ForTheBestRate.com displays the rates of some of the top lenders, brokers, and banks in the Nation who offer great New Mexico mortgage rates throughout the Land of Enchantment. Whether you are looking for an interest only loan for a house in Albuquerque, a fixed rate mortgage for second home in Santa Fe, or an investment property loan for a rental in Carlsbad, you can likely find what you’re looking for here.
Your New Mexico home loan might be one of the most important financial decisions of your lifetime. Be sure to ask the mortgage companies you speak with to provide you a quote for their rates in the form of a Good Faith Estimate and Truth-in-Lending Statement. This will make it easier to compare competing offers and find the right fit for your unique scenario.
Using the rate table
The majority of the mortgage companies represented in the rate survey on this page offer a variety of fixed rate (10, 15, 20, and 30 year terms) and adjustable rate financing solutions (3/1, 5/1, and 7/1 ARMs) for 1-4 unit residential properties (i.e. single family homes, duplexes, triplexes, and quadraplexes). These mortgage companies typically allow properties to be used as primary residences, second homes (aka vacation homes), or investment properties (rental homes). Rates often vary by occupancy type so you’ll need to speak with the various lenders and brokers to make sure that you qualify for what they have posted. Rates may also vary of other reasons including the type of property being financed. For exmaple, interest rates for condos may have pricing adjustments when compared to stand-alone, stick built homes. Be sure to speak with the various home loan providers directly to make sure that you have an accurate idea of pricing for your unique scenario.
Additional places to research New Mexico mortgage companies and down payment assistance outlets
Mexico Mortgage Lenders Association – http://nmmla.org/
PO Box 91058 Albuquerque, NM 87199-1058 PH: 505-821-2700
New Mexico Association of Mortgage Professionals – http://nmamp.org/
P.O. Box 3967 Albuquerque, New Mexico 87190 PH: 505-480-8514
Credit Union Association of New Mexico – http://www.cuanm.org/index.php
4200 Wolcott Ave NE Albuquerque, NM 87109 PH: 505-298-9899
New Mexico Regulation and Licensing Department – http://www.rld.state.nm.us/
Toney Anaya Building, 2550 Cerrillos Road, Santa Fe, NM 87505
New Mexico Housing Finance Authority (down payment assistance programs) – website
344 4th St SW Albuquerque, NM 87102 PH: 505-843-6880
Some Popular Questions Related to Mortgage Rates
- What are some of the reasons I may be quoted a higher rate than what is shown in the rate tables? – In this post we discuss some of the variables that may lead lenders and brokers to have to quote higher rates than what you see posted.
- What is a no closing cost refinance? – Explore what it means to refinance your mortgage with little to no money out of pocket.
- Need to subordinate a second mortgage? – Research some of your options and know what to expect during the process.