Mortgages in the State of New Mexico
New Mexico, home of the world's largest enchilada and the world's largest hot air balloon fiesta, is known for its rich history and natural resources. Native Americans have inhabited the New Mexico region for thousands of years, and the state was one of the first to be colonized by the Spanish in the 16th century.
This fantastic heritage makes New Mexico an incredibly popular place to purchase a home in 2018 -- and our state-focused team of home mortgage experts is ready to educate you about the smartest home loan solutions in the Land of Enchantment. Right now, the median home listing price in New Mexico is $219,000, which is around $40,000 less than the U.S. median home price of $261,500.
Santa Fe is a popular (and somewhat pricey) city in New Mexico when it comes to purchasing a home in 2018. The median home listing price here is $495,000, which is more than two times the statewide median. Despite that, most places in New Mexico are significantly less expensive. For example, in Silver City, the median home listing price sits at $219,000, and in Albuquerque, the state's largest city, the median listing price sits at a similar $218,000. Even more affordable is Las Cruces, where the median home listing price is $199,000, which is $20,000 less then the statewide median.
At home.loans, we want to help you borrow with confidence when buying a home in New Mexico. Whether you're a first time home buyer, taking advantage of a short sale, want to get an energy efficient mortgage, or take out an FHA loan or conventional loan, we have the information and experience to guide you on your journey to home ownership and greater financial peace of mind.
Best New Mexico Mortgage Lender: Academy Mortgage Corporation
Academy Mortgage Corporation has been around since 1988, and has made a name for themselves on a national scale. The company is committed to responsible lending practices, especially with the ever-changing economy of today.
Unlike many mortgage brokers around, Academy Mortgage Corporation has the advantage of being a direct mortgage lender. This means that they handle all loan processing, underwriting, closings, and funding at their local branch offices.
Being a direct lender, means being able to close mortgage loan transactions as efficiently and quickly as possible, sometimes even in a matter of days! With the security and efficiency of their in-house loan origination and management, they are one of the best when it comes to speedy and affordable home financing!
Best New Mexico Mortgage Refinance Lender: Loan Depot
As large as Loan Depot has become since its inception, there is no surprise that it would make a list such as this one. Truly a powerhouse when it comes to home finance, Loan Depot is no stranger to refinancing conventional and government-insured mortgages for the borrowers who need them.
The loan officers under the employ of Loan Depot are highly knowledgeable and well-trained individuals. Their expertise is shown clearly in the speed and ease of the mortgage transactions they take part in, And their uncompromised goal of providing down to the decimal quotes that hold true through closing, leaving the borrower with no surprises.
Customer service is a big deal for the Loan Depot team, and they typically do not disappoint. Past clients have been stunned by the lower than expected rates and fees, combined with speedy closings.
Best New Mexico FHA Mortgage Lender: Bay Equity Home Loans
Bay Equity Home Loans was founded back in 2007 as a full service mortgage lender, with an extra emphasis on service. With locations across 32 states, the company is still growing to this day, thanks to their fierce dedication to their trade.
For a family owned and operated company, their popularity among the home buyers in the states that they are located is immense. They are deeply passionate about providing affordable mortgage solutions, with an exceptional focus on FHA loans and VA financing. As a matter of fact, a portion of their proceeds from every FHA or VA loan that they service is donated to the Warrior Foundation-Freedom Station.
The high quality customer service and drive to secure low rates and comfortable loan terms will no doubt put Bay Equity Home Loans at the very top of the mortgage lender food chain some day. For now, home buyers would be wise to check them out and see why they consistently rake in such killer reviews!
Best New Mexico VA Mortgage Lender: Caliber Home Loans
A relative newcomer to the home finance market, Caliber Home Loans truly hit the ground running -- at top speed. For a company that has only been around since 2013, Caliber has made quite a reputation for itself as one of the top mortgage lenders in the region approved to originate VA mortgages.
The Caliber team is often lauded for their knowledge and sincerity during the mortgage transactions that they conduct. Getting a VA loan can be particularly stressful, but the loan officers at Caliber are well known for keeping their borrowers informed and making sure home buyers never miss a beat during the mortgage transaction.
Home buyers can count on concise, and rapid responses to any questions that may come up during the mortgage process. With their new app, the mortgage preapproval and application process has been made even easier! A stunning dedication to providing home buyers with mortgage loans that are affordable and align with their goals is evident with the glowing pool of user reviews since Caliber’s birth only 6 years ago.
Best New Mexico Home Equity Lender: U.S. Bank
With a history dating all the way back to 1863, U.S. Bank is the farthest thing from the new kid on the block. Its strong presence in today’s mortgage market as the country’s fifth largest bank is a testament to their deep commitment to providing affordable HELOCs and home equity loans with excellent service.
U.S. Bank offers both home equity loans as well as HELOCs. Their home equity loan offering is a fixed rate HEL with a term of up to 30 years, while their HELOC product has a variable interest rate coupled with a draw period of 10 years.
U.S. Bank is well known for its knowledgeable staff and expert loan officers. Chances are, no matter what a borrower’s financial situation may look like, they can come up with an affordable home equity solution.
Experience often trumps trendy advancements, and the face-to-face personalized mortgage services offered by U.S. Bank are a shining example of this. Home buyers never have to worry about a lack of communication or being rushed, and will be treated with the same respect and due diligence as their big-name clients.
Shop Around Before You Get a New Mexico Home Loan
Our picks for the best mortgage lenders in New Mexico may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal mortgage solution that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!