It always seems to amaze me how much paperwork is required to acquire a home mortgage, and rightly so. After all, buying a home buying in Albuquerque should not be taken lightly. Buying a home is most likely the largest investment a family or individual can make. The entire process takes about 30 days, give or take. There are several documents that are required by an underwriter during this process. Then, just when you think you have given everything you possibly can, they will ask for more.
In my opinion, the process is justified by the current market conditions. When I first started selling Albuquerque homes for sell, the running joke was "fog a mirror, get a loan". "B" paper was a popular category. Almost anyone could get a home mortgage. Then the floor fell right from underneath us. Hence the strict guidelines today.
So, my number two tip for buying a home in Albuquerque, whether you are looking for a homes for sale in Tanoan or homes for sale in Edgewood, GET PRE-APPROVED! Not pre-qualified but pre-approved. Once you have obtain prof of your pre-approved in the form of a letter, then hit the pavement with you Albuquerque Realtor and find that home! One more thing. I recommend using a local lender that knows your current market. They will most likely know how to avoid many of the pitfalls that a large, out of state lender would not be privy to.
by Tim Fish