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Hot Spots for New Mexico Vacation Homes

The vacation home market is booming with new life and resort towns all over the US are enjoying the spoils of this market up turn.  In fact, according to an April 2014 report from the National Association of Realtors, annual sales of vacation homes jumped nearly 30 percent to a little more than 717,000 homes.

New Mexico’s Vacation Home Hot Spots

It’s no surprise that Taos, Albuquerque, Santa Fe and Ruidoso top the charts for vacation homes rentals and sales in New Mexico.  “With the combination of natural beauty, globally acclaimed outdoor events and luxurious conveniences, many of the vacation towns in New Mexico meet the must have for a wide variety of vacationers,” says Linda Valentine, Branch Manager and Loan Officer for Guardian Mortgage.

Held since 1972, the Albuquerque International Balloon Fiesta is one of the annual events that bring in thousands of tourist from around the globe.  Touted as the largest hot air balloon festival in the world, the event features more than 750 balloons, local artists and tastes from some of the state’s top culinary talents.

New Mexico is currently ranked 5th in the nation for personal income growth.  In addition, the state continues to enjoy a historically low unemployment rate. The state has added thousands of jobs over the last few years, and ranks 7th in the country for job growth.

The positive economic statistics, one of a kind festivals and unmatched natural beauty continue to make New Mexico one of the country’s hottest vacation home destinations.

Second Home Mortgage Loan Know How

When considering a second home mortgage, prepare by reviewing your credit history, calculating your debt-to-income ratio and use anonline mortgage calculator tools to assist you in finding out what you’ll qualify for before you speak with a Mortgage Loan Officer.

To assist with the qualification for a second home loan under the new regulations, many lenders are guiding their potential homebuyers to consider putting down a larger than 20 percent down payment. This typically drops the monthly payment considerably and allows for many second homebuyers to qualify. Guardian’s experienced Mortgage Loan Officers can walk you through this process and answer all of your questions about second home loans.

Marcus McCue | EVP & CBDO
Guardian Mortgage Company

Monday, 25 August 2014