Mortgage & Equity

Mortgage Services

Mortgages made to fit your life. The Mortgage Services departments at New Mexico Educators Federal Credit Union offers:

Loans for home purchasing or refinancing.
Competitive rates and low fees.
Fixed closing costs as low as $999.
Flexible programs to meet your individual needs.
Special programs for first time homebuyers, including MFA Loans.
Fast, local processing.

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Loan Types
Fixed Closing Costs
Resources
Foreclosed Properties

Home Equity Loans

A home equity loan from New Mexico Educators can make your dreams come true. Use the funds for virtually any purpose and pay no closing fees or annual fee. An equity loan often provides tax benefits as well. Find out more and request your money today by applying today.

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Loan Types
Current Rates
A Powerful Financial Tool
The Advantages at Your Credit Union

Fixed Closing Costs

You can save thousands of dollars on closing costs by choosing a 3, 5 or 7-year Adjustable Rate Mortgage from New Mexico Educators Federal Credit Union.

$999 for loans up to $250,000.
$1,299 for loans above $250,000.

Normal title fee applies. And that's all it will cost you!

MFA Loans

New Mexico Educators Federal Credit Union is an affiliate of the New Mexico Mortgage Finance Authority (MFA), which finances housing for low- to moderate-income and underserved families. Whenever state funds are available from this agency, we can assist qualifying members in applying for special MFA programs that offer assistance with the down payment and closing costs. MFA applications must be made in person. To schedule an appointment, call 855-5950 (800-347-2838 from outside the Albuquerque area.)

How to Make the Application Process Easier

Mortgage Loans Available from Your Credit Union

First-Time Homebuyer Programs.
Conventional Fixed Rate Mortgages - 5, 10, 15, 25 and 30-year terms available.
Conventional Variable Rate Mortgages - lower interest rates with your choice of 1/1, 3/1, 5/1 and 7/1 terms.
FHA Mortgages - choice of fixed or variable rates.
MFA Loans - rates nearly 1% below conventional market rates; down payment assistance available.
Balloon Mortgages - lower monthly payments: 30-year amortizing with 10-year balloon payment.
Jumbo Mortgages - affordable interest rates for loan amounts over $417,000.

Ask a Mortgage Services professional to explain your many options for purchasing or refinancing a home through New Mexico Educators Federal Credit Union. To schedule an appointment, call 855-5950 (800-347-2838 from outside the Albuquerque area).

Foreclosed Properties

If you are interested in any of the properties listed below, please contact Yvonne Taylor at 998-2740.

Types of Home Equity Loans

Fixed Rate Home Equity Loan guarantees you the same monthly payment for the life of the loan with your choice of 10, 15 or 30-year amortization. Borrow up to 90% of your home's equity value.

Variable Rate Home Equity Loan provides a low fixed rate and monthly payment for the first year. Thereafter, your payment amount can change once a year over the 20-year term. Borrow up to 90% of your home's equity value.

Home Equity Line-of-Credit is a variable-rate loan you can draw on for 5 years. As you make payments each month, you replenish the amount of money you can continue to borrow. This loan also offers you the flexibility of interest-only payments for the first 5 years of the 20-year term. Borrow up to 90% of your home's equity value.

Using Your Home's Equity as a Powerful Financial Tool

A home equity loan or equity line-of-credit lets you borrow money using your home's equity value as collateral. An equity loan is a second mortgage on your property that converts equity into cash you can use for any purpose. In many cases, there are tax advantages to an equity loan. Ask your tax advisor about potential deductibility of interest payments on your Federal tax returns.

Equity loans are typically paid off in far less time than a first mortgage. Terms are usually 10 to 15 years, compared to 20- and 30-year mortgages.

If you need money for one specific purpose, a home equity loan offers the option of a fixed interest rate and the same payment amount each month for the first 3, 5 or 15 years of your payback period. You borrow with this loan only once-for example, to consolidate credit card bills into one lower monthly payment. If you need more money later, you can apply again.

Equity loans at your Credit Union come with the flexibility to suit your family's exact needs, and all of our loans offer these member advantages:

Custom Loan Amount: $5,000 to $150,000 - whatever you need now or in the next few years.

Low Monthly Payments: Repayment terms up to 20 years make an equity loan an affordable part of your budget.

Up to 90% LTV: Depending upon your home's current equity value, we offer up to 90% Loan-to-Value on single-family residences and 80% LTV on townhomes.

No Closing Fees

No Annual Fee

No Early Pre-Payment Fee

Fixed Rate Home Equity Loan guarantees you the same monthly payment for the life of the loan with your choice of 10, 15 or 30-year amortization. Borrow up to 90% of your home's equity value.

Debt Consolidation Loan is a single-advance loan with a low fixed rate. Up to 90% LTV on single family homes or 80% LTV on townhouses. Low monthly payments with terms up to 120 months.

A home equity line-of-credit allows you to borrow money as you need it - up to your approved credit limit - over a set period of time, usually 5 years. This loan is ideal for on-going home improvements and repairs. Like a credit card, it has a revolving balance. As you make payments on this loan, you replenish the amount of your credit line. There's usually a minimum additional dollar amount you can borrow. Unlike a credit card, however, it's likely to have a lower interest rate and come with potential tax savings.

If you sell your house, your equity loan must be paid off in addition to the first mortgage. Even more important, if you default on an equity loan, your home could be foreclosed, so be sure you have a well thought out financial plan.

With the help of a Financial Consultant at New Mexico Educators, you can feel more secure about taking out a home equity loan. Your consultant will clearly and completely explain the terms of your loan and help you decide if it's the right move for your financial situation.

Rates
Our current, competitive rates for equity loans.

Credit Protector
Your loan payments can be cancelled without penalty, added interest, or being reported as delinquent to credit bureaus when one of these unexpected events occur: involuntary unemployment, disability or death.