There’s a very good chance that you found this page because you are looking for "Albuquerque refinance". When your refinance your mortgage you get a new one with different terms (either a lower interest rate because your credit score is up and/or market conditions have changed, shorter or longer mortgage term, and/or you change from an adjustable rate mortgage to a fixed rate mortgage or vice-versa). Because refinancing involves getting a modified mortgage, you can get one with your existing lender (conditions vary as to when you can refinance) or from another lender. Before I give you links to your local mortgage companies, it can be helpful to know what the different types of Albuquerque home loans companies are.

Banks: When you deposit money at your local bank the bank uses this money to give out loans, including mortgages. Your local Albuquerque bank is very familiar with local laws, so there shouldn’t be any delays as there might be with out of town lenders.

Mortgage banks: Mortgage banks are like your local banks without the banking service. These Albuquerque mortgage lenders specialize in giving out mortgages. As such, they tend to have very competitive rates. Rather than getting their money from deposits, like a typical bank does, they get their money from secondary market lenders such as Fannie Mae and Freddie Mac.

Mortgage brokers: Albuquerque mortgage brokers don’t have access to any loan money, they request a loan from a lender (bank, mortgage banks, or wholesale lenders), which can cater to your specific financial situation. Essentially, they act as a middle-man between you and multiple lenders, taking commission in the process. Brokers are recommended if you have a unique situation (bad credit for example).

Loan officers/direct lenders: Same as brokers except that they don’t need any certification and work for only one bank or lending company (they can’t put you in touch with multiple companies like a broker can). Many loan officers work for your local banks, so you can put them under the “bank” category if you want.

Which of these types of mortgage companies is the best one to go to? Unless you have bad credit, for which a mortgage broker is recommended, the only way to get a good deal is by shopping around. See what’s available on the market and do your homework. Once you get information from multiple companies, there are multiple calculator tools online, which allow you to see how much money you are saving by refinancing your mortgage. One of my favorites is CNN’s calculator, which allows up to see how much money you’ll be saving from up to three different lenders. Because these types of tools are only as good as the information that you put into them, shopping around and making sure that you are not getting ripped off on your closing costs (the upfront costs you must pay when you get a new mortgage) will assure you that you are getting competitive terms for your new refinance policy.

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