Please contact a staff member at High Desert Home Lending, LLC at 505-604-5673 for current mortgage rates for your loan amount and term. Our rates are subject to change at anytime and may change multiple times each day making it difficult to keep the rates updated on our website.

High Desert Home Lending, LLC can originate mortgages within the states of New Mexico and Colorado.

Pre-qualification is based on a verbal estimate by the borrower of their household income and monthly obligations. Based on these figures, we can give an estimate for which the borrower could expect to qualify. Pre-qualification is based on the borrower’s estimate and not on verified figures. All of the provided information would need to be verified and documented to receive your dated pre-approval.

The next step after pre-qualification would be to apply to be pre-approved. The borrower would need to provide the necessary documentation to support the information that was collected in the pre-qualification process. High Desert Home Lending, LLC does not charge an any up front fees during the loan application process. Once the documentation is received, we can usually have you approved the same day. At this point, the next step is to have the property appraised. Please contact High Desert Home Lending, LLC to start the application process today!

An interest rate can be locked for 60 days once you have been pre-approved. Once the interest rate is locked it can’t be lowered for any reason if rates drop. Longer rate locks are available; please contact one of our mortgage loan specialists for additional information.

There are two types of points paid on mortgage loans. Discount points are an upfront interest paid to buy a lower rate on the mortgage for the term of the loan. A point is expressed as a percentage of the total loan amount. For example on a loan amount of $100,000, one point would be equal to $1,000 or two points would be equal to $2,000. This amount would be paid at closing in addition to the down payment and other closing costs.

Points are not beneficial to every borrower and need to be evaluated on a case-by-case basis. To determine if it is beneficial for you to pay points, you need to first calculate the principal and interest payment for the loan amount based on a rate with 0 points and then also, a payment based on a rate with points. The difference in the two payments is the amount you will save by paying points. Another consideration is how long you intend to keep this specific loan. It is not wise to pay discount points on a home loan if you are fairly certain that you will not be keeping this loan for long term.

The other type of points are in the form of a loan origination fee. These points are generally the cost of obtaining the mortgage loan. These can vary greatly from lender to lender, so it is good to compare these costs.

An appraisal is required for a purchase transaction or to refinance a mortgage. The exception to this is, in some instances, an appraisal will not be required for a home equity loan or if you have a current appraisal that is less than 90 days old.

We will select a title company for you to assist in closing the loan and to ensure all of the loan documents are correct and to explain each document to you during the loan closing. The title company searches the title of the property to make sure there are not any outstanding liens on the property that the lender is not aware of.

100% financing is available at High Desert Home Lending, LLC. Higher down payments may be required in special situations. We will discuss this with you during the loan approval process.

Private Mortgage Insurance (PMI) is required for most mortgage loans that will be over 80% of the value of the property. This insurance is included in your monthly payment and protects the lender in the case of default. Many lenders now offer a product called Lender Paid Mortgage Insurance (LPMI) in which you can substitute a slightly higher interest rate, all of which may be deductible from you income taxes, and the total payment is usually lower than one with PMI insurance. The other option we offer is to break up a loan that is greater than 80% of the value of the property into two separate loans to avoid paying PMI.

Generally two years with the same employer or in the same line of work is considered stable work history. Also, schooling in a field related to your current employment is considered to be in the same line of work. Other situations will be reviewed on a case-by-case basis.

Yes, High Desert Home Lending does offer VA mortgages. We do not offer FHA loans but we have many loan products available that would have reduced costs from an FHA loan and offer the same low payment. We also have low down payment programs that often allow a borrower to qualify for a conventional mortgage. Often times FHA and VA loans have more fees. Therefore, borrowers need to compare the fees as well as down payment requirements to see which program is more beneficial for them. We are always there to assist you in comparing these figures.

An escrow account is where a portion of the real estate taxes, private mortgage insurance (if applicable) and homeowner’s insurance on your property is included in your monthly payment. They are held in an escrow account until they come due and the mortgage company pays them from this account.

To calculate how much this will add to your monthly payment, calculate the total amount due in a year for real estate taxes, private mortgage insurance (if applicable) and homeowners insurance and divide that number by twelve. If your loan-to-value will be 80% or less, waiving escrow for real estate taxes is usually allowed on a primary residence, although there may be some additional costs involved.

The mortgage process can take up to 30 days. Since we rely on the services of others and many different situations are beyond our control, it sometimes may take longer. Often times we can complete and close your home loan within 10 days! Please be assured we process all loans as quickly as possible and we keep in constant contact with you so that you are aware of where your loan is throughout the process.