Mortgage Refinansing Help

Mortgage Refinancing Help: New Mexico

“The length of time that you expect to keep the mortgage helps you determine whether it is worthwhile to pay points up front to reduce your interest rate. Unlike points paid on your original mortgage, points paid to refinance may not be fully deductible on your income taxes in the year they are paid. ”

Mortgage Refinancing Help : Business: Financial Services: Banking Services: Credit Unions: Regional: United States : New Mexico (8)

Carefully review the estimated closing costs. If you decide to lock in the rate, the lender will send you a "good faith estimate" of your closing costs within three days. Go over the numbers carefully, and compare them to the ones that appear on the final settlement statement (the HUD-1) from your previous mortgage.

Mortgage Refinancing Help: New Mexico ()

See also:

Sandia Laboratory Federal Credit Union »
Serving employees of Sandia National Laboratories and select employee groups.

Otero Federal Credit Union »
Serving several communities and employee groups.

State Employees Credit Union »
Open to anyone who works for or has retired from any state, city or county agency.

White Sands Federal Credit Union »
Las Cruces. Membership is open to select organizations.

First Financial Credit Union of New Mexico »
Serving select employee groups in the Albuquerque and Gallup areas.

Sandia Area Federal Credit Union »
Albuquerque. Serving members who live, work, worship or attend schools in Bernalillo County, Albuquerque, Rio Rancho and Kirtland Air Force base.

Kirtland Federal Credit Union »
Serving personnel at Kirtland Air Force Base, U.S. Reserve Forces in New Mexico, the New Mexico National Guard and select employee groups.

New Mexico Educators Federal Credit Union »
Serving the faculty, staff and students of Albuquerque public and private schools and colleges, and select employee groups.

The length of time that you expect to keep the mortgage helps you determine whether it is worthwhile to pay points up front to reduce your interest rate. Unlike points paid on your original mortgage, points paid to refinance may not be fully deductible on your income taxes in the year they are paid.

If you have a mortgage, you should keep an eye on rates-especially if you have an adjustable rate mortgage. Getting locked in at a lower, fixed rate can save you hundreds, possibly even thousands, of dollars over the life of your loan.

These days most people request a Good Faith Estimate (GFE), but have no clue what to look for on the GFE. Make sure you request a GFE that has ALL fees estimated and disclosed. This includes: origination points, processing, lender, appraisal, title, escrow... ALL FEES... especially the Yield Spread Premium or YSP.

There is a refinancing myth that says you should not refinance your mortgage unless your interest rate will be at least two points less. This myth is not necessarily true if there are other benefits to the refinance or other reasons behind it.