Found 478 entries published by Carlos Martinez.
A zero down payment mortgage program could be a great option if you are buying in the Albuquerque, Rio Rancho, Los Lunas, Belen or surrounding area. Find out how here Get Loan Approved.
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Status: Active
School District: Rio Rancho Public Schools
Home Sizes: Starting at 1,638 Square Feet
Location: Sandoval County
Tierra Del Norte offers a vibrant living environment with convenient access to amenities and shopping destinations. Enjoy recreational options like the Rio Rancho Aquatic Center and the Rio Rancho Events Center. Discover the perfect blend of modern living, quality education, and convenience in this thriving Rio Rancho community.
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An escrow account is an account that is used to collect annual expenses like property taxes and homeowners insurance on a monthly basis. Banks often mandate that borrowers have an escrow account at closing so that they know that the borrower has the funds to pay their property taxes when they are due. However, after a period of time of perfect payment history many banks will allow the borrower to stop escrowing. At that moment the monthly payment goes down and although the borrower is still responsible for making the tax and insurance payments at the end of the year.
If the borrower is comfortable budgeting for taxes and insurance, they can elect to not have an escrow account upon closing thus immediately making their…
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Private Mortgage Insurance (PMI) is insurance that protects the lender in case an owner should default on their home. PMI is required for buyers who get a conventional mortgage and make a down payment of less than 20%. Once the homeowner has an equity position of more than 20% the PMI can be removed with lender approval. Upon request, lenders will do a home valuation to determine if the PMI can be removed.
The cost of PMI for a conventional home loan averages 0.58% to 1.86% of the original loan amount per year.
If the borrower has an FHA loan, they can refinance into a Conventional loan once they’ve gained enough equity to help get rid of the PMI.
Contact me at by text (505) 350-8184 for more information on our Trusted Lender.
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Understand Mortgage Hacks for Homeowners A Home Equity Line of Credit, also known as a HELOC, is a line of credit secured by the home that gives the borrower a revolving credit line. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. Much like a credit card, you can draw on the HELOC, pay it off, and draw on it again. There are several ways a homeowner could benefit from using a HELOC:
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Published on May 10, 2024
Highlights (the highlights are a comparison between April 2023 and April 2024)
Additional Reports
April 2024 Showings Report
April 2024 Local Market Snapshot Reports (by zip code & MLS Area)
Credit GAAR.com
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A 3-2-1 buydown is a concession to the buyer that reduces the buyer's interest rate and monthly payment for the first three years of homeownership making the home more affordable. In the below example, the seller agrees to finance three years of a lower interest rate for the buyer.
The cost to the seller is based on the note rate minus the 3% for the first 12 months and the same for the 2% (13-24 months) and the 1% (25-36 months). To get the total cost from the seller, add…
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There are several early payoff hacks that homeowners can take advantage of:
Make 1 extra loan payment each year
How it Works
By making one extra payment per year, a homeowner can reduce the amount of interest they will pay over the life of the loan and the duration of the loan. In this example, the monthly payment is $3,160, so by making 1 extra monthly payment of $3,160, the mortgage will be paid off six years ahead of schedule and net over $156,000 in savings.
Tip: By making the extra payment in January, you are hacking the total number of days the mortgage is collected on.
Using the following terms:
Mortgage Term - 30-year Interest Rate - 7% Loan amount - $475,000 Monthly payment - $3,160
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This Playbook Series is designed to explain several mortgage programs available today as well as some hacks to help those with current mortgages pay less over time.
There are a few common buydown products that clients can take advantage of, including an Interest Rate buydown, 3-2-1 buydown and a 2-1 buydown. While the following examples reference sellers paying for the buydowns specifically, buyers or lenders can also pay for interest rate buydowns.
Interest Rate Buydown
How it Works
A rate buydown is a way to pay for a lower interest rate by purchasing discount or mortgage points.
Value to Clients
Buydowns can be a benefit to both buyers and sellers. Sellers get a competitive advantage and buyers get to make a one-time…
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Perhaps it's a prime moment to tap into your home equity. The opportunities are abundant, whether you're eyeing home renovations, aiming to clear hefty debts, or funding education expenses. Given the soaring home prices, a significant portion of Americans' wealth lies tied up in home equity. Thankfully, streamlined loan options exist, making it swift and straightforward to ascertain how much you can leverage.
Contact me at (505) 350-8184 for more information on our Preferred Lender.
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