How to Apply for Mortgage in Manchester NH

Posted by Matt Harris on October 24th, 2019

Applying and getting the right mortgage, at your time of need as a homeowner might seem like a daunting task. Preparation is of the essence, as once the purchase offer is accepted, the time frame for getting the mortgage is finite. The closure of a mortgage transaction ideally takes about 45 days on an average.

What you need before you start the process

1. Pay stubs (including the most recent 30 days)

2. W-2s (last 2 years)

3. Bank statements of all checking and savings accounts, including investments (last 2 months)

4. Signed personal and business tax returns (all pages and schedules)

5. If self-employed, a copy of recent quarterly/year till date profit and loss statements

6. Copy of the signed Purchase and Sales Agreement

Here is a simple 5-step process to apply for Mortgage in Manchester NH, that will guide you through the nuances of what you should do:

1. Fill out a mortgage/loan application (Duration: 1-3hrs)

It is very important to choose the correct lender/bank for you, hence work with at least 3 lenders at a time. It will help compare the pros and cons of each and weigh out the best lender for you. All homeowner’s loan applications have a standard template, which asks you to disclose all matter concerning your assets, liability, income, debts, employment details and other payable loans. A mortgage application can be filled out by 2 methods:

(1) Ask a representative to fill it for you, or

(2) Fill out all the details online.

2. Review Loan Estimates (Duration: 1-10hrs)

Compare all your loan estimate forms for terms, cost and interest. Important parts to review on loan estimate forms are:

● Expiration dates for interest rates;

● Find out if its locked interest;

● Closing cost;

● Total cost in five years is all charges; like interest, principal and mortgage insurance — that you’ll incur within the mortgage’s first five years,

● Principal paid in five years is the amount of principal you’ll have paid off in the first five years (APR- annual percentage rate),

● Percent paid in interest is the percentage of the loan paid over the entire duration of the mortgage. (It’s not the same as the interest rate.)

3. Choose a lender (Duration: As per your need)

Based on your research and comparison data, pick the best-suited lender to initiate the process.

4. Mortgage processing by the lender (Duration: 3 weeks+)

The information provided, in the mortgage application is reviewed under strict supervision and questions concerning your information is verified. The lender will ask you for documents and proofs, ensure you provide them promptly.

5. Underwriting begins and Mortgage is cleared (Duration: 48 hrs to 72 hrs)

The lender analyses the risks of providing the mortgage. You might need to face a few more questions. The mortgage is cleared.

Nextgen Mortgage is one of the leading mortgages providers in Manchester NH, they are committed to providing the best deals and services to their customers. Visit to experience their diligent support and expert advice.