What Is a Loan Estimate in New Hampshire?

🏡 What Is a Loan Estimate in New Hampshire?

If you’re buying a home in Plymouth, Campton, Thornton, Rumney, Ashland, or anywhere in Central NH, one of the first documents your lender will give you is a Loan Estimate.

This three-page form outlines your loan terms, projected payments, and estimated closing costs — and it’s one of the most important tools for comparing lenders.

Here’s exactly what it means and how to use it.

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What Is a Loan Estimate?

A Loan Estimate (LE) is a standardized document required by federal law. It tells you:

✔ Your estimated interest rate

✔ Monthly mortgage payment

✔ Loan amount

✔ Loan type (FHA, VA, USDA, Conventional)

✔ Estimated taxes and insurance

✔ Total closing costs

✔ Estimated cash needed to close

Every lender must use the same format, making it easy for buyers to compare options.

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When Do You Receive a Loan Estimate?

Lenders must provide the Loan Estimate within 3 business days after you submit a loan application.

This applies to anyone buying in Plymouth, Thornton, Campton, Rumney, or anywhere in NH.

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What’s Included in a Loan Estimate?

Your Loan Estimate will show:

1️⃣ Loan Terms

Interest rate

Monthly payment

Whether it can change (ARM vs fixed)

Prepayment penalties (rare in NH)

2️⃣ Projected Payments

Breakdown of monthly costs including principal, interest, taxes, insurance, and HOA fees.

3️⃣ Closing Cost Details

Lender fees

Title fees

Appraisal

Credit report

Taxes

Recording fees

4️⃣ Estimated Cash to Close

The total cash you’ll need on closing day.

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How to Compare Loan Estimates

When reviewing options, look closely at:

✔ Interest rate

✔ Annual Percentage Rate (APR)

✔ Origination fees

✔ Mortgage insurance

✔ Discount points

✔ Total charges in Section A and Section B

Small differences can save you thousands over time.

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Does a Loan Estimate Affect Your Credit?

Getting a Loan Estimate does not hurt your credit, as long as all lenders pull your credit within a 14–45 day window.

This counts as one inquiry.

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Q&A

Q: Should I get more than one Loan Estimate?

A: Absolutely. Comparing 2–3 lenders is the best way to find the lowest rate and closing costs.

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Keywords

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Jim Johnson Real Estate Agent

58 NH Route 25A

Wentworth, NH 03282

P: (857) 249-7392

W: www.JimJohnsonRealEstateAgent.com

Licensed New Hampshire REALTOR® with Three Hills Real Estate Services

Broker Email: info@ThreeHillsRES.com

Broker Website: www.ThreeHillsRES.com