New Mexico Mortgage Rates
Check Current Mortgage Rates
NEW MEXICO CONFORMING 30 YEAR FIXED RATESToday's Average: 4.89% What does this mean?
About Mortgage Rates in New Mexico
Home buyers all over New Mexico from Albuquerque to Santa Fe are looking for the best deal on a mortgage. The state is growing rapidly, already saturated with more than 800,000 housing units that are 71% owner occupied. Banks and other financial institutions are competing for your business and this creates an endless supply of borrowing opportunities.
Mortgage 101 offers the best home loan features including low interest rates, low interest expenses, low closing costs and low monthly payments. Be sure that you have the best loan available to you before you buy, allow Mortgage 101 to help today getting you in the home of your dreams tomorrow.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Fixed Rate Mortgages in New Mexicon
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.