Making New Mexico Your Home - The Best New Mexico Mortgage Rates, Resources & Information
Are you considering buying or refinancing a home in New Mexico? Or tapping into your home equity to consolidate high interest debt? If so you've found the right place.
New Mexico offers residents a higher-than-average opportunity for owning a home; the Census Bureau notes that about 70% of New Mexico residents own their homes as compared to about 56% of California residents. As of the fourth quarter of 2008, The National Association of Realtors reports the median price for single family homes in the greater Albuquerque area was $183,700.
For anyone considering buying a home in New Mexico, or those who already one, there are many mortgage loan options and refinancing opportunities/ New Mexico's diverse heritage is reflected in homeownership programs for Native Americans, persons with disabilities, and US military veterans, among others.
Our New Mexico Mortgage Rate Quotes & NM Mortgage Resources
Our information will help you learn about all types of New Mexico home loans and our helpful list of specific NM Mortgage Resources & services is specifically tailored for our state. Having some knowledge of how mortgage loans work wherever you live in New Mexico can help you select a home and keep it for years to come. Whether you're looking for an Albuquerque new home loan or a Santa Fe mortgage refinance, it pays to do your homework.
Also compare competing quotes from our lender database of reputable New Mexico mortgage lenders by filling the form to the right. For most of us, buying a home is the largest investment we'll make in our lives, so take the time to speak to different lenders and see what offers are available to you. Getting several competing quotes and getting the best offer can save you thousands over the course of your loan.
Mortgage Loans and Home Buyer Programs
New Mexico offers resources for those needing down payment assistance and access to affordable mortgage loans. The New Mexico Mortgage Finance Agency provides first-time homebuyer programs, homeowner education, and links to lenders and loan servicing resources. These programs help residents understand how mortgage lending and buying a home works, and the responsibilities of maintaining homeownership. State and local agencies provide assistance to those with special needs, and veterans and Native Americans can also contact state and federal agencies in New Mexico to learn more about getting a mortgage loan, refinancing, and finding assistance with credit counseling and avoiding foreclosure. Using mortgage calculator tools is helpful for comparing mortgage options and determining potential savings when refinancing. Although these tools provide generalized information, they do provide a starting point for finding a home loan.
Mortgage Foreclosure in New Mexico
Those facing foreclosure should not wait to get help. New Mexico law provides for judicial foreclosure. This means that lenders sue borrowers in court to foreclose. The timing depends on the court schedule, but you could be out of your home in as few as four months if things move quickly. Reinstating a mortgage after foreclosure has started involves paying legal fees and court costs in addition to past due payment amounts.
Mortgage Calculator Tools
As you go from shopper to homebuyer to homeowner, please continue to make use of our various loan calculators which include a refinance calculator, a mortgage loan rate comparison calculator, and an amortization calculator & amortization chart. There's also a handy mortgage calculator to tell you your monthly payments, and an affordability calculator that looks as how much you can spend, and your expenses to give you guidelines that show you how much home you can afford.
