For veterans across Albuquerque, Rio Rancho, and throughout New Mexico, staying informed about changes to veteran benefits and VA loan programs can lead to significant savings. Whether you’re currently a homeowner, thinking about purchasing a home, or considering refinancing, understanding your options is critical.
According to local mortgage expert Ben Lucero of Indigo Mortgage, there are two important topics veterans should be paying attention to right now: recent changes to veteran property tax exemptions and the importance of shopping carefully when comparing VA loan offers.
Bernalillo County Expands Property Tax Savings for Veterans
One of the most significant recent updates for New Mexico veterans comes from Bernalillo County’s property tax exemption program.
In the past, veterans received the same exemption amount regardless of whether they had a 10% disability rating or a 90% disability rating. Under the updated rules, exemptions can now be adjusted according to a veteran’s disability percentage, potentially providing greater tax savings for those with higher disability ratings.
This change could save veterans hundreds or even thousands of dollars over time. If you currently receive the standard veteran exemption, Ben Lucero recommends contacting the Bernalillo County Assessor’s Office to ensure you’re receiving every benefit you’re entitled to.
For many veterans in Albuquerque, Rio Rancho, and surrounding communities, this is an opportunity to reduce annual housing costs and keep more money in their pockets.
Understanding the Value of Your VA Loan Benefit
Many veterans don’t fully realize how powerful their VA loan benefit can be. Created to help servicemembers achieve homeownership, VA loans offer several advantages that conventional mortgages often cannot match.
Benefits of a VA loan may include:
- No down payment requirement for qualified borrowers
- Competitive interest rates
- No private mortgage insurance (PMI)
- Flexible credit requirements
- Limited closing costs
- Refinancing options for existing homeowners
These benefits can make homeownership more affordable and accessible, especially in today’s housing market.
At Indigo Mortgage, Ben Lucero regularly helps veterans throughout New Mexico understand how to maximize these benefits and determine which loan options best fit their financial goals.
Why Veterans Should Always Shop Their Mortgage
One of the most important pieces of advice Ben shares with veterans is simple: never accept the first mortgage offer without comparing it to others.
Many lenders spend millions of dollars marketing directly to veterans. While these companies often appear veteran-friendly, that doesn’t necessarily mean they’re offering the most competitive terms.
According to Ben, he frequently reviews loan proposals from national lenders and finds that veterans are often offered interest rates that are a half-percent to a full percentage point higher than other available options. In many cases, lender fees can also be thousands of dollars higher.
Those differences can have a major impact on your finances.
For example, on a $350,000 mortgage, even a small increase in interest rate can result in substantially higher monthly payments and tens of thousands of dollars in additional interest over the life of the loan.
That’s why veterans should always request multiple loan estimates and compare:
- Interest rates
- Lender fees
- Closing costs
- Monthly payments
- Cash required at closing
A little extra research today could save you a significant amount of money tomorrow.
The Advantage of Working with a Local Mortgage Expert
The housing market in New Mexico is unique. Homebuyers in Albuquerque face different challenges than buyers in Rio Rancho, Los Lunas, Santa Fe, or the East Mountains.
Working with a local mortgage professional provides advantages that large national call centers often cannot offer.
Ben Lucero has spent more than 20 years helping New Mexico families navigate the mortgage process and understand their financing options. Because he works directly within the local market, he understands regional property values, local lending conditions, and the needs of New Mexico veterans.
Local service also means personalized guidance. Instead of speaking with a different representative each time you call, you can work with someone who understands your goals and can provide advice specific to your situation.
For veterans making one of the largest financial decisions of their lives, that level of service can make a tremendous difference.
Refinancing May Be Worth Exploring
Even if you already own a home, your VA benefits may still provide opportunities to save money.
Depending on your current mortgage and financial goals, refinancing may help you:
- Lower your monthly payment
- Secure a better interest rate
- Eliminate mortgage insurance from a previous loan
- Access home equity
- Consolidate higher-interest debt
- Shorten the term of your mortgage
Many homeowners assume refinancing only makes sense when rates drop dramatically. However, changes in personal finances, home values, and available loan programs can create opportunities even when market conditions change.
Ben Lucero encourages veterans to periodically review their mortgage situation to determine whether refinancing may make sense for their goals.
Questions Every Veteran Should Ask Before Choosing a Lender
Before signing any loan documents, veterans should ask several important questions:
What is my interest rate?
Even a small difference in rate can significantly impact long-term costs.
What lender fees am I paying?
Review all fees carefully and compare them between lenders.
Are discount points included?
Some lenders advertise low rates while charging substantial upfront costs.
What will my monthly payment be?
Make sure you’re comparing total payments, not just interest rates.
How much cash will I need at closing?
Closing costs can vary significantly from lender to lender.
Are there other loan options available?
A good lender will explain all available options rather than pushing a single solution.
Trust Experience When It Matters Most
Veterans have earned valuable benefits through their service. Making the most of those benefits requires working with professionals who understand VA loans and are committed to helping borrowers make informed decisions.
For more than two decades, Ben Lucero and the team at Indigo Mortgage have helped veterans throughout Albuquerque, Rio Rancho, and New Mexico navigate the home financing process. Whether you’re buying your first home, refinancing your current mortgage, or simply exploring your options, having an experienced local resource can help you make confident financial decisions.
Before accepting any mortgage offer, take the time to review your options, compare loan estimates, and ensure you’re receiving every benefit you’ve earned.
Frequently Asked Questions
What is a VA loan?
A VA loan is a mortgage program backed by the U.S. Department of Veterans Affairs that helps eligible veterans, active-duty service members, and certain surviving spouses purchase or refinance a home.
Do VA loans require a down payment?
Qualified borrowers can often purchase a home with no down payment, making VA loans one of the most affordable financing options available.
What are the benefits of a VA loan?
Benefits may include no down payment requirements, competitive interest rates, no private mortgage insurance, and flexible qualification guidelines.
Has Bernalillo County changed veteran property tax exemptions?
Yes. Veterans may now qualify for property tax exemptions based on their disability percentage rather than receiving a standard exemption amount. Veterans should contact the assessor’s office to determine eligibility.
Should I compare multiple VA loan offers?
Absolutely. Comparing rates, fees, and closing costs from multiple lenders can potentially save thousands of dollars over the life of the loan.
Can I refinance using my VA loan benefit?
Many veterans qualify for VA refinancing options that may help lower payments, reduce interest rates, or access home equity.
Why should I work with a local lender?
Local lenders understand New Mexico’s housing market and can provide personalized guidance that national call centers often cannot match.
How long has Ben Lucero helped veterans with home loans?
Ben Lucero and Indigo Mortgage have been serving veterans and helping them navigate the mortgage process for more than 20 years.