Home Buyer Guide

Buy a Home in Taos, New Mexico

Our team of local experts is ready to guide you through the property-buying process. We are committed to fast, professional and courteous service to help you understand and feel at ease throughout the buying process. Our trained and licensed agents specialize in the Northern New Mexico real estate market and are prepared to find the right property for sale in Taos and surrounding areas, and get the best price.



What Type of Mortgage is Best For a First-Time Home Buyer?

The best mortgage for you as a first-time home buyer is the loan for which you're most qualified. And that depends on a number of factors, including your credit score. With a credit score of at least 580, you may find that a loan backed by the FHA is your best option. With a credit score around 620 or higher, a conventional loan might be a better option, and could require an even lower down payment of 3%.



Searching For the Best Lender:

You could save thousands of dollars by shopping around. In a 2015 report, the Consumer Financial Protection Bureau found that 77% of consumers apply to only one lender or broker when seeking a mortgage. By shopping several different lenders, borrowers could save more than $3,500 in just the first five years, according to the CFPB.



When should I prequalify for a home loan?


Some people get prequalified when casually looking at homes, or when they want a general idea of their future budget. Keep in mind that a prequalification isn’t always necessary. If you’re ready to purchase, you can skip this process altogether and apply for a mortgage preapproval instead.


When should I get preapproved?

The best time to get preapproved is a few weeks or months before purchasing. You shouldn’t get preapproved too early. In most cases, a preapproval letter has an expiration date — typically, about 30-60 business days, depending on your lender. Although, many will extend your preapproval, provided your finances haven’t changed.

You should also get preapproved before meeting with a real estate agent and actively looking at homes. If you don’t know your budget, you could potentially make an offer on a home that you can’t afford.

Plus, a preapproval provides additional information to help you prepare for a purchase. You’ll not only receive information about loan terms and loan amounts, but also estimates regarding interest rates, down payment amounts, and monthly mortgage payments.