New Mexico Mortgage Lenders and Rates (NM)

Everyone should be aware that finding the right mortgage and rate in New Mexico can save thousands of dollars. Mortgage-Info.us was created with that goal in mind. If you are looking for Lenders, Mortgage Rates, or Mortgage Brokers – we’ve got it. When you fill out our mortgage quote form, you’ll get offers from 2-4 different lenders, so they’ll be competing for your loan, saving you money.

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Featured Mortgage Lenders in New Mexico

New Mexico Mortgage Quick Facts

New Mexico State Population: 1,928,384*
Median New Mexico House Price: $108,100* 
Total New Mexico Housing Units: 
805,293* 
House Ownership Rate in New Mexico
: 71.4%*

Types of Mortgage Loans Available in New Mexico

Fixed Rate Mortgage Loans
• 15 year
• 20 year
• 25 year
• 30 year
• 40 year

Adjustable rate mortgage
• 1/1 Arm
• 2/1 Arm
• 3/1 Arm
• 5/1 Arm
• 7/1 Arm
• 10/1 Arm

LIBOR loans
• 5/1 Year LIBOR
• 3/1 Year LIBOR
• 1 Year LIBOR
• 6 Month LIBOR
• 1 Month LIBOR

How Your Credit Score Affects Your Mortgage Rate

To start you’ll need to know what your current credit score is . You should compare that against the average New Mexico consumer credit score which is 663. And the national average credit score is 677. Your credit score impacts what your home mortgage rate will be. Historically home mortgage rates have varied from 5% to over 13%. Lenders create their home mortgage rates by using the Federal Discount Interest Rate and then increase it by using an internal formula to create their own home mortgage rate. When you apply for a home mortgage, your home mortgage rate will be determined by a whole host of factors, including your credit score.

New Mexico Mortgage State Laws:

Foreclosure

New Mexico practices judicial foreclosure. The process takes at least right months. The proceedings to Wisconsin foreclosures are similar to other states that practice judicial foreclosures. The lender files a lawsuit, and if the borrower cannot pay within the time the court specifies, the borrower and the community receive fair notice of the date and place of the auction, and the property is auctioned to the highest bidder. The borrower usually has nine months to redeem the property after the foreslocure sale. The borrower must pay the highest bid price, plus fees and interest.

Only in New Mexico

In 2002 the Anti-predatory lending ordinance was introduced, and passed. In March 2004, The Home Loan Protection Act was amended to specify that it was illegal to flip high cost home loans.

NM Mortgage Fraud Office
White Collar Crime Supervisor
http://albuquerque.fbi.gov/
4200 Luecking Park Ave, NE
Albuquerque, NM 87102
Phone: (505) 889-1300

New Mexico Counties:

Bernalillo County, Catron County, Chaves County, Cibola County, Colfax County, Curry County, De Baca County, Dona Ana County, Eddy County, Grant County, Guadalupe County, Harding County, Hidalgo County, Lea County, Lincoln County, Los Alamos County, Luna County, McKinley County, Mora County, Otero County, Quay County, Rio Arriba County, Roosevelt County, Sandoval County, Sa Juan County, San Miguel County, Santa Fe County, Sierra County, Socorro County, Taos County, Torrance County, Union County, Valencia County

*Source
-US Census

 

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.

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