Albuquerque Real Estate Mortgage Interest Rates
What’s the interest rates looking like in Albuquerque Real Estate? We’d like to present to you the most up-to-date interest rates weekly from Bank of Albuquerque Mortgage. Specific rates are quoted based on the borrower’s qualifying criteria, credit score, equity, property type, and any applicable state-specific requirements. Give us the opportunity to provide a specific rate quotes for you based on your specific needs.
Interest rates have been climbing over the past year or so, especially after President Trump was elected. We’ve seen interest rates as low as 2.8% within the past 12 months and as high as 5.5% ( and climbing ) in the Albuquerque real estate Market. So when is it the perfect time to invest into Albuquerque real estate? The answer will always be 5 years ago, because you buy real estate and you wait, you don’t wait to buy real estate. A lot of people get fixated on waiting to buy the right time, the right price, the right everything! So when is it the right time? When is it the wrong time? You’ll never know until you get started. Get started today and get yourself pre-qualified in the Albuquerque real estate market.
Here are some things that you can improve on to help you become more qualified in purchasing your own home.
- Credit Score:
- The higher your credit score, the lower the interest rates which means the less you pay for your home. Also a lot of home lending programs have a specific credit score that they require in order for you to take advantage of that program. Credit Score minimums are typically between 600-640.
- Debt to Income:
- The lower the DTI (Debt to income ratio) the better chance you have at qualifying for your dream home.
- What is DTI? Debt to income is the amount of money you earn versus the amount of money you spend. For example if you make $4,000.00 a month, your utilities, rent, car payment, student loans, and food take up about $1,500.00 per month, then your DTI Ratio is about 37%. The lower the DTI the better.
- The lower the DTI (Debt to income ratio) the better chance you have at qualifying for your dream home.
- Stability:
- A lot of investors will require that you be in your industry for at least 2 years.
- For example: You’re a nurse at Presbyterian. You’ve been there for only 3 months, however you’ve been a nurse for the past 10 years at Lovelace hospital prior to being at Presbyterian. That will work out just fine. So don’t change your industry if you’re planning to buy a home anytime soon!
- A lot of investors will require that you be in your industry for at least 2 years.
- Money down:
- Last but not least, I get this question almost every day. How much do I need to have for my down payment?
- Answer: anywhere from $500-5% or more.
- There are tons of loan programs out there for you and your family so contact us to figure out which one is the right one for you.
- Answer: anywhere from $500-5% or more.
- Last but not least, I get this question almost every day. How much do I need to have for my down payment?
For a FREE and no obligation consultation please contact us at
505.974.9160
Info@roaringrealty.com
or visit our website at
www.roaringrealty.com
NMREC Lic# 49417
| 30 Year Fixed | 4.125% |
| 15 Year Fixed | 3.500% |
| 30 Year FHA | 4.125% |
| 7 Year ARM | 3.750% |
| 5 Year ARM | 3.500% |
| 30 Year Jumbo | 4.000% |
| 15 Year Jumbo | 3.750% |
