New Mexico Mortgage Rates

July 21, 2017 04:42 PM Eastern

Refinance rates now in Albuquerque, NM [Change this]

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    Home Price (Purchase)
    When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
    Home Value (Refinance)
    This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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    Down Payment
    The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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    Credit Score
    Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.
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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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Mortgage Rates in New Mexico, the Land of Enchantment
New Mexico lives up to its nickname, "the Land of Enchantment," for many reasons. One of the keys to its popularity is the rugged, breathtaking desert landscape that covers much of the state. But new Mexico also boasts greenery, lakes, mountains and winter snow in the higher elevations.

If you're interested in purchasing a home in this beautiful state, you'll need to know the current New Mexico mortgage rates in order to find a home that fits your budget.  New Mexico's mortgage interest rates can vary greatly from lender to lender. It's important to shop around and understand what programs the state offers for homebuyers in your position.

NM Mortgage Rates and Affordable Housing
In July of 2009, New Mexico Governor Bill Richardson announced five affordable housing projects that would move forward due to the stimulus funding. This affordable housing, combined with low NM mortgage rates, make the state a competitive choice for those looking for low-cost housing.

Mortgage Rates for New Mexico's Disabled
A significant portion of New Mexico's allocated funding for housing goes towards assisting the disabled. No matter what the current NM mortgage rates, people with disabilities often have trouble qualifying to own their own property due to limited incomes. With an increase in transitional housing being built, and programs offered to help the disabled, those with disabilities are now able to secure low NM mortgage rates while enjoying a host of other state-sponsored lending programs. 

New Mexico's Helping Hand Program, for example, has been designed to help low-income families with disabled family members finance their home purchases. This program offers an interest-free loan for qualifying members. Coupled with low NM mortgage rates from participating lenders, this program can make home ownership possible for those with disabilities.

Low NM Mortgage Interest Rates from the HERO Program
New Mexico offers the HERO program to help potential homeowners in certain service occupations, including households that have at least one active member in the following fields:

• active members of any branch of the armed forces
• educators
• fire fighters
• health care workers
• safety workers

The Hero Program helps those in service occupations by offering a low cost, 30-year fixed rate mortgage.