Maybe you’re buying your first home in New Mexico, or perhaps you’re relocating to New Mexico from another state. Either way, it’s important that you educate yourself on New Mexico home loans before shopping for a home and mortgage. This article explains what you’ll need to know before buying a home in New Mexico:
Home prices can vary widely between zip codes in New Mexico. For example, the median value of a home in New Mexico is $108,100; however, in the summer of 2005, the median price of a home in Santa Fe, New Mexico, was $300,000. Recently, average interest rates in New Mexico have been above the national average. Job growth rates have also been above the national average.
New Mexico law prohibits the issuance of balloon loans. Additionally, creditors are prohibited from financing credit life, credit unemployment, or credit property insurance. New Mexico has strict anti-predatory lending laws that went into effect with the New Mexico Home Loan Lending Act. Among the many provisions set fourth by the act is one that puts limits on lenders’ issuing of high-cost home refinance loans. It is unlawful in the state of New Mexico to issue a borrower a high-cost refinance loan when there is no obvious benefit of doing so.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about New Mexico Mortgage Rates and Loans. |
