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|Recommended for||Click for review||Minimum credit score||Highlights|
|First-time homebuyers||Wells Fargo||620|
|Online loans||J.G. Wentworth||620|
|Poor credit||Academy Mortgage Corp.||580|
Finding the best mortgage lender in New Mexico means finding the right mix of low interest rates, fast loan processing and reliable customer service. Read on to find out more about our top picks in the Land of Enchantment.
Best Mortgage Lender for First-Time Homebuyers: Wells Fargo
Wells Fargo makes the list as our top lender for first-time homebuyers in New Mexico. Despite its troubled reputation, its widely accessible branch network and competitive mortgage rates still make it a top choice for first-time homebuyers, and the lender has cleaned up its act in recent years as a result of federal and state oversight.
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If you're shopping for your first home, you might feel overwhelmed by the number of things you have to keep track of before you're able to close. From personal tax forms to closing dates, the laundry list of items is long and tedious. In these cases, it's helpful to have an experienced loan officer at an established bank guide you through the process. With 81 branches scattered across the state, more than twice the number of branches as its closest competitors, Wells Fargo is an excellent pick if you want a personalized face-to-face mortgage process.
Wells Fargo is the original king of the mortgage lending industry, with more than 12,700 mortgages originated over the past five years in New Mexico alone. The lender has a comprehensive selection of conventional and specialty mortgage products to fit your needs. As a first-time homebuyer, you're likely seeking the best rate you can find, without having to drop an arm or leg on your closing costs. The rate quotes we received from Wells Fargo were among the lowest we could find for both 30-year fixed-rate mortgages as well as 5/1 adjustable-rate products. This makes them an ideal choice if you plan to stay in your starter home for the long run or intend to flip your home for a profit within a few years.
Wells Fargo is also an approved lender under the New Mexico Mortgage Finance Authority, which allows it to offer specialized financing, including down payment assistance and competitive mortgage rates for eligible homebuyers who might not qualify on their own. However, some borrowers find that Wells Fargo's other government-financing programs offers, like FHA or VA loans, aren't quite up to par in terms of rates or fees. Those looking for USDA loans will need to search elsewhere, as Wells Fargo doesn't offer these either. Nevertheless, Wells Fargo is a solid contender for first-time homebuyers, and it's well worth the look if you're in the early stages of your home search. However, if Wells Fargo isn't the right lender for you, take a look at some of our other recommendations for first-time homebuyers.
Best Mortgage Lender for Refinancing: Quicken Loans
No other lender came close to Quicken Loans when it came to refinancing a home in New Mexico. Current homeowners will find competitive rates and a range of flexible financing programs through Quicken Loans.
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If you're a homeowner looking to refinance, you might be dragging your feet due to the tiresome application and the thought of underwriters hassling you for loan documents. However, Quicken Loans provides an excellent alternative that makes refinancing a cinch. Rather than forcing you to visit a stuffy bank branch, Quicken's revolutionary digital mortgage application allows you to submit all of your documents and complete your entire mortgage filing from the comforts of your own home; all you need is an internet connection. The comfort and convenience of Quicken's Rocket Mortgage process has made it one of New Mexico's most popular and fastest-growing mortgage lenders. Best of all, it doesn't matter whether you live in Roswell or Santa Fe, as Quicken Loans can complete the entire mortgage process over the phone.
During our review of its rate quotes, we found that Quicken Loans featured some of the lowest APRs around for refinancing home loans. In some cases, borrowers are able to refinance their existing mortgage loans at rates 0.1% – 0.25% lower than Quicken’s brick-and-mortar competitors. Quicken also offers a unique YOURgage mortgage product, which allows homeowners to refinance their existing home loans into any term they want inside of eight to 29 years. In terms of flexibility and convenience, Quicken is easily one of the best options on the market.
Best Online Mortgage Lender: J.G. Wentworth
J.G. Wentworth was our No. 1 pick among online lenders in New Mexico. It offered some of the lowest rate quotes in our survey sample and also seemed to perform particularly well when it comes to its VA loans.
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Most people know of J.G. Wentworth as a buyer of structured settlements, but did you know they also offer competitive mortgage products for prospective homebuyers? It's easy to check your rate online, as J.G. Wentworth allows you to input your details and zip code to find a personalized rate quote on its website, without ever having to speak to a loan officer over the phone. This makes J.G. Wentworth a convenient place to get a quick, no-hassle rate estimate.
Among the quotes we received, J.G. Wentworth proved to be fairly competitive, offering rates on the lower end of the spectrum when compared to major brick-and-mortar competitors. The rates we received on its 30-, 20- and 15-year fixed-rate mortgages were particularly low, and its VA rate was among the most aggressive quotes we received. Best of all, the lender also offers a float-down option on its loans, which lets you lock in your rate today, but allows you to secure a lower rate if the market happens to move against you before you’re approved. As an online direct lender, J.G. Wentworth holds its ground admirably against the big banks.
Best Mortgage Lender for VA Loans: USAA
USAA was our No. 1 lender for veterans and active-duty military in New Mexico, thanks to its stellar reputation for customer satisfaction and almost a century of experience in helping members of the military find homes. USAA originated more than 2,400 VA loans over the past five years, making it the most popular VA lender in New Mexico.
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If you're a military service member stationed at Kirtland, Cannon or Holloman Air Force bases, and you're thinking of buying a home in New Mexico, it's worth checking in with USAA. This lender can help you learn about the best ways to take advantage of your VA benefits through a low-down-payment VA loan. One of the advantages of this program is that it allows you to buy a home with as little as no money down, and it won't require you to make private mortgage insurance (PMI) payments, unlike its FHA cousin.
USAA also features its own network of real estate agents, specialized in finding homes for veterans. This can be especially helpful if you're in the early stages of home shopping, as they can get you settled in quickly after you've been re-stationed, meaning less stress for you and your family. Best of all, purchasing a home through USAA's real estate agent network can qualify you for a cash-back reward of up to $24,000, to be awarded after closing. While you'll need to be a member of USAA to qualify for a mortgage, joining is easy, as membership is available to all veterans and current members of the U.S. military and their families. Membership in USAA also qualifies you to apply for its other products, including banking, insurance and even credit cards, all reserved exclusively for USAA members. Click on our USAA link above for a quick rate quote today.
Best Mortgage Lender for Poor Credit: Academy Mortgage
Academy Mortgage is our top choice for struggling homebuyers who need a hand with their down payments, thanks to its participation in the New Mexico Mortgage Finance Authority's homebuyer assistance programs and strong emphasis on government-backed mortgage programs.
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If you're a homebuyer who needs an extra hand with your down payment, or if you have trouble qualifying for a conventional mortgage loan, a mortgage backed by the Federal Housing Administration could be the answer for you. FHA loans are meant to help low- to moderate-income homebuyers achieve the dream of homeownership, accepting down payments as low as 3.5% and credit scores as low as 580. Academy Mortgage offers a number of FHA-backed loans under its umbrella, including the FHA 203(b) home mortgage loan, FHA 203(k) renovation loan, and even FHA's no-income-verification streamline refinance for both homebuyers and existing FHA borrowers.
As a participating lender under the New Mexico Mortgage Finance Authority's homebuyer assistance program, Academy Mortgage is authorized to provide closing cost assistance for eligible homebuyers in certain designated areas. If you qualify, you can secure a low-interest mortgage loan with minimal down payment requirements and a fixed monthly payment, regardless of what your credit score might be. For qualifying first-time homebuyers, it's one of the best deals around. Click on our link above to find out whether you qualify for a home loan with Academy Mortgage.
Most Popular Mortgage Lenders in New Mexico
We've included the five-year track records of the most popular mortgage lenders in New Mexico below, based on the total number of residential home loans sold.
Top 5 Biggest New Mexico Residential Mortgage Lenders, 2013–2019
|Rank||Company||Mortgage originations||Average mortgage amount|
|4||First Mortgage Company LLC||7,791||$183,510|
|5||Bank of America||7,062||$221,376|
While these lenders are certainly the most popular choices for homebuyers in New Mexico, not all were selected as one of the "best options" in our study. If you're just beginning your search for a mortgage loan, consider checking with one of the lenders above as a starting point, as they're likely to set the average market rates for the state. Remember to use our methodology when considering all of your options.
How We Chose the Best Mortgage Lenders in New Mexico
While interest rates played a large role in our decision, we also reviewed each lender's unique terms and conditions. Lenders that otherwise offered the same rates often came in thousands of dollars apart after factoring in fees. Customer testimonies of companies with poor track records revealed that errors committed during the mortgage process often resulted in delayed closings, and in some cases, financial losses were incurred. Due to the complexity of these mortgage products, we weighted the following criteria.
- Total cost: interest rates and closing costs
- Product: terms, programs and reputation
- Servicing: transparency, complaint data and branch network
We highlighted any terms a lender offered that weren't common in the industry. For example, mortgage lenders that were found to have substantial expertise in certain products like VA or FHA loans were highlighted relative to their generic competitors. Experience, market share and growth were also taken into account when reviewing each company against its peers.
We also reviewed customer complaint data amassed through the Consumer Financial Protection Bureau over the past five years. Our findings were compared across lenders to forecast the likelihood of issues arising during the origination and servicing process. Ratings assessed by third-party consumer-advocate platforms like J.D. Power were also taken into account to gauge a lender's overall customer service experience.
Finally, the accessibility of a lender's branch network was taken into account when applicable. Lenders that were spread out geographically or maintained wider branch networks were found to be more accessible. For both online lenders and banks, we also evaluated how intuitive each lender's web experience was, taking into account whether you could apply directly through the web, whether you could compare rates online, and whether any calculators or useful guides were provided.
Mortgage Brokers Near Me in New Mexico
If you're in the market for a home loan but can't find what you're looking for, one option is to hire a loan broker. Loan brokers differ from loan officers in that they're able to offer loans from multiple lenders rather than a single company. They're also able to access options from a variety of wholesale lenders, which may be otherwise difficult for a borrower to get on their own. Check the table below to find a licensed mortgage broker near you.
|Indigo Mortgage||5111 San Mateo Blvd. N.E. A-1, Albuquerque, NM 87109||505-836-5700|
|Interface Mortgage||5801 Osuna Rd. N.E., Albuquerque, NM 87109||505-217-0307|
|Financial Mortgage Solutions||9680 Eagle Ranch Rd. N.W. #6, Albuquerque, NM 87114||505-225-2414|
|Waterstone Mortgage Corp.||733 Academy Rd. N.E., Albuquerque, NM 87109||505 235-0688|
|Ruidoso Mortgage Co.||1123 Mechem Dr. #1, Ruidoso, NM 88345||575-258-1316|
|Infiniti Mortgage, LLC||4801 Lang Ave. N.E. #110, Albuquerque, NM 87109||505-881-0801|
|Homeowners Financial Group||1100 N. New York Ave. C, Alamogordo, NM 88310||575-489-2000|
|New Mexico Mortgage Advisors||4811 Hardware Dr. N.E. Building B Suite 1, Albuquerque, NM 87109||505-898-4800|
|Homeowners Financial Group||324 Paseo De Peralta Suite B, Santa Fe, NM 87501||505-303-7300|
|Hometrust Mortgage Company||8421 Osuna Rd. N.E., Albuquerque, NM 87111||505-212-8000|