Owning a home can be one of the biggest milestones in life.
Today there are a growing number of programs and options available to help people achieve their dream of homeownership, and as an approved mortgage lender in Las Cruces, we’re here to help before you start house hunting.
Whether you are buying your first home, refinancing, or renovating your current home, having a better understanding of how everything works is key to getting approved.
Check Your Mortgage Eligibility for Free
If you’re hoping to secure a home loan, there are several criteria that could determine your eligibility.
Your credit score, income, debt-to-income ratio and the kind of property you plan to purchase all matter.
By partnering with an experienced mortgage lender, you can learn what you will need to do in order to increase your chances of approval. You may be able to boost your likelihood with steps such as increasing your credit score, paying down debt or amassing more funds for a down payment.
Don’t sit back passively and wait; take proactive measures today that will pay off in the end! Taking steps to strengthen your financial standing before sending in an application will improve your chances of getting approved and also get you better terms on a loan.
About the City of Las Cruces, NM
Las Cruces is the county seat of Doña Ana County, New Mexico. Located in the southern end of the state, Las Cruces is known for its historic downtown area with the Plaza Theatre, a historic train depot, and the Doña Ana County Courthouse. The city’s population grew rapidly after the completion of the Gadsden Purchase in 1854, which extended the borders of the United States to the Rio Grande River. Las Cruces is home to the New Mexico State Fair and hosts the National Finals Rodeo twice a year.
Buying a Home in Las Cruces, NM
Are you ready to make the move to Las Cruces, NM?
Buying a home in this beautiful desert city is an exciting experience – and with our help, you can make it happen. We’re here to provide expert advice and answers to any questions you may have about buying a home here. Whether you’re looking for information on neighborhoods, financing, or the best time of year to buy, we’ll be your guide throughout the entire process.
Some questions you probably are thinking about are:
- Is Las Cruces a buyers or sellers market?
- Is Las Cruces New Mexico a good place to live?
- Is New Mexico housing cheap?
- Why should I move to Las Cruces New Mexico?
So don’t wait – start your journey today and get ready to call Las Cruces home!
What Are Mortgage Lenders in Las Cruces, NM Looking For?
When applying for a mortgage, lenders want to be sure that you can afford to pay it back.
The key factors they consider are your credit score, income, debt-to-income ratio, and employment history.
- Your credit score gives lenders an indication of how likely you are to make timely payments; the higher it is, the better chance you have of getting approved.
- Income is important because it allows lenders to determine how much you can actually pay each month.
- Your debt-to-income ratio is the amount of money you have to pay out each month divided by your gross monthly income; a lower ratio is favorable in their books.
- Finally, your employment history is considered because lenders want proof that you’ll have steady income throughout the life of the loan.
Keep in mind these critical factors as you begin your mortgage journey!
What Documents Do I Need To Get A Mortgage in Las Cruces, NM?
When applying for a mortgage, lenders want to make sure that you can comfortably afford the payments as well as any other financial obligations.
To determine your eligibility for a loan, lenders will need certain documents from you.
These include: verification of identity (such as driver’s license or passport), income sources and the amounts you receive, debts and credit score, bank statements from all accounts where funds can be withdrawn, a current appraisal report of the property that is being mortgaged, and other appropriate documentation requested by the lender.
Taking the time to prepare these documents before submitting a loan application will help to ensure a smoother process.
How to Get a Mortgage in Las Cruces, NM?
Buying a home can feel like a daunting task, but with the right guidance, it doesn’t have to be.
To get a mortgage, you’ll need to understand the various types of mortgages available and decide which is best for you, gather your required documents, review your credit score and history, compare lenders, and apply for pre-approval or pre-qualification.
Once you’re approved for a loan, you’ll go through the mortgage process: shopping for a home, making an offer, getting an appraisal, and needing title insurance, home inspections, and more paperwork.
Finally, you’ll close on your loan and get the keys!
With the proper planning and guidance, buying a home can be manageable and even exciting.
Types of Loans Available in Las Cruces, NM
Your mortgage option will depend on your goals and the amount of home you can afford. There is a wide variety of mortgages from which to choose. The good news is that you can choose a mortgage that is appropriate for your needs if you deal with a reputable lender who can properly explain your alternatives.
The most popular mortgages are as follows:
An FHA loan is a loan backed by the Federal Housing Administration (FHA). These loans provide numerous benefits to potential homebuyers and homeowners, making them very attractive for a variety of different types of borrowers.
With an FHA loan, buyers can make a down payment as low as 3.5%, which makes it easier for those with limited funds to purchase a home. This allows more individuals to become homeowners since it’s often difficult for someone to put down a 20% or more on a home without assistance.
This type of loan also requires only a 580 credit score (even though some lenders go down to a 500) and does not require you to pay out-of-pocket closing costs. Additionally, FHA loans are assumable, meaning you can transfer your loan onto another borrower if you decide to move or sell your house.
Learn more about FHA loans in Las Cruces, NM.
VA loans are home loans specifically designed to help veterans and their families purchase a home.
They have favorable terms, such as lower interest rates or no down payment requirements, which make it easier for military members and veterans to buy a home.
The VA loan program was created to provide the people who proudly served our country with accessible housing finance options.
With a VA loan, you don’t have to worry about coming up with a large down payment, qualifying for a certain credit score, or even having perfect credit – you may be able to get financing even if you have weak credit or limited resources.
It’s an excellent way for heroes to get the home they deserve.
Learn more about VA loans in Las Cruces, NM.
USDA loans are one of the most affordable ways to finance a property.
They are backed by the United States Department of Agriculture (USDA) and designed to help eligible borrowers with low and moderate incomes purchase or refinance a home in rural areas.
USDA loans have flexible guidelines, no down payment requirements, and offer lower interest rates than traditional mortgages – allowing for an easier experience in buying or refinancing a home.
With an average closing time of only 30 days, it’s never been easier to become a homeowner!
Learn more about USDA loans in Las Cruces, NM.
Jumbo mortgages are home loans that exceed the conforming loan limit of $510,400.
These mortgages are perfect for those wishing to purchase a pricier home and need a larger loan.
With jumbo mortgages comes the potential of lower rates, and in some cases, higher down payment requirement and better credit qualifications. What’s more, these types of mortgages can be owned by Fannie Mae and Freddie Mac, allowing even more flexibility for buyers looking for comfort and security when it comes to their purchase.
Don’t let the size of your dreams limit you – embrace the opportunity of owning a dream home with jumbo mortgages.
Learn more about Jumbo loans in Las Cruces, NM.
30 Yr Fixed Mortgage
A 30-year fixed mortgage isn’t just a loan that makes it easier for you to own your home – it’s also a sensible choice if you’re looking for stability and predictability.
With this type of mortgage, you will have the same interest rate over the entire term of the loan, often set at at near market low rates.
This means you can budget your payments each month, without having to worry about rising rates or changes in the market.
Plus, since you’re paying off the principal over a longer period of time, your monthly payments are lower than with a 15-year fixed mortgage. That gives you more financial flexibility and peace of mind.
So if long-term security is important to you in securing a home loan, then a 30-year fixed may be the way to go.
Learn more about 30-Year Fixed Rate mortgages in Las Cruces, NM.
15 Yr Fixed Mortgage
When it comes to mortgages, one of the most popular types is a 15-year fixed mortgage.
This type of loan allows you to lock in your interest rate and pay off your loan in 15 years, helping you save on overall interest payments over the life of the loan.
With this type of mortgage, your monthly payments remain the same for the entire duration of the loan, allowing for more reliable budgeting for your financial future.
A 15-year fixed mortgage can be a great option if you’re looking for stable payments over a set amount of time and want to get the best bang-for-your-buck when it comes to paying off your mortgage.
Learn more about 15-Year Fixed Rate mortgages in Las Cruces, NM.
Adjustable Rate Mortgage
An adjustable rate mortgage is a type of loan that lets you lock in a lower interest rate for a certain amount of time, usually 5 to 7 years.
After the initial period has passed, the interest rate begins to adjust periodically based on an index rate. This means that your monthly payments can go up or down from one year to the next. Knowing how your payments may rise and fall over the life of the loan will help you plan better for the future.
An adjustable rate mortgage can be a great option if you want to secure a low interest rate for a set period of time and are prepared to face possible increases in your monthly payments.
Learn more about Adjustable Rate mortgages in Las Cruces, NM.
Frequently Asked Questions
How do I contact your mortgage company in Las Cruces, NM?
Call 888-670-7550 to chat with on our Las Cruces mortgage experts.
Where is your Las Cruces, NM mortgage office located?
We service the area near the NMSU Art Museum and are by appointment only. You can also call us to get your questions answered over the phone or schedule a virtual appointment if that’s easier.
What’s the difference between a 3/1, 5/1, and 7/1 ARM?
Different kinds of Adjustable Rate Mortgages (ARM) offer different tradeoffs between monthly payments and interest rates.
- A 3/1 ARM, for instance, offers an initial three-year fixed rate, after which your interest rate can go up or down depending on market conditions. And due to the shorter fixed period, your initial rate will be lower than with a 5/1 or 7/1 ARM – allowing you to enjoy a lower monthly payment over those first three years.
- With a 5/1 ARM, you get that same initial fixed rate – but it lasts five years, so you’ll have even more time before your interest rate can adjust. That also means your rate will be slightly higher than with a 3/1 ARM.
- Finally, a 7/1 ARM offers the longest period of fixed interest rates – seven years – but at the cost of the highest rate of all three ARMs. It’s a great solution if you need time to build up savings while still keeping your mortgage costs low.
So, depending on your specific goals and needs, you can choose the ARM that works best for you.
What types of federal or state programs exist to help me afford a mortgage?
Don’t worry – there are plenty of federal and state programs that can help make financing a mortgage more affordable.
For example, the Federal Housing Administration (FHA) offers loan insurance, which reduces the risk for lenders and makes it easier for them to offer lower interest rates and relaxed qualifications for borrowers. Some states also offer down payment assistance programs, which help cover the costs of a down payment or closing fees. If you’re not sure what you qualify for, you can contact an FHA-approved lender or find a state or local housing program to get started on your journey to homeownership.
Depending on your situation, you may be able to get help from the government to buy a home. If you are a veteran or the surviving spouse of a veteran, you may be able to get a VA loan, which is backed by the US Department of Veterans Affairs. These loans have low rates and no down payment.
There are more than just the ones listed above – we’re just giving you a little taste as to what’s out there.
If you’d like to know more, just get in touch.
What is refinancing?
Refinancing your mortgage is an excellent way to save money and make the most of your finances.
It allows you to take advantage of lower interest rates, consolidate debt, or cash out equity from your home. There’s no need to feel intimidated or overwhelmed – with the right lender and a bit of research, the process can be simpler than you think.
From help understanding the terms and fees involved, to evaluating the documents and making sure everything is handled properly – you don’t have to go it alone.
With the right guidance and support, refinancing your mortgage can be a smart move that will pay off in real savings.