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Click here for mortgage loan pre-approval*
*The Los Alamos National Bank Mortgage loan application is hosted at a different location. The above link will take you to there.
Due to the recent drop in mortgage loan interest rates, you may consider refinancing
your home. Here are some frequently asked questions we have answered to help you
with your refinance decision.
Where can I find the current interest rates?
You can find the current rates here, or by
calling DataBank at 505.662.3282. Of course, you are always welcome to contact a
LANB mortgage loan representative at 505-662-5171.
When should I refinance?
It is recommended to refinance when interest rates drop at least ¾ to 1% below your
current interest rate.
What do I need to do to begin the refinance process?
- Mortgage Loan Application: to expedite the refinance process, it is crucial that
you complete a mortgage loan application. Although, you may have a loan application
on file from a previous loan, it is still necessary for you to complete a new application.
You can receive an application at any of our branch locations or contact our mortgage
loan department at 505.662.5171 to send you one. (Please make certain you request a mortgage
loan application and not a regular loan application.)
- W-2 Information: along with your application we will need your last two years of W2
forms .
- Payroll Information: please attach copies of your payroll stubs from your previous month
of employment.
- Appointment: call our mortgage loan department at 505-662-5171 to schedule an appointment
with a mortgage loan officer.
Do I need a new appraisal?
This is dependent upon each individual situation. If this is a refinance of your 1st mortgage
and you will not be receiving any additional money for other expenses, typically you will not
need a new appraisal. There are other cases where it is not necessary, but your lender will
need to evaluate your personal situation.
What will my costs be if I decide to refinance?
You will be charged a $500 documentation fee. Title fees will apply and those costs vary based
upon your loan amount. Other fees include an appraisal (if necessary), credit report costs and
underwriting expenses. To receive a more personalized estimate of your closing costs, please set
up an appointment with a LANB mortgage loan representative for a Good Faith Estimate.
What is a point?
One point is 1% of your loan amount. This amount can be paid in order to buy a lower interest
rate. Your lending officer can discuss this option with you at your initial appointment.
What will my new payment be?
You can locate a loan payment calculator here. If you
do not have access to the Internet please call a mortgage loan representative for a quote at
505-662-5171.
When can I lock into my new interest rate?
You may lock into your rate once your application is in process with your lender and your
appraisal is complete. Once these two items are done, you need to contact our mortgage loan
office between 10 a.m. - 2 p.m. (MST), Monday Friday to lock in your desired interest rate.
Once you are locked into your interest rate, it cannot be changed without paying a penalty fee.
How long will the refinance process take?
We will set your closing date 25 days from the day you lock into your new interest rate. In
the event this time frame is not feasible, we will do our best to accommodate your needs.
We realize that every individuals situation is unique, so we would be happy to set up an
appointment with you to review your refinance needs.
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