2 points, and a 20% down payment, would cost the following over 15, 20 and 30 year terms. 
 

Loan term (in years)	15	20	30
Monthly Payment	$713.60	$614.44	$525.60
Total Amount Paid	$128,448.00	$147,456.00	$189,216.00
APR	7.526%	7.238%	7.154%

Adjustable Rate Mortgages
One, Three and Five Year Terms available.
These mortgages are adjusted based on specific government indexes. Their primary advantage is that they offer a significantly lower rate for the first term. However, after that, your monthly payments can be severely affected by rising interest rates.  Usually, there is a maximum rate specified.  This is known as "the cap" for each adjustment period, as well as the life of the mortgage.  Make sure that you are comfortable and/or willing to pay the maximum rate if the need arises before you select an ARM. 

Jumbo Mortgages
We usually have a separate rate for mortgages over a specific amount.  These loans are for an amount greater than the loan limits that are established by Fannie Mae and Freddie Mac (secondary market investors).  Pricing of these loans is generally higher than a regular conventional loan.  Please call and ask us for details on these programs. 

Special Programs
Pre-Approval. If you qualify, we will give you a 60-day  commitment for a mortgage up to a specified amount-which can be a real advantage when negotiating the price.  It also lets you close quicker once you find the house you want.

First-Time Buyers
We offer first-time home buyers a step-by-step guide and special education materials to help guide you through the process of finding and buying your first home. 

Government Programs
The United States Government and the State of New Hampshire make available, at various times, a variety of multi-financing programs.  These are particularly beneficial to first-time home buyers and those with low to moderate income.  We can help you quickly determine if you're eligible for one of these programs and, if so, streamline the application process.  These programs include: 

Federal Housing Administration 
A Federal program which insures mortgages, thereby making it possible for borrowers to obtain financing with a lower down payment than conventional guidelines require.

New Hampshire Housing Finance Authority
A state sponsored, low interest rate mortgage program made available at various times to potential home buyers with restrictions based on income levels, geographic areas, and maximum purchase prices.

Veteran's Administration
Special mortgages with no minimum down payment made available to veterans and to active- duty personnel.  This is also available to a surviving spouse if the veteran died of a service related injury.