What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?
If you’re ready to buy a home in New Mexico, it’s time to start looking for the best mortgage rate possible. Your credit score, the size of your down payment, your debt-to-income ratio, and your level of income will all factor into your mortgage rate.
Help yourself secure the best mortgage in New Mexico by checking your credit before you apply for a home loan. After that, you can get all of your documentation in order so that you can get preapproved by a reputable mortgage lender.
Here’s a quick look at current New Mexico mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||6.609%||6.689%||-0.02%|
|Conventional 20 year fixed||6.35%||6.456%||Unchanged|
|Conventional 15 year fixed||6.027%||6.167%||-0.04%|
|Conventional 10 year fixed||5.865%||6.081%||-0.01%|
|Conventional 7 year ARM||7.106%||7.779%||-0.12%|
|Conventional 5 year ARM||7.106%||7.938%||+0.04%|
|VA 30 year fixed||5.955%||6.233%||+0.03%|
|VA 5 year ARM||6.188%||7.092%||-0.01%|
Ready to find your dream home under the blue skies of the Land of Enchantment? Here’s what you need to know:
New Mexico currently boasts a total population of just over 2 million people, and nearly half of them live in one of the state’s six largest cities:
Next, find out how much home you can afford. New Mexico ranks 25th in US homes for sale at average price, and 30th for homes over $1,000,000. Getting preapproved can help you know what your budget is before you go house hunting.
The state’s housing finance agency, the New Mexico Mortgage Finance Authority (known as MFA) helped nearly 2,900 families with first-time homebuyer loan programs in 2020. The most popular program is the MFA FIRSTHome loan, which can mean an extremely low down payment and closing costs.
Requirements for the MFA FIRSTHome loan include:
Taking advantage of favorable New Mexico mortgage rates and refinancing your home in New Mexico could be as easy as:
You may be able to get qualified for a streamlined refinance if you have a specific type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.