May 18
Building a Home? Read this first!

With the increase in mortgage rates this year, home inventory has decreased in Doña Ana County and competition for homes is on the rise. Building a home is one way to avoid the competition of buying a home, but may require a construction loan. If building your own home is something you would like to do, then here are some things to consider.

Streamline the Process

It may feel daunting to think about all the steps required to build your dream home from the ground up. First New Mexico Bank can help. We understand that there are many moving parts to building a home, which is why we ensure you work with one point of contact from start to finish when applying for a construction loan. We have found this streamlines communication, speeds up the approval and loan process and eliminates the need for you to contact multiple parties. In fact, our homebuyers work directly with an underwriter, eliminating additional processes involved with using a loan originator and then submitting loan requests to an underwriter to approve your loan. The extra time saved is important for new construction, as home building projects can be time-sensitive.

Long Term Mortgage Locks

Even though choosing to build helps reduce bidding competition for a home, there is still the matter of rising interest rates to consider. One way to get ahead of rising rates is with a long-term mortgage lock. First New Mexico Bank offers long-term mortgage lock opportunities with our construction loans, which will freeze your interest rate with no fee for a specific period of time. This alleviates the stress of having to guess what your rate will be by the time your new construction project is completed. First New Mexico Bank construction loan clients can secure a 120, 180, or 270-day mortgage lock window.

Local Expertise

When building a home with a construction loan, you can bring your vision to life. However, there are a lot of rules, regulations and other factors that go into financing this amazing feat, and they can vary depending on where you live. That is one of the great benefits of working with a 100% local lender in Las Cruces for a construction loan. Our underwriters are specialized in loans for local Doña Ana County homebuyers. Donna Stryker, Senior Vice President and Mortgage Lender at First New Mexico Bank, and her team, will work with you to ensure your new construction project is financed with the best service and rate available.

For new construction, home builders and buyers know us by our personalized customer service. We will help you navigate the ins and outs of financing your project step-by-step so that you feel confident in your financial decisions. If you’re ready to take the first step, call First New Mexico Bank at 575-556-3000.

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