Like many other states in the nation, New Mexico is dealing with rising mortgage interest rates. However, we urge you not to let unfavorable interest rates deter you from pursuing your dream of being a home owner. Many people find the personal and financial benefits of owning a home surpass the drawback of high interest rates. Besides, you can always refinance when interest rates drop again. Keep reading to find out more about buying a home in Albuquerque.
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Quick Albuquerque Housing Facts :
Percent of Homeowners in Albuquerque: 70%
Percent of Renters in Albuquerque: 30%
Median Albuquerque Household Income: $34,133
Average Albuquerque Credit Score: 663
Best City to Live in near Albuquerque: Rio Rancho
Median Albuquerque Home Value: $108,100
How Much Real Estate Can I Afford In New Mexico?
You don’t have to be a mortgage broker to figure out how much you can afford to spend on a home in Albuquerque. In fact, who better to determine how much you can afford than you? And of course, we are always here to offer you assistance. In fact, we’ve assembled a little checklist that we think will help you through the process. By the time you make your last check on the list, we’re sure you will understand your position in the Albuquerque housing market.
- Take a few minutes to determine how much you can spend on your monthly mortgage payments. This is perhaps the most important step in the whole process. If you are not accurate and realistic now, then you may be denied a mortgage to buy a home you set your heart on, or worse, you may find yourself in foreclosure a few years down the road.
- Decide which payment plan will work for you. There are tons of programs to choose from. If you’re feeling overwhelmed by all the options, we suggest that you start by looking at the Adjustable Rate Mortgage and Fixed Rate Mortgage. Not only are the most popular choices, but many of the other plans build from those basic concepts.
- Check out current property taxes and interest rates in Albuquerque.
- Use our online mortgage calculators.
Refinancing In Albuquerque
A refinance is a new mortgage that repays and replaces your existing mortgage. If the market interest rate is 2% below the one you pay, it’s time to refinance.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.