Home Equity Loan Rates in New Hampshire (November 2024)

The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

New Hampshire's home equity loan rates are slightly below national averages — 7.6% APR for a 10-year term (7.7% nationally) and 7.9% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in New Hampshire, including city-specific rates, top lenders, and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in New Hampshire is 7.9%, but several factors might affect what lenders offer you. For instance, a higher credit score usually results in a lower APR, while a larger loan amount might lead to a higher rate. Additionally, repayment terms play a role in determining your rate. Explore the table below to compare the average APRs of home equity loans in New Hampshire across different loan terms.

Interest rates for a home equity loan change daily. Keeping track of these rates can help you pay less in interest over the life of the loan, saving you money. It also allows you to accurately plan your budget and future expenses, ensuring you're borrowing within your means.

For example, a 15-year home equity loan with a 7.9% APR results in a monthly payment of $475 and a total interest of $35,490. In contrast, a 10-year loan with a 7.6% APR has a monthly payment of $596 and a total interest of $21,535.

The rate you qualify for depends on your loan-to-value ratio, which measures how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio means greater potential risk to lenders, resulting in higher rates. Currently, the average APR of a 15-year equity loan in New Hampshire with an LTV ratio of 80% is 7.6%. It's 8.5% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio and understand the average home equity loan rates.

Average APRs also vary between cities in New Hampshire. Cities with higher home values or rapid appreciation often see lower rates, as loans are perceived as less risky. In larger or more densely populated cities, more lenders compete, leading to lower interest rates.

In New Hampshire, Hillsborough has an average APR of 5.5%, while West Ossipee has an average APR of 9.0%. Below is a table showing the average home equity loan rates across cities in New Hampshire with different terms.

Home equity loan rates in New Hampshire can vary significantly between lenders due to differing policies and market strategies. For instance, Bar Harbor Bank and Trust Company offers the lowest average APR at 5.6%, while Northway Bank has the highest at 9.0%.

Comparing rates and terms from various lenders can help you find the lowest home equity loan rates. Explore our interactive table to see which lenders offer the best rates in your city.

Securing the best home equity loan rates can enhance your borrowing experience by lowering monthly payments and overall costs, allowing you to allocate savings towards other financial goals. For example, a family in New Hampshire could save significantly by obtaining a lower rate. To achieve the best home equity loan rates in New Hampshire, consider these strategies:

MoneyGeek addresses questions New Hampshire homeowners have about home equity loan rates. By providing clear and reliable information, MoneyGeek helps you understand the nuances of these rates, ensuring you have the knowledge needed to navigate your options confidently.