New Mexico has a state law for biding financial penalties for prepaying all or part of your home loan during the loan term. Most mortgage lenders in the state must comply with this law, but there are a few exceptions. Mortgage lenders that are divisions of interstate banks are governed by federal law and are exempt from the New Mexico ruling. These institutions can charge penalties for early payment of the loan which may prohibit you from taking advantage of money-saving opportunities to refinance if the interest rates drop.

Our lender does not charge prepayment penalties on home loans.

One of the quickest ways to grow your equity in your home is to take advantage of the lack of prepayment penalty and make extra principle payments on your mortgage loan.

DID YOU KNOW? If you make just one extra house payment per year on a thirty year loan, it will save you more than "eighty payments" over the life of the loan!

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