As consumers know, mortgage interest rates continue to be at the lowest levels in history. This has given many New Mexico home owners and potential home owners the incentive to take advantage of these low rates. Because there are so many loan applications in the pipeline, all lenders are experiencing a major back log. Borrowers
With 2020 right around the corner, big changes are coming to the world of home loans. These changes are specifically concerning VA loans. Here are a few things to come to New Mexico home buyers in the new year. Starting January 1st, the VA will classify all loan amounts the same. In other words, there
It’s the beginning of a new decade, and with it comes many changes to home loans and mortgages. These changes are coming to many areas, but today, we will specifically focus on conventional and VA mortgages. Beginning January 1, 2020, big changes will take effect. Conventional loan limits will increase from $484,150 to $510,400. This
Interest rates are falling again, and many Albuquerque homeowners are now deciding on what they should do with the equity they’ve gained in their homes. Some homeowners are considering using that equity for home improvement projects, bill consolidation or for a college education. Whatever their needs may be, homeowners are looking to tap into that
Many mortgage lenders make offers for first-time home owner loan programs or first responder programs. However, they embellish what those mortgage loans really are. For example, one mortgage lender promotes that nurses, first responders or veterans can get loans with zero fees. The reality is, the lender charges a higher interest rate to compensate for