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Refinancing Your Albuquerque Home? Here are Some Points to Consider

Refinancing your home in Albuquerque could be a smart financial move, especially with the current lower mortgage rates. Even if you already refinanced your home just a year ago, it’s worth considering if you can save money by refinancing again. Take the time to research and compare lenders to find the best option for your situation.

Yet you should consider more than just the rates if you decide to refinance your home. Here are some points to consider.

How much will it cost?

Lowering monthly payments through refinancing can seem like a great idea, but it’s important to consider the associated fees. Take the time to account for all fees and negotiate with your lender where possible. It’s also crucial to calculate the break-even point to determine if refinancing is truly worth it in the long run.

For example, if you pay $3,600 in fees to save $100 a month, it will take 36 months to break even ($3,600 divided by $100 equals 36). So if you plan to stay in your home longer than that period, it will be worth the effort to refinance.

Consider the terms

When considering a home loan, it’s common to opt for a 30-year term. However, it’s worth exploring the option of a 15-year loan to pay off your home sooner. Additionally, if you have an FHA loan, switching to a conventional loan could eliminate the need for mortgage insurance and save you money each month. It’s important to thoroughly examine all of your options before making a decision. You never know, you may find a better option that you haven’t considered yet.

How’s the service?

An important part of the refinancing process is getting your questions answered accurately and in a timely fashion. A loan requires a lot of paperwork, as you no doubt remember. You need to find a company that offers a single, reliable point of contact to answer all of your questions.

A conventional loan isn’t your only option. 

If you currently have an FHA loan, you can look into refinancing with what’s called an FHA streamline. This is an easy way to get a lower rate without jumping through all the normal hoops.

With an FHA streamline loan, the lender doesn’t have to verify your income or credit, and there’s no home appraisal. That means a Streamline Refinance closes faster than other loans and has slightly cheaper closing costs. This type of refi is also available through the VA and USDA.

Did you get a second opinion?

Even if you go back to your current mortgage lender for your refinance, shop at least a couple of other lenders to see how interest rates and terms compare. You might believe that going to your existing lender will save you time and hassle. ‘They know us, they’ve already got all of our paperwork,’ you may think. If only that were true. It’s a new loan for them, just like it’s a new loan for any lender. The paperwork will be the same. When lenders know you’re shopping around, they are more likely to compete.


4601 Rio Grande Lane NW, Albuquerque, NM 87107

Phenomenal private North Valley oasis located on one of the most coveted streets in Los Ranchos. Entering this magnificent property will take your breath away. Single level. Elegantly and completely renovated in 2018. The entire home encompasses high end finishes, impeccably done with exquisite taste. Two very large living areas, options for formal and casual dining, tremendous windows with exclusive custom drapery. Kahrs white oak wood floors. Chef’s kitchen with massive island, custom cabinetry, quartz counter tops and high end appliances. Each bedroom has its own bath and walk-in closet. Separate office with gorgeous builtins. Grounds are simply stunning. The property is gated and fully fenced. Mature trees, fruit and nut bearing, beautiful grass.

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Sandi Pressley

Albuquerque New Mexico Real Estate YOUR SOURCE FOR ALBUQUERQUE REAL ESTATE! Sandi Pressley offers unparalleled service to ALL clients in Albuquerque and surrounding communities in the New Mexico real estate market. Sandi's motto is "Putting You First." Your complete satisfaction with our service and representation is our number one priority. As a native of Albuquerque, Sandi Pressley has been dedicated to serving her client's real estate needs for over 45 years. Sandi has achieved a goal unprecedented by any other Realtor of being the #1 Top Producing Realtor for 38 consecutive years in all of Albuquerque as well as the entire state of New Mexico. She is also the #1 Top Producing Realtor for the entire Western Region and 8th in the Nation with Coldwell Banker National. Sandi Pressley serves the entire Albuquerque New Mexico real estate market including the surrounding communities such as Rio Rancho, Placitas, Corrales, Bernalillo, Northeast Heights, North Albuquerque Acres, Sandia Heights, High Desert, Foothills, Four Hills, UNM, Nob Hill, Ridgecrest area, Uptown area, North Valley, Northwest Heights, Paradise Hills, South Valley, Southwest Heights, Bosque Farms, Los Lunas, Cedar Crest, Tijeras, and all East Mountain areas. Whether you are considering buying a home, selling a home or both, we know these areas inside and out.

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