FINANCING

Today I want to talk about mortgage financing. This is the first and most important step you will take in starting your home buying journey. This step is best taken in advance of your home purchase to make sure there are no unforseen issues on your credit report.

What is a mortgage?

A mortgage is a legal instrument to secure financing for a home with a  promise to pay the loan back. Its just like any other loan but much better because of the tax benefits, such as the mortgage interest deduction which can save you money on your taxes.

So how do you get a mortgage?

The only way to truly know if you qualify for a loan is to talk to a lender.

They will pull your credit and ask you questions about your income and debt.

You will then…

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Looking to buy a home in Albuquerque or Rio Rancho NM? We have a team of Buyer Specialist that can help you find your home and navigate the home buying process. It doesn't have to be scary or difficult, let our Buyer Specialist be your guide.

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According to Abodo.com rents rose 10% last month. This is the 5th biggest jump for a city in the country. With rents increasing it should make you consider the possibility of owning a home with a yard and room to grow. Why pay your landlords mortgage and walk away with nothing in the end. You have to live somewhere, why not invest in your own home.

We talk with many renters and they think they cannot afford to buy or qualified enough to secure a mortgage. My response 'you will not know until you try'. The process to find out is painless and only requires a minimal amount of time. At a minimum you get a free credit report and know exactly where you stand with a path to home ownership.

Do it before interest rates go up.  Give us a call at (505)…

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I'm sure you have heard of the recent interest rate increase and the commitment to increase the rate consistently over the next year...

What does this mean for you?

It could me less buying power. As the rate climbs so does your monthly payment and affordability. Home prices will still continue to increase but your buying power will go down or if you choose to buy when the rate is higher, your payment will be higher.

My suggestion is to get out there and start now. A 1% increase in rate can impact your buying power tremendously. See an illustration here.

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It's always fun to look at some amazing luxury Albuquerque homes for sale. Some of these amenities are unbelievable from infinity pools and expansive views to full bars in the game room. I wish I could have some of them in my home, how about you?

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