Real Estate
Since its settlement in 1706, Albuquerque, New Mexico, has grown into a metropolis of over 700,000 people. The Sandia Mountains tower over one side of Albuquerque, while the Rio Grande Valley stretches out from the opposite side. The history and Southwestern culture of New Mexico add flair and flavor to the industry and economic progress of the city.
Buying a new home almost always means having to secure a loan. In Albuquerque, home loans are available to help you make a smooth transition to your new residence.
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| Population 448,607 | Median Age 34.9 yrs | Household Size: 2.40 |
| Avg Commute: 20.4 min | Avg Income $38,272 | Avg Home Value: $127,600 |
| July High: 91.5°F | January Low: 22.2°F | |
Albuquerque Home Loans
In a seller’s market where homes are going quickly, you’ll want to get pre-qualified and pre-approved for an Albuquerque home loan as soon as possible. Having solid financial backing in advance will increase your negotiating power and make you a more viable candidate for landing the home you’ve been looking for. Buyers who are pre-qualified and pre-approved for a home loan are usually favored over others in the home buying process; secure your loan with a financial lender before making an offer.
The New Mexico Mortgage Financial Authority can help. Although it is not an official state agency, the Authority was created by the state legislature to provide affordable housing and to issue tax-exempt mortgage revenue bonds to New Mexico’s residents.
As part of its services, the New Mexico Mortgage Financial Authority offers the Mortgage$aver program. Mortgage$aver is available to first time home buyers and to individuals or families who have not been homeowners for three or more consecutive years. The loans offered through this program are 30-year fixed rate loans and are available at one of two interest rates. One of the interest rate options is well below the conventional rate; the other is just about even with the conventional market rate.
If you choose the second option, you will receive credit toward your closing expenses. This credit can be up to 3.5 percent of the loan amount and can be used to reimburse or reduce costs, such as closing costs or down payments, or to reduce the principal loan balance.
If you chose to go with the lower interest rate, you will get the help of two programs called HELP and Payment$aver that will help to substantially reduce up-front or out-of-pocket expenses. In order to qualify for these programs, consult a mortgage lender. He or she will review your monthly income, expenses, employment status and credit history. If you are unfamiliar with lenders in Albuquerque, ask a real estate professional for a reference.
Albuquerque home loans are available to help you in your purchase of a new home in New Mexico. Through a mortgage lender, you can find out more information and qualify for a loan. Study out the options and weigh the pros and cons of each one. If you pre-qualify for a loan, you will have much more negotiating power with the sellers, and with pre-qualification you will be well on your way to securing your next home.
By Daniel Lund
A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®