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Mortgage Loans

Ready to purchase your dream home? Congratulations! It’s an exciting time, and everyone at Del Norte Credit Union looks forward to working with you. We’re here to help you realize your dream of homeownership. Regardless of your financing needs, we can help select from among the best type of mortgage loans in New Mexico.

What is a Mortgage?

A mortgage is also known as a home loan when you’re buying or refinancing a home. It’s a legal document that forms an agreement between you and a lender. Under this arrangement, you receive money upfront from purchasing a home which you agree to repay.

If the mortgage isn’t federally insured, it’s called a conventional loan. The typical length of a lease is a 15-year term, 30-year term or 40-year term. Mortgages are a popular option for prospective homebuyers because it gives them access to the finances they need so they can live the American dream.

What is a Promissory Note?

A promissory note is a legal document that is included with every mortgage. When you sign this note, you’re promising to repay the home loan in full along with interest.

What’s Included in a Mortgage Payment?

There are different types of mortgage loans in New Mexico. Despite that, they generally include the same elements when it comes to monthly mortgage payments. Below we give you a quick overview of what to expect.


The principal refers to the balance that’s due on your mortgage after you’ve already made payments. Say you borrowed $300,000 to purchase your home and you paid $33,000. The remaining amount of $267,000 is the principal balance.


Interest rates apply to all mortgages and determine how much you pay every month. One interest rate type is called fixed, meaning the interest remains the same throughout the life of the home loan, so your loan repayments don’t change. Variable-rate interest is the other type. With this interest, the rates fluctuate throughout the loan. As a result, your monthly mortgage payment will vary over time.


Taxes must be paid on a home. Lenders give you the option of allowing them to collect your property taxes, which is placed in an escrow account. When the tax bill is due, the lender makes the payment for you. This is a convenient service that gives you peace of mind knowing this aspect of homeownership is taken care of for you automatically.

Homeowners Insurance

Lenders have a homeowner’s insurance policy that protects them if a borrower defaults on a home loan. A lender requires home buyers to get this coverage if their down payment is less than 20% of the price of the house. Now, don’t be deterred if you don’t have 20% to put down on your home. Our team here at Del Norte Credit Union can refer you to a down payment assistance program in NM. Remember, we’re here to make the loan process as easy for you as possible.

Where Can I Find a Mortgage I Can Afford?

We have good news for you! Our friendly mortgage loan experts here at Del Norte Credit Union can get you the best financing option for your budget. Plus, we’re your friends and neighbors, and we know the local real estate market inside and out. Let us put our knowledge and expertise to work for you.

We have six locations throughout New Mexico, making it convenient for you to drop by anytime. If you need more information about our mortgage loans, give us a call. If you’re ready to jump-start the process now, fill out our online application. Whether you’re purchasing or refinancing your home, we’re here to help you fulfill your real estate dreams.