Maybe you’re buying your first home in New Mexico, or maybe you’re moving to New Mexico from another state. Either way, it’s important to educate yourself about New Mexico home loans before buying a home and mortgage. This article explains what you need to know before buying a home in New Mexico:
Home prices can vary widely between New Mexico zip codes. For example, the median home value in New Mexico is $ 108,100; however, in the summer of 2005, the median home price in Santa Fe, New Mexico, was $ 300,000. Recently, average interest rates in New Mexico have been above the national average. Employment growth rates have also been above the national average.
New Mexico law prohibits the issuance of global loans. In addition, creditors are prohibited from financing credit life, unemployment or property credit insurance. New Mexico has strict predator lending laws that went into effect with the New Mexico Home Loan Act. Among the many provisions set forth in the law fourth is one that places limits on the issuance of high-cost home refinance loans by lenders. It is illegal in the state of New Mexico to grant a borrower a high-cost refinance loan when there is no obvious benefit to doing so.