New Mexico Mortgage and Refinance Rates Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content
New Mexico Mortgage and Refinance Rates
Advertiser Disclosure Advertiser Disclosure
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies. Zach Wichter is a former mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy. As of Sunday, November 13, 2022, current rates in New Mexico are 6.94% for a 30-year fixed and 6.20% for a 15-year fixed. We'll help you find mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today. At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . ON THIS PAGE Important information about our rate table The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser. Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership. If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount. The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included. If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please to provide your comments to Bankrate Quality Control. New Mexico mortgage overview
New Mexico is home to more than 2 million residents, and as of 2018, 67.6 percent lived in owner-occupied housing, with a median home value of $166,800. The New Mexico Mortgage Finance Authority (MFA) helps state residents connect with affordable and sustainable housing and provides financing from housing bonds, tax credits and grants from other government agencies. In 2019, the New Mexico MFA provided more than $527 million in low-interest loans and grants across the state, as well as access to financial counseling and educational programs. First-time homebuyer programs in New Mexico
First-time homebuyers in New Mexico have access to a variety of national programs and local educational opportunities to help them through the homebuying process. FIRSTHome
is the New Mexico MFA's home loan offering for low- to moderate-income first-time homebuyers (defined as a buyer who has not owned a home before, or has not owned a home in three or more years). To be eligible, buyers must be purchasing a single-family home, and: Contribute $500 of their own money Have a credit score of 620 or higher (though alternative qualification may be available in certain cases) Meet income and home purchase price limits The FIRSTHome program can be used in conjunction with the FIRSTDown down payment assistance program. FIRSTDown
For borrowers in the FIRSTHome program, the New Mexico MFA also offers down payment and closing cost assistance up to $8,000. FirstDOWN must be combined with the FIRSTHome program. The assistance through FIRSTDown comes in the form of a fixed-rate second mortgage, and has the same credit score minimum, home purchase limit and homebuyer counseling requirements as the FIRSTHome program. The household income limits, which vary by county, are also the same. For instance, a one- to two-person household in Union County must not exceed $69,840 in annual income to qualify. New Mexico mortgage refinancing
There are many reasons to , including a faster payoff, eliminating PMI (private mortgage insurance) or getting a lower interest rate. If you're looking to refinance a home in New Mexico, private lenders, banks and mortgage brokers are all options; the New Mexico MFA does not offer any programs specifically for refinancing. It's important to note that you don't have to refinance with the same lender who holds your current mortgage, regardless of the lending institution. When you're ready to refinance, it's smart to identify your goals, do your research and shop around to make sure you're getting the best possible rate and terms. Note that some first-time homebuyer assistance programs are void upon refinancing. For those facing imminent foreclosure because of mortgage nonpayment, the state Attorney General's office operates a program, , that connects homeowners with HUD-certified counselors to help them determine if refinancing or a loan modification will help. New Mexico mortgage resources