Tuesday, January 15, 2008

How to Get a Home Mortgage in New Mexico

Introduction

Don't be afraid that buying a home in New Mexico will be a huge hassle. Knowing the proper procedures will reduce the stress of getting a home mortgage loan. Here are the steps for getting a New Mexico home mortgage loan.

Instructions

Difficulty: Easy

Steps

1

Step One

Research your credit report. Clear up any inconsistencies before applying for a loan.
2

Step Two

New Mexico has programs for the disabled, veterans, low-income buyers, single parents, first-time buyers and rural home buyers, including the Home Equity & Required Occupation (HERO) program and the First Time Home Buyers program.
3

Step Three

Check out these government sites for specific New Mexico programs for state and federal assistance:
• New Mexico Homeownership Overview
• USDA New Mexico Rural Development programs
• New Mexico Homeownership Assistance programs
4

Step Four

Explore the home loan offerings from a variety of lenders such as credit unions, banks, mortgage brokers and online mortgage companies. Be selective, and find the best rates and terms.
5

Step Five

Obtain pre-approval for your loan from your lending institution. Collect all necessary documentation, like employment pay stubs, tax returns, and any other specific data.
6

Step Six

Hire for a real estate agent that has longevity in the business and have them help you find the right home for you.
7

Step Seven

Finalize your loan and submit an offer on the home.
8

Step Eight

Submit all realtor, attorney and closing fees. Your lender will contact you for payments after you move in.

Tips & Warnings

  • Be sure you shop around for the lowest rates. A small difference can save you thousands.
  • Have the house inspected by a third-party before you close. They may find structural problems or other things that change your mind.
  • Read the fine print, and be careful to understand all the terms of the loan before you sign any documents.
  • Never be pressured into paying a fee to apply for a loan. Also, be aware of predatory lending, the practice of intentionally coercing consumers into contractual loans with unusually high payment terms and interest rates, often directed at uninformed borrowers or those with poor credit.
  • Get an attorney to review any documents before you sign them.
  • Make sure that the home title is clear of liens before you purchase it.
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