Shopping for a home loan is just as important as shopping for the home itself. Here's what you should "know before you owe." From weeding through paperwork to searching for optimal loan terms, purchasing a home can be as mentally taxing as navigating a foreign country without knowing the language. Let's face it: Channeling your energy toward finding the perfect home in Angel Fire, NM or Taos, NM, is a much more pleasurable experience than agonizing over potential lenders and loan applications.

Yet, the loan and lender you ultimately choose should be just as important as the neighborhood you explore or the home on which you put an offer; therefore, the amount of legwork for each chore should be comparable. In an effort to bolster consumer education, improve the loan-shopping process, and cut through the jargon on loan documents, the Consumer Financial Protection Bureau (CFPB) last year established the Know Before You Owe mortgage program. (Now there's really no excuse for not doing your homework before buying a home.)

Here's a quick rundown on what Know Before You Owe entails -- and what mortgage questions you should ask along the way. Wield the Loan Estimate tool

Prior to October 2015 and the start of Know Before You Owe, loan applicants would have received two forms upon applying for a loan: a Good Faith Estimate and a Truth-in-Lending disclosure. Created by two separate federal agencies and filled with overlapping information, the forms made it difficult for consumers to compare everything from loan amounts to interest rates.

With Know Before You Owe's streamlined Loan Estimate, it's easier to find pertinent loan information, which in turn can encourage comparison shopping instead of hindering the process. Seek details from lenders.

Once you've become familiar with the paperwork and application process, start interviewing lenders about their mortgage products. Here are six questions to ask.

1. Are points included in the quoted interest rate?

Points are upfront fees -- equal to 1% of the loan amount for each point -- paid to reduce the interest rate on the loan. It's important to clarify whether the quoted interest rate includes points and, if so, how many.

2. What are the closing costs associated with this loan? Closing costs typically fall between 2% and 5% of the total loan amount -- a large enough range to make this question an important one.

3. What is the required down payment?

A variety of loan types are available, and not all of them require the same down payment. Make sure to ask how much you will be required to put down and, if it's less than 20%, ask if tacking on Private Mortgage Insurance (PMI) will be an additional requirement.

4. Is it a fixed-rate or adjustable-rate mortgage?

A fixed-rate mortgage keeps your interest rate and mortgage payment locked for the entire duration of the loan (yep, all 15 to 30 years). An adjustable-rate mortgage (ARM) can adjust after a designated period depending on the market, potentially increasing your monthly mortgage payment substantially.

5. Can the interest rate be locked down? If so, for how long?

The interest rate offered by a potential lender isn't a guarantee -- unless the lender can lock it down for you. If you are offered a particularly low rate, make sure you know when you need to lock it down and how long it can be held.

6. Are there any prepayment penalties on this loan?

In exchange for a lower interest rate or lower out-of-pocket costs upfront, some lenders will charge a prepayment penalty. Depending on the terms, the prepayment penalty might have to be paid before refinancing or selling the home within a designated period. It's important to know beforehand exactly what your loan requires.

Where your in the Angel Fire Area, Come by the log cabin at the blinking light and let New Mexico Mountain Properties be your first stop, for all your Taos and Angel Fire Real Estate needs. We offer condos for sale in Angel Fire and the Taos Ski Valley which will put you close to all the activities. The homes for sale in Taos and Angel Fire give you some of the best views around! We can help you find whatever Taos or Angel Fire real estate has to offer. Contact us in Angel Fire at 575-377+2626, Taos 575-758-5852, or call an agent directly at 575-770-3306.

Writing an offer letter sellers will love might seem like a no-brainer, but don't underestimate this powerful tool.

It's like striking gold: After hours of scouring homes for sale in Atlanta, GA, or Seattle, WA, you've found the house of your dreams. In fact, you went home last night and played a little game of Where Does the Sofa Go? But before you can say "home sweet home," there's an offer to be made (and accepted). While these three tips won't guarantee that your offer will be chosen, they will help you be competitive, and you'll be one step closer to landing your dream home.

1. Carefully consider your approach

If you think your dream home's listing price is just a place to begin negotiations, think again. First, have a conversation with your real estate agent here at New Mexixco Mountain Properties. Looking at comparable homes will give you a better idea of the seller's asking price in relation to similar properties and can help you shape your offer based on property-specific amenities and location.

Next, you should decide how you'll pay for your purchase: cash or financing. Cash offers can sometimes command a lower selling price since there aren't mortgage details to sort through and the sale should close faster. If you're using financing but can offer a quick close (less than 30 days), take that into consideration in your offer price -- your real estate agent may be able to leverage a quick close to sweeten the deal.

If you're thinking of submitting a lowball offer, engage in a candid conversation with your real estate agent. Agents know the market well and might even know a thing or two about the listing agent through previous sales. There are certain times when a lowball offer might start favorable negotiations, but there are many others when such an offer can derail the reality of landing your dream home. If you decide to submit an offer substantially below the listing price, be prepared for a negotiation process-- or a flat-out "no."

When you're ready to make your offer, back it up with everything the seller needs to know. You want the seller to believe that yours is the one offer to look at twice. Be sure to include completed offer paperwork with signatures where they belong, and make sure you're asking for seller concessions that make sense for the market.

2. Weigh the pros and cons of your requests for repairs

Maybe you're looking to have some of your closing costs covered. Perhaps you just want the old, worn-out carpeting replaced. Asking for seller concessions is a normal part of the offer process, but you need to know what you can reasonably expect.

If you're in a competitive bidding situation, odds are that the seller is going to choose the offer requiring the least amount of work on the seller's part. Work with your real estate professional to make a list of "musts" and "would like" items for the sellers to tackle. You can put these concessions side by side with your offer price and see what makes for the most compelling deal. Bottom line: If you're negotiating and something's got to give, consider your requested concessions to stay competitive.

3. Don't be swayed by emotions

One step that's important not to forget in the offer process is setting a maximum price. If you're financing, you will have a purchase ceiling from your mortgage lender, but when the perfect home comes along, it's easy for heartstrings to overrule good financial sense. Ask yourself realistically, how much can you comfortably carry as a mortgage payment each month? How much is that home really worth? How long do you plan on staying in the home, and does that justify a higher-than-asking price? Remember, the tips we're including here are for traditional sales, not short sales or purchases of bank-owned properties. Those types of transactions have nuances all their own.

If you're looking to purchase or sell a home, come to New Mexico Mountain Properties and our enormous selection of homes for sale in Angel fire as well as our Taos homes for sale. If its land you're looking for, we have the biggest selection in Angel Fire and Taos. We also have scenic condos in Angel Fire. Give us a call at 575-377-2626 in Angel Fire, 575-758-5852 in Taos, or call our agent direct at 575-770-3306.

Celebrate Independence Day with the whole family and create memories that last a lifetime. Angel Fire Resort is the ideal home base for your family to partake in all of the activities and watch the fireworks over Eagle Nest Lake. 4th of July Events & Activities

FRIDAY, JULY 1

2nd Annual South Boundary Trail Ride Cool Summer Nights Concert Series

SATURDAY, JULY 2

Flea Market The Mysto Mysto Magic Show

SUNDAY, JULY 3

Art Farmers' Market Flea Market Angel Fire Adventure Run Live Music on the Deck of Elements

MONDAY, JULY 4

Pancake Breakfast Celebration in Red River Fireworks over Eagle Nest Lake

FAMILY FRIENDLY ACTIVITIES

Scenic Chairlift Rides Downhill Mountain Biking Horseback Riding Ziplining Kids' Eurobungy Bounce House Kids' Rock Climbing Olympic Park Playground Hiking & Cross-country Biking Fishing & Boating Stand-up paddle boards Golf Course Tennis Center Indoor Pool Vietnam Veterans Memorial State Park Enchanted Circle Byway Carson National Forest ATV/Jeep/Off Roading

While enjoying the your Fourth of July celebrations in our enchanted area, you might enjoy the beauty so much you choose to stay forever! If you do, allow New Mexico Mountain Properties to 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.

Buyers' biggest real estate fears sometimes hold them back from buying -- not just around Halloween, but throughout the year. The scary thing is, these fears are sometimes well-founded. Here are some of the issues that commonly keep home buyers awake at night, and what you can do about them. "The house has a cracked foundation, dry rot, or a leaky roof" Renovating, fixing and repairing are on few buyers' wish lists. When faced with the home of their dreams, they fear the inspection. What if there is dry rot, or a roof or foundation issue?

Most homes will need routine maintenance, and a good inspector will point this out. But it's important not to let your fears get the best of you. Much of what the inspector comes up with during the inspection is for informational purposes only. Every problem does not need to be repaired right away. The inspector's job is to point out every issue he sees in the house. Ask him to explain how bad the issue is, and how long it can go before needing replacement or repair. If an issue arises that needs immediate attention, go back to the seller and see if they will repair or credit you back to repair after you close.

"I'll lose my deposit"

Buyers typically put in an earnest money deposit with a signed contract. Typically, this is 3 percent of the purchase price. The seller does not cash the check. Instead, the money sits in an escrow account and can't be released without both parties' signatures.

It's nearly impossible for a buyer to lose their deposit. If you have an inspection, disclosure review or loan contingencies, work closely with your real estate agent to mark those timeframes. If you need to remove these contingencies in writing, plan to firm things up a day in advance. If you are in negotiations around a contingency date, be sure to extend the contingency date to keep yourself under contract. "I'll lose the house"

If you find the home of your dreams, you may have to move fast. Particularly in competitive markets, many homes sell before the first open house to quick acting and super-motivated buyers. If you see a new listing hit the market, be sure to let your agent know right away. Try to make an appointment to see the home as soon as possible.

Also, find out immediately how the seller's agent plans to handle any offers received. Sometimes they will take the first offer, especially if it's a good one. More often than not, the seller and the agent will have an offer date to review offers or ask for best and final offers by a certain day.

If you are travelling or busy with work, be sure not to miss out on your dream home. Be in constant contact with your agent, and flag potential homes that look like a great fit.

"My agent doesn't have my best interest in mind"

Great agents are always on the prowl for new properties, checking out the market and protecting your best interest at all times. Some buyers fear that their agent might have different motivations, or that they aren't on the same page. If you have doubts, change agents. Never settle or take any random agent that comes along as your buyer's agent.

You and your agent should be committed to each other. Sit down before you begin the process and speak to your agent, much like a job interview. And if you have any doubts about your agent's abilities or motivations, find another agent.

"We'll never find a house in time for..."

A real estate purchase should never be rushed. If you have a firm deadline creeping up, make a plan B. For example, many buyers face an expiring lease or a school application deadline. If you are three months out from a deadline and you haven't found a house, take the pressure off by putting an alternate plan in place.

Home buying is an expensive and complicated transaction. You don't want to rush into a purchase and make a mistake. It's much easier and safer to get another rental or find a temporary address or try some out-of-the-box idea. It may be a little inconvenient, but you can handle it.

If something scares you about a home, the buying process, or a third-party involved in the sale, voice your concerns. Listen to your voice of reason, and stick with your gut. Many home buyers' initial fears will fall by the wayside as the buyer gets into the market. Take it slow, and don't be afraid to take a step back to allow time and space to think things through. It's better to take your time than to let buying your dream home become a nightmare.

If you're looking to purchase or sell a home, come to New Mexico Mountain Properties and our enormous selection of homes for sale in Angel fire as well as our Taos homes for sale. If its land you're looking for, we have the biggest selection in Angel Fire and Taos. We also have scenic condos in Angel Fire. Give us a call at 575-377-2626 in Angel Fire, 575-758-5852 in Taos, or call our agent direct at 575-770-3306.