Serving All Your Real Estate Needs In Angel Fire, Red River & Taos, New Mexico; Land, Ranches & Unique Homes

What is a HELOC?

A HELOC is a type of secured loan available to property owners. It is a home equity line of credit that is based on the loan-to-value ratio of your home which is usually around 80-85%. The attractive rates of a HELOC can be a smart and profitable way to free up credit for anything from unexpected repairs and renovations to using it as a down payment for purchasing one of our fabulous Taos homes for sale. Perhaps you have been dreaming about a Taos investment property such as one of our Taos Ski Valley or Angel Fire Resort condos to rent out when you are not using it, but are not sure where to begin? If so, a HELOC may be something you will want to look into.

The HELOC is like a line of credit which revolves as you make payments. As you pay, credit continues to be available for the draw and repayment period which is typically 5-10 years, but can go as long as 20 years. Payments during this time may be interest only. Once the repayment period begins, you can no longer access funds and will be making payments that combine interest and principal.

Interest rates can fluctuate with a HELOC, thought there are some lenders who offer fixed rates during the draw or repayment period. Some borrowers even choose to refinance their HELOC once it has entered re-payment to a fixed rate mortgage in order to have a stable, predictable payment.

At New Mexico Mountain Properties, we use lenders that can guide you through the process of adding Taos or Angel Fire properties to your portfolio, buying your first home or choosing an investment property. Come visit our expert Taos brokers for Taos homes, condos in Taos or Taos land for sale or call 575-758-5852 ....we will help you find the perfect property for your lifestyle.

In Angel Fire, our skilled brokers can help you find an Angel Fire condo for those winter weekend getaways, Angel Fire land to build the home of your dreams or an existing home in Angel Fire to make your own. The time is right and the mountains are calling! Call our Angel Fire brokers at 575-377-2626 or stop in at our Angel Fire office located at the junction of Highway 64 & 434, the large log home with the Indian tipi!

Buying In 2017? 7 Steps You Must Take Now

You can't just plunk down your credit card to buy a house. Here's how to prepare for the purchase.

If you're thinking about buying a home in 2017, October to December is the perfect time to "warm up" for the house hunt so you can hit the ground running in the New Year. We've asked real estate and mortgage professionals to chime in about what prospective home buyers should do to ready themselves for buying a home. From organizing your finances to save money to finding a real estate agent and mortgage lender, there is plenty to keep you busy!

1. Check your credit score

A credit score is a numerical representation of your credit report. FICO scores range from 300 to 850, and the higher your score, the better.

2. Don't open new credit cards

Tempting as saving at checkout can be, opening new credit may hurt your chances of getting a mortgage What could save you a few dollars now could cost you far more in the long run if your mortgage payments will be higher.

3. Suggest financial gifts for the holidays

Besides the mortgage loan, you'll need a sizable amount of cash to buy a house. There's the down payment to consider, closing costs, and moving costs. You should also set aside money for unexpected repairs and costs. Instead of getting gifts for the holidays, [prospective home buyers] can suggest cash instead that will be put toward their home. And remember, you might be getting some money back after you file your tax return. Don't blow it on vacation.

4. Interview potential real estate agents

Look for [an agent] that is knowledgeable, good, integral, and can assist you in reaching the goal of home ownership. The end of the year is usually a slow time for agents, so chances are, they'll be more accommodating to making an appointment on your schedule.

5. Keep tabs on interest rates

Not everyone gets the same interest rate on a mortgage loan. It depends on your financial picture and on the lender you choose. Home buyers shop around for the lowest interest rates.

6. Find a mortgage lender

Before you even start looking for a home look for a mortgage lender to find out if you can afford to buy a home. If you can't right now, there's no use torturing yourself by finding your dream home that's just out of reach. Once you know how much home you can afford, perform your home search based on your preapproval amount or less.

7. Get preapproved

When a lender gives your financials the once-over you'll be able to show sellers that you really can buy their house. But how do you get preapproved? By preparing a few documents, which you can do several months in advance of the actual purchase. Here's what you need to buy a house.

• Tax returns for the past two years

• W-2 forms for the past two years

• Paycheck stubs from the past few months

• Proof of mortgage or rent payments for the past year

• A list of all your debts, including credit cards, student loans, auto loans, and alimony

• A list of all your assets, including bank statements, auto titles, real estate, and any investment accounts.

When looking for the best Taos or Angel Fire Real Estate let us help you find your dream home. With amazing homes for sale in Angel Fire and Taos, you are sure to find that perfect home. Maybe land for sale in Taos and Angel Fire might be what you are looking for to build your dream home or live off the grid in our stunning Earthship homes for sale in Taos. How about a fabulous condo for sale in Angel Fire that puts you close to the slopes? Whatever you fancy, we are here to assist. Call us at 575-377-2626 in Angel Fire or 575-758-5852 in Taos our dedicated knowledgeable agents go that extra mile to find exactly what you require. To speak directly to a broker call Paula at 575-770-3306. We are here to serve and welcome you to our growing community.

Information obtained from Trulia

6 Credit Lessons

1. Paying interest is one tough chore

Let's be real: Making monthly credit card payments isn't fun. But the pain (literally) compounds when you top off your monthly bill with interest payments. With many credit cards carrying an interest rate above 12%, missing even one payment can result in a large (and painful) interest payment.

2. Even a half-percentage interest-rate reduction matters

Negotiating isn't always on the docket for financial literacy programs, but it's worth mentioning: Some numbers carry more wiggle room than you'd expect. When opening a new line of credit, negotiate your rates. Although you may not always get your asking interest rate, you and your lender could very well land on a number lower than the original offer. And, yes, even a 0.5% reduction matters when it comes to paying interest. A $1,000 loan with a 17% interest rate reduced to a 16.5% interest rate would save you $5 a month.

3. Credit can offer greater protections against fraud

Quick, what's the safest way to make a purchase: cash, credit, or debit? Answer: credit. Choosing to use a credit card instead of swiping your debit card can offer greater protections against fraudulent purchases. Most credit card companies will remove fraudulent purchases as soon as you alert them to unusual/suspicious activity. Credit cards also cap your liability at $50. Claiming fraud for a debit purchase, on the other hand, may require you to file a more complicated claim -- and fraudulent purchases may not be reimbursed for up to two weeks.

4. Credit doesn't build itself

Credit doesn't build itself. Be proactive when building credit. A good credit score can save you a lot of money in the long run. For instance, strong credit can help you lock down lower interest rates and empower you to make large financial decisions like taking out a mortgage (when it makes sense!). A smart way to begin building your credit is to start soon and start small. Make small purchases using a credit card and then immediately pay them off. Better yet, start with a secured credit card. This "small beans" approach to minor, easily paid purchases can help build good credit habits early on.

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Opening that first credit card can often be confused with scoring a windfall at the bank. But being approved for a $2,500 credit line doesn't mean you have $2,500 at your beck and call. In fact, credit bureaus recommend that you stick below a 30% credit utilization rate. That means spending only up to 30% of your credit line. To avoid maxing out your credit (or spending above your means), be deliberate in the way you use your credit card for purchasing. Additionally, approach every purchase with a game plan by asking, "What's my timeline for paying this loan back? Is it realistic?"

6. A financial philosophy can help make, or break, your credit score.

Unfortunately, it doesn't translate well when you're trying to negotiate an overdue credit card bill with your lender. It's crucial to tack down a financial philosophy as you begin your financial journey. Having a clear -- and actionable -- financial philosophy can help guide you as you make financial decisions.

New Mexico Mountain Properties can assist you in finding that perfect piece of Angel Fire, Red River, or Taos Real Estate. NM Mountain Properties is located at the log home at the blinking light. You are sure to find something that will fulfill your Angel Fire Real Estate requirements. Give us a call here in Angel Fire at 575-377-2626, Taos is 575-758-5852 or call our agent Paula directly at 575-770-3306.

Should you buy a home with an adjustable rate mortgage

If you bought a home with an adjustable rate mortgage (ARM) thinking you'd sell the home before the ARM adjusted, you're not alone. Many people buy homes with ARMs because they plan to relocate or upgrade to a larger home in the near- to medium-term. But when plans change and you decide to stay, you must know what will happen to your ARM, and what you can do about it. Let's take a look.

ARM vs. fixed rates

ARMs help your budget because rates on ARMs are lower than they are for fixed loans. For example, todays rates for a loan on a $300,000 home purchase with 20 percent down are 2.75 percent for a 5/1 ARM versus 3.5 percent for a 30-year fixed. In this scenario, the monthly 5/1 ARM payment ($980) is $98 cheaper than the 30-year fixed payment ($1,078). This ARM vs. fixed savings is important no matter what your home purchase price is, and if you are in fact only keeping the home (or the loan) short term, it can be worth it. Should you use an ARM? The best way to determine whether you go with an ARM or a fixed loan is to peg your loan term as closely as you can to your expected time horizon in the home or the loan. Here are a few options to consider:

•If you're buying a home with plans to relocate and sell the home within five years, a 5/1 ARM would be a good option. If you're planning to move within 10 years, a 10/1 ARM would be a good option. You can also get 3/1 and 7/1 ARMs.

•If you plan to pay the loan off within five years and keep the home, a 5/1 ARM would also be a good option.

•If you're going to relocate but want to keep the home, a fixed loan would be a good option. How your ARM will adjustIf you get an ARM and plans change so that you need to keep the home (or the loan) longer than you intended, your payment will adjust at the end of the ARM's fixed period.

An ARM is a 30-year loan with a rate that's fixed for the initial period of the ARM. For example, the quoted rate on a 5/1 ARM will be fixed for that initial five-year period. For the remaining 25 years, it will adjust to a base rate (called a margin) plus the current level of a certain index the loan is tied to.

A common margin for a 5/1 ARM on a conforming loan up to $417,000 is 2.25 percent, and a common index for these loans is the one-year LIBOR which is 1.25 percent as of this week. If your 5/1 ARM adjusted today, it would adjust to a rate of 3.5 percent, which is the 2.25-percent margin plus the 1.25-percent LIBOR index level as of now, and it will adjust once per year every year after the initial five-year fixed period. The margin will always be 2.25 percent, but the LIBOR index changes in real time, and will be higher if economic conditions improve, or lower if economic conditions worsen in the future.

And finally, it's not just the rate that adjusts, it's also your payment. In the initial five-year period, the payment is calculated using the initial rate and a 30-year amortization. After the initial period, the payment is calculated using the margin plus index rate and a 25-year amortization. Using our scenario above, this means your payment would adjust from $980 to $1,063.

What to do if you're ARM is almost out of time

You could argue that a payment adjustment like this would be tolerable if you were keeping the home (or the loan), but this example is only the first adjustment, and it will adjust every year after the initial adjustment, so it's a lot of risk to take on.

The alternative is to refinance into a new loan, and the same rule would apply for deciding what loan to refinance into: do your best to peg the new loan term to your expected time horizon in the home (or loan) from this point forward.

Rates have been steadily low for the past five years as the economy has been slowly recovering from the economic crisis. If this recovery and economic growth continues, rates have more risk of rising.

As such, if you chose a new 5/1 ARM today, it would be safest to assume that your rate and payment would adjust up in another five years. If this is too much risk for you, the best choice is to take a slightly higher rate and payment now on a 30-year fixed, which gives you the security of knowing your rate and payment cannot change.

Other important facts about ARMs

Keep in mind that the payments above don't include homeowners insurance and property taxes, which would be the same whether you chose an ARM or a fixed loan. You can run your own scenarios and see if the results will show you homeowners insurance and property taxes.

Another point to remember is that ARMs shouldn't be used to qualify for more home than you can afford. This was a common scenario prior to the economic crisis, when lenders were allowed to qualify borrowers using the lower ARM payment. Now lenders must use the highest-case payment that could occur after the adjustment.

As a final note, if your loan amount is up to $417,000, a 5/1 ARM will get you the best savings relative to a 30-year fixed. If you have a jumbo loan above $417,000, you can also get strong savings using a 7/1 ARM relative to a 30-year fixed, so ask your lender to provide both options.

So when you are ready to relocate or upgrade your home, come see us at New Mexico Mountain Properties. Living in this beautiful valley you may choose to buy another angel fire home or even convince a relative or friend to move here. If you do, choose NM Mountain Properties for all your real estate needs!! Call 575-377-2626 in Angel Fire, Taos is 575-758-5852 or call an agent directly at 575-770-3306.

Loan Requirements?

Do you require a 20 down payment to get pre-approved for a mortgage loan?

Not necessarily.....you don't require the entire funds to get pre-approved for a loan. However, make sure that you have saved enough money when you start to shop around.

Even if you don't have all the money in your account presently, but you know that you have money coming to you like in a 401K or a refund check that is also OK.

If you start your home shopping without a sufficient down payment, you run the risk of scrambling for the money while under contract and not being able to come up with the money and then losing your deposit and your dream home!

There are also loans out there that you can get with a lower down payment than 20% so do your loan shopping before your house shopping!

Once you know exactly how much you qualify for and have your down payment money assured, then you can come to us at New Mexico Mountain Properties and we will assist you to find that perfect Angel Fire or Taos home.

Angel Fire and Taos Real Estate is our specialty whiter you are looking for angel Fire or Taos land to build your dream home or perhaps you would like an Angel Fire vacation condo. There are many Taos and Angel Fire homes to choose from and now is a perfect time to buy! Call us anytime at 575-377-2626 or call Paula directly at 575-770-3306 or stop in at our Taos or Angel Fire offices. We are here to serve all your Angel Fire or Taos real estate needs.

Elizabethtown

Elizabethtown or "E-Town"

Just below Baldy Mountain sits the remains of a once bustling boom camp called Elizabethtown,that once housed over 7,000 residents. its located just north of Angel Fire N.M

It all began in 1866, when a Ute Indian arrived at Fort Carson where Captain William H. Moore was. the captain. He had helped the Indian with his injuries and in return, he gave the captain a special rock he found atop a mountain. The captain realized it was rich in copper. The Indian agreed to take him to the place where he found it. Which jut happened to be the edge of the Maxwell Land Grant atop of Mt. Baldy.

When they reached the spot the captain realized this was an area with a great deal of copper. They decided to stake the first of many claims, with not just copper, but gold as well found along the banks of Willow Creek.

The find was too big too keep secret. Word got around very quickly, even to the sole owner of the Maxwell Land Grant, Mr. Lucien B. Maxwell, who owned the Moreno Valley as well as Baldy Peak. By July 1867, 17 companies and 400 claims in an 8 mile radius of Baldy were set up. This is how Elizabethtown got started, named after the captain's daughter Elizabeth Catherine Moore.

By the end of July 1868 around 400 people occupied Elizabethtown and like most old west towns Saloons, drinking, dining, red-lighting, and gambling were in full swing. In 1869 the town had 100 buildings, and with the families of the miners moving there they built a school as well as a church. The first newspaper came out in 1869 called the Elizabethtown Lantern.

During the harsh winter months as they often are in the valley, the population diminished until the dawn of spring brought everyone back. The "Big Ditch" was built to divert water from the Red River to try and gain more water for gold panning but was not very successful. In 1900 a lawsuit banned the diversion of water.

Tragedy struck E-Town in Sept. 1901, when a fire broke out in one of the establishments. Within an hour and fifteen minutes most of the buildings were reduced to ashes. The only store that still stands is that of Herman Froelick. By 1917 most everyone was gone and E-Town became a ghost town.

This is just part of the rich history of our area. To learn more stay tuned or better yet, come for a visit and allow us to show you around this historic region... you may want to stay forever!!

While here stop by New Mexico Mountain Properties Or call us at 575-377-2626 or 575-770-3306 for all your Angel Fire Real Estate needs. We have majestic views from our land for sale in Angel Fire. A home in Angel Fire could provide you with a perfect family getaway... or we have fabulous Angel Fire condos for sale. The choice is yours.

So come enjoy the peace and wonder of the Moreno Valley, it's a great place to have fun with for the entire family.

HAVE A WONDERFUL DAY

YOUR FRIENDS AT NEW MEXICO MOUNTAIN PROPERTIES

Housing Headed in the Right Direction

Freddie Mac's U.S. Economic and Housing Market Outlook for January finds four of the key housing indicators moving in the right direction to begin the year.

The unemployment rate, though still high at 6.7 percent, is vastly improved and should continue its gradual path to a more consistent and historically normal level. Mortgage delinquencies have also shown great improvement, having been nearly cut in half since their peak. Finally, both affordability levels and home sales continue to trend in the right direction, with the average mortgage payment remaining very affordable in most markets – suggesting there's still room for more recovery in home prices.

Frank Nothaft, Freddie Mac's chief economist, said the housing recovery continues on a steady pace. According to Nothaft, home prices should rise about 5 percent this year, while home sales – along with other key indicators – will continue to trend in the right direction.

This is good news for sellers, so attention buyers: Get on out here while prices are low, interest rates are low and sellers of Taos and Angel Fire homes and land are eager to sell for a reasonable price. We know prices on homes, condos and land in Taos and Angel Fire could go up as the economy continues to improve. What are you waiting for?

Home Construction Making a Come-Back!

The stagnant construction market here in the Taos and Angel Fire areas is coming alive again and we have the most gorgeous lots for sale right now. Land prices have come down in the last couple of years because many buyers have found it easier and more affordable to buy an existing home. But things are slowly changing in our home building market . . .

Home building materials, which skyrocketed in the past couple of years, are leveling off, bringing relief to our construction market. There is still has a good inventory of existing homes for sale, but many buyers are now realizing that the time may not get much better for their dream of building a new home to fit exactly their needs and desires.

But the really great incentive to build your new home now is the fantastic deal you can get on vacant land. And we've got a variety of parcels from which to choose. Whether you want the wide open spaces of the mesa, with 360-degree views of the mountains, to a mountain hideaway in the trees, to the verdant land and garden-growing area by the Rio Grande, Taos and Angel Fire real estate offers the most varied terrain in the state of New Mexico.

Not only is the market full of various dream sites, but vacant land is available in all sizes. From a one-or two-acre lot for your custom home and casita to hundreds of acres for your self-sufficient ranch, you can build your dream home and have just the right amount of property surrounding you to let you interact with your neighbors or live in seclusion.

Or if you're not ready to build just yet, why not look at land as an investment in your future? Remember, they're not making any more of it! And now that prices have hit their lows, land is sure to make a come-back, and with it prices will surely rise.

Happy land-ings!

Katheryn Pate, Associate Broker, New Mexico Mountain Properties: 575-770-5023

Being a Savvy Seller in the Taos Real Estate Market

Selling a home in today's Taos real estate market can be a challenge to even the most creative and motivated home owner. The inventory is extensive and prospective buyers are few. When your home is shown, you need to take every advantage to make sure your's is the home that makes the most favorable impression. Here are a few tips to help make a showing lead to a sale:

1.) Be realistic about your asking price. This may have nothing to do with the price you paid for your home, it's all about recent sale prices and the asking prices for comparable properties in your area. Don't fall into the trap of "we can always lower the price later". If the house stays on the market a long time in the current Taos real estate market, it may begin to lose its appeal.

2.) Leave the house when people come to see it. Prospective buyers need to be on their own to nit-pic, visualize and criticize. The more time they spend doing this, the more likely they are to make an offer. If the buyers have questions, their people will contact your people.

3.) Clean up and de-clutter. Make sure the house is sparkling clean, light, well ventilated and harbors no offensive odors. Remove as many personal effects as possible. It's important for a buyer to be able to imagine their things in your space.

4.) Be honest in the portrayal of your home. An inaccurate description will only lead to a disappointing first impression. A "charming fixer-upper" does not accurately describe a dissolving adobe with a collapsed roof and no plumbing.

5.) Use discretion in improvements you make to increase the value of your home. Check with your Realtor to make sure you are not needlessly spending time and money on improvements which will add little value to your home.

6.) Pictures! They are worth a thousand words so make sure they show your home in it's best light. The camera will pick up things the naked eye might miss (i.e: the dumpster out front, the dishes in the sink, the pile of laundry in the corner). Have plenty of pictures to accompany your listing.

Selling Your Home in a Tough Market

Your home has only one chance to make a first impression on potential buyers. In all my years in real estate, the homes that sell the fastest are those that "feel" good.

Know how you walk into a house and you can feel that it's well taken care of? It's lived in, but feels loved and clean. There may be an open newspaper on the kitchen table, but it's placed next to a vase with fresh flowers from the garden outside. There are home-baked cookies cooling on a rack, the bathrooms are clean and sparkly, down to the grout in the shower stall, even though there may be a bathrobe hung on a hook on the back of the door.

The kids' rooms have toys piled up on their shelves and maybe a pair of little shoes just outside the closet door, the scene just says, "happy childhood."

There are lots of pretty pillows piled against the master bedroom headboard and a faint scent of lavender from the sheets, and the sun streams gloriously in through the sparkling clean windows.

When everything about your home says, "This is a happy home. We love it and we take care of it, you can see and feel how much we care about this home, then the prospective buyer feels at ease, "at home."

Maintaining a home that's on the market isn't complicated, but you need a plan. First, de-clutter. You want the home to show, not your stuff. Thoroughly scrub your kitchen and baths, making them sparkle. Get rid of all extra knick-knacks, old newspapers and magazines. If you can, have your windows professionally cleaned, or if you can do it yourself, with no streaks, by all means be our guest.

Not only should your interior spaces be clean and fresh, get your garage clean and organized and make sure the light works.

And finally, let's talk curb appeal. I'm sure you've had at least one experience when you've driven up to a house and thought to yourself, "What are these people thinking?" The trash is piled up in the can at the street, the front porch light is still on from last night, the flowers in the pots needed water last week, and now they're as dead as that chewed up stuffed animal over there in the overgrown bushes.

We know times are tough. None of us ever has enough time to get everything done. But now, we don't have enough time AND money is tight. If you're like a lot of folks, most of your money is tied up in your house, so if you want to sell it to access the cash, to upgrade, or to move away for that new job, remember the competition in the selling market is fierce.

Just remember the best way to sell your house is to clean up your act and start acting like you own the place, because you do . . . And now you want someone else to.

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