505-881-0801 | Info@InfinitiMortgageNM.com | New Mexico MLS ID #187935 - #224396

Home Loan Types

Which Albuquerque Home Loan is Right for You?

Going through your loan options can be confusing, even if you are not a first-time home buyer. An experienced loan officer from Infiniti Mortgage, LLC will be there to walk you through the loan selection and rate negotiation process so you can make the right decision for your family.

Loan Options Available

As a potential borrower in New Mexico, you have a variety of loans options available to you, including:

  • FHA loans – Federal Housing Administration loans are government-insured and offer borrowers the opportunity to put less money down and pay less in interest over the term of the loan.
  • VA loans – Veterans Affairs loans are also government-insured and offer veterans, active duty military and their spouses the opportunity to secure a home loan with no down payment and low interest.
  • Conventional loans – Conventional loans are not government-insured but offer those with credit scores generally above 680 to build equity in their home quickly.

Each loan option may also come with a number of ways to determine interest, such as:

  • Fixed rate – A fixed-rate loan offers the borrower the same rate throughout the entire term of the loan.
  • Adjustable rate – An adjustable-rate loan offers the borrower a variable interest rate throughout the term of the loan.
  • Fixed adjustable rate – A fixed-adjustable rate offers the borrower an initial period when the loan rate is fixed and a subsequent period when the rate is adjustable.

An experienced loan officer from Infiniti Mortgage, LLC can help to identify which loan option might be right for your needs.

Questions to Ask Yourself

Since there are a few loan possibilities available, a home loan officer from Infiniti Mortgage, LLC can ask you important questions about your financial situation to help you determine what option is best for your needs. When making a decision, we will ask:

  • What are the options available?
  • What amount do you want to finance?
  • What kind of down payment can you afford?
  • What amount can you pay on my monthly mortgage?
  • What interest rate can you afford?
  • What term – 15­-year, 20-year, 25-year or 30-year – is preferable?

A loan officer at Infiniti Mortgage, LLC can ensure you understand how each loan option will affect your finances.

Finding the Right Option for You

When evaluating which home loan option might be best for you, consult with an experienced loan officer fromInfiniti Mortgage, LLC. We can take a deeper look at your application to determine what loans you may pre-qualify for during your initial consultation. Contact us today to schedule a free in-depth consultation.

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New Mexico MLS ID #187935 - #224396