New Mexico Mortgage Refinance

Nicknamed the “Land of Enchantment,” New Mexico’s home mortgage refinance market has home owners “enchanted” with the opportunity to lower their monthly house payments. New Mexico (population 1,954,599) has a bevy of reputable lenders ready to assist home owners with identifying the right mortgage refinance product. Before deciding on a lender, borrowers should take into account several factors including rates, mortgage terms, credit worthiness and budget. Whether it’s an adobe in a small quaint town or a modern, sprawling home, borrowers should consider mortgage refinancing at some of New Mexico’s most competitive rates. Borrowers can take advantage of a 30 year fixed product for rates as low as 4.75% APR to 5.33% APR or a 15 year fixed mortgage at 4.22% APR to 4.79% APR. Home values and property prices are another aspect of mortgage refinance to consider. Home values throughout New Mexico run from $57,639 to $455,153. Homes in Tijeras (87059) are valued at $227,071 to $266,562 and homes in Rio Rancho (87124) are valued at $221,991 to $260,598. The average property price in New Mexico is $184,684. Homes in Las Cruces (88011) have sold for $372,000 and $360,000. In Albuquerque (87112), homes have sold for $337,500.