Mortgage Services
Mortgages made to fit your life. The Mortgage Services department at New Mexico Educators Federal Credit Union offers:
- Loans for home purchasing or refinancing.
- Competitive rates and low fees.
- Flexible programs to meet your individual needs.
- Special programs for first time homebuyers, including NM Mortgage Finance Authority loans.
- Fast, local processing.
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Apply Online check rates, and calculate your mortgage options.
Rates
Automatic Payment Program (ACH)
Mortgage Payment FAQs
Resources
Home & Family Finance Resource Center
Mortgage Loans Available from Your Credit Union
- First-Time Homebuyer Programs, including NM Mortgage Finance Authority loans.
- 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.
- Jumbo Mortgages - affordable interest rates for loan amounts over $417,000.
How much will my mortgage payments be?
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).
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
Foreclosed Properties
If you are interested in foreclosed properties, please contact Yvonne Taylor at YTaylor@nmefcu.org
Opt Out of Uninvited Mortgage Offers
You can protect your personal financial information and avoid receiving unsolicited phone calls.
Picture this: You apply for a loan from a local mortgage company on a Monday afternoon. By Tuesday morning, you're getting unsolicited phone pitches from out-of-state lenders who seem to know a lot about your personal finances:
- Your credit scores.
- Your outstanding credit card balances and other revolving credit accounts.
- The approximate market value of your home and how much you owe on it.
- Your home address and obviously, your phone number.
Thousands of loan applicants around the country are receiving uninvited pitches such as these, sometimes just 12 hours after getting a mortgage quote.
The nation's three largest credit bureaus who sell this information to lenders defend their right to sell applicants' personal financial information. The biggest problem, however, may be the confusion that overnight "trigger" marketing brings to the mortgage business. Your local lender or broker quotes you one rate and estimated fees. But now one or more outside lenders -- whose reputation for honesty or service you know nothing about, and who are in possession of your personal financial data without your permission - intervene and offer a lower rate.
Are the rate quotes real? Or will they morph into costly bait-and-switch deals weeks or months from now? You really can't know. But what you can do is remove yourself from all potential trigger list come-ons by opting out. Much as with the federal Do Not Call program, you can opt out of pre-screened offers by going to http://www.optoutprescreen.com/ or by calling this toll-free number: 888-567-8688.
Source: WashingtonPost.com
