Real Estate Information

Certainly by now you've heard about video doorbells. Not only do they deter crime, they also catch hilarious clips to go viral on the internet. But most likely, you're interested in protecting your Albuquerque home and seeing who's at your door before you answer. And you can even answer the door if you're away from home. All things considered, it's a smart way to protect your family.

Before you buy a video doorbell, here's a few things to think about:

Resolution

Make sure the doorbell camera has at least a resolution of 1080p or higher. You want to have nice clear view of whoever is at your door. Because we all have seen those grainy convenience store videos on TV and wonder what the point was of even having a camera.

Night Vision

You also want clear vision at night. Not all cameras offer night vision, so make sure the one you purchase has this important feature.

Field of View

The field of view also makes a big difference in what the camera can capture. 180 degrees means that it sees in front and on the sides. A 90 degree camera can only see what's in front and a little on the sides. The wider view is obviously better.

Audio Features

Another great feature of video doorbells is being able to speak with the person at the door. This is especially handy if you're away from home and expecting an important package, as you can direct the delivery remotely.

Motion Detection

Try to get a camera that will let you define which zones react to motion. That way if you live on a busy street, it won't alert you every time a car drives by.

Cloud Storage

Cloud storage is the prefered choice for storing video footage. If someone does break into your home, then your footage of them is safe and ready for you to send to the police.

App Support

Check into the app support for the doorbell and find reviews if possible. If the app gets low ratings, it may not be the best choice. The last thing you need is to have a hassle with the app support.

Also, since these devices use your wi-fi, it's a good idea to place your internet router close to the door to make sure it has a strong signal. If that's not an option, then a signal booster located near the door will work.

Make sure to join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

1820 34TH Street SE, Rio Rancho, NM 87124  $169,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1348 Square Feet

One story 3BDR/2BA/2CG in the heart of Rio Rancho! Minutes from Intel, Cottonwood Mall, schools, parks and shopping! HUGE BACKYARD with views of the Sandia Mountains!! Tile flooring throughout!! NEW Water Heater! Oversized great room with cozy wood stove, open to the kitchen with lots of cabinets, long breakfast bar, gas stove & refrigerator. Master bdr features a walk in closet and private bath. Fenced backyard with open patio, mountain views and plenty of room for gathering family & friends!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Refinancing a mortgage is something that many homeowners in Albuquerque do at some point. There are a wide range of reasons why a homeowner would want to refinance their mortgage. Yet along with the benefits of refinancing come some risks and costs. The question you need to ask is, if in your case, do the benefits outweigh those risks. Here's a list of pros and cons of refinancing to help you decide if it's the right decision for you.

Refinancing Pros

Free Up Money

If you replace your mortgage with a rate-and-term refinance at a lower rate, you will pay less each month. You could save anywhere from $75 to several hundred dollars a month.

Pay Off Your Home Faster

A loan with a lower interest rate and shorter term means you can pay your home off faster, especially if you go from a 30-year loan to a 15-year loan. The down side of this is you may pay more per month, meaning you'll have less cash on hand.

Get Cash

Albuquerque homeowners who want to get money for remodeling or other important matters can get what's called a cash-out refinance. This is a loan that let's homeowners with at least 20% equity in their home refinance for a larger amount and get the difference in cash.

Lock in a Fixed Rate

If you have a loan with an adjustable rate and you want to lock it into a lower rate so that it doesn't rise, you can get a fixed-rate loan. The rate may be higher than what you have now, but it will not rise in the future, giving you more financial predictability.

Refinancing Cons

It Costs Money

Remember the fees you paid on your original mortgage? You will have tp pay them again for a refinance. This includes origination fees, an appraisal, title insurance, taxes and other fees. If you are refinancing to save monthly costs, you should calculate how long it will take to make up the difference between your monthly savings and the refinance costs.

Prepayment Penalty

You may have to pay your current lender extra to pay off the loan early. If that amount is too high, you might want to just stick with your current loan.

Total Costs Can Increase

The interest and fees over the life of a new 30-year loan can increase. This could also offset the advantage of refinancing.

Make sure to join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

1820 34TH Street SE, Rio Rancho, NM 87124  $169,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1348 Square Feet

One story 3BDR/2BA/2CG in the heart of Rio Rancho! Minutes from Intel, Cottonwood Mall, schools, parks and shopping! HUGE BACKYARD with views of the Sandia Mountains!! Tile flooring throughout!! NEW Water Heater! Oversized great room with cozy wood stove, open to the kitchen with lots of cabinets, long breakfast bar, gas stove & refrigerator. Master bdr features a walk in closet and private bath. Fenced backyard with open patio, mountain views and plenty of room for gathering family & friends!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

When you consider all the great things Albuquerque has going for it - the climate, history, arts, culture, and beautiful architecture - it's easy to see why people choose to buy a home here. Yet there are even more reasons to buy a home in this great city than meets the eye. Let's dig a little deeper and look at some other reasons to buy your next home in Albuquerque.

Affordable Real Estate

The median home value of homes in Albuquerque is $240,000. This may be slightly higher than the rest of the nation, but still much more affordable than homes in Las Vegas or Southern California. Homes for sale in Albuquerque definitely give you far more bang for the buck compared to these other markets. 

A Balanced Market

Albuquerque has a balanced real estate market, meaning that there's about the same amount of buyers as there are sellers. So that means that even though home values are gradually rising (another great reason to buy now), it's not out of control. 

Stable Job Market

There is a stable level of employment in Albuquerque due to state and federal level jobs. Sandia Laboratories is a high paying employer in the area, and there are also plenty of jobs in the healthcare and education fields.

Livability

Albuquerque has a walk score of 43 and a transit score of 30, which is quite good and higher than the average city in New Mexico. It's also a great city for bike riders, being a very bike friendly city, along with the many bike trials in the Sandia Hills. There's plenty of things to do outdoors, with a vast array of recreational choices. And the best part is that despite being such a beautiful place to live, it's not overflowing with tourists.

More Renters

If you plan to buy an investment home to rent out, you won't have any problem finding good renters, as there is a large military presence here. Those serving in the military are more likely to rent than to buy, and the average rent is around $1300, so you will get a nice flow of cash for your investment.

When you add it all up, Albuquerque stands out as one of the best cities in America to buy a home. If you're in the market for a home in Albuquerque, talk to one of our experienced agents today to help you find the perfect home for sale in Albuquerque today.

Make sure to join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

2612 Espanola Street, Albuquerque, NM 87110  $165,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1140 Square Feet

HUGE LOT with BACKYARD ACCESS and custom gate in the NE Heights! Conveniently located close to Uptown, Trader Joe's, shopping, restaurants & parks! 3BDR/1.5BA/1CG featuring a large open great room with huge picture window and tile flooring! Remodeled kitchen with new soft-close cabinetry & crown molding, Quartz countertops! Beautiful shade tree in the front yard and oversized backyard with plenty of room for pets, backyard access, custom metal gate and covered patio for Summer BBQs!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

The holidays are now underway, and there's plenty of ways to celebrate the season in Albuquerque this month. Whether it be enjoying the sparkling lights of the Christmas trees or finding the perfect gift, there's something for the whole family to enjoy coming up this week. Here's a few events to put on your calendar to help you get in the spirit of the season.

2019 Festival of Trees - Weekend of Wonder

Fri, Dec 6 – Sun, Dec 8
Albuquerque Convention Center

Open to families of all ages, all proceeds go directly to CTHF to support children with physical disabilities. Polar Express Night, Saturday December 7th from 6p.m. – 9p.m., is a family-night viewing of the classic Christmas movie. Complimentary coffee, hot cocoa, children crafts, live entertainment and pictures with Santa provided.

Twinkle Light Parade
Sat, Dec 7, 5:15 PM
Nob Hill, Albuquerque, NM

The Twinkle Light Parade will proceed west on Central Ave. through Historic Nob Hill from Washington St. to Girard Blvd. Central Ave. will be closed to traffic beginning at 2 p.m. to prepare for the parade. Plan to arrive early, shop, then grab your spot to view the parade as it will draw thousands of spectators.

Holiday Nature Crafts in Albuquerque
Wed, Dec 4, 12 AM
ABQ BioPark - Zoo

Bring your whole family to River of Lights and visit the Education Building to make beautiful gifts inspired by nature. All craft materials will be provided. No admission is required.

2019 Winter Spanish Market
Sat, Dec 7, 10 AM – 5 PM
1701 4th St SW, Albuquerque, NM

Experience authentic 400 year old traditions and innovative Spanish Colonial style artwork made by New Mexico artists. This Hispanic festival includes art, local music, food, demonstrations and more. Interact personally with extraordinary artists, learn about their traditions, and take home a special purchase to add to a collection or give as a gift.

Old Town Holiday Shop & Stroll and Tree Lighting
Fri, Dec 6, 5:00 PM to 9:00 PM
Old Town Albuquerque

Experience the magic of the holiday season in Historic Old Town for the annual Old Town Holiday Stroll. Live entertainment will fill the streets in anticipation for the traditional lighting of the Old Town Christmas tree. Be sure to take advantage of discounts and specials offered during this jolly event by local businesses, restaurants, and museums in the area. 

Make sure to join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

2612 Espanola Street, Albuquerque, NM 87110  $165,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1140 Square Feet

HUGE LOT with BACKYARD ACCESS and custom gate in the NE Heights! Conveniently located close to Uptown, Trader Joe's, shopping, restaurants & parks! 3BDR/1.5BA/1CG featuring a large open great room with huge picture window and tile flooring! Remodeled kitchen with new soft-close cabinetry & crown molding, Quartz countertops! Beautiful shade tree in the front yard and oversized backyard with plenty of room for pets, backyard access, custom metal gate and covered patio for Summer BBQs!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

This Thanksgiving, we have almost too many blessings to count. Being able to work with our wonderful clients is definitely one of them. We hope your blessings are also many, both this Thanksgiving and in the coming year.

Living in Albuquerque gives us much to be grateful for. Here's a few things we can all show thanks for:

• Family and friends who love us
• Quiet time in the beautiful outdoors
• Clean water
• The gorgeous scenery in Albuquerque
• Music
• Good food
• A Good Laugh

Hopefully you get to enjoy all of these things this week.

Have a Happy Thanksgiving!

Selling a home in Albuquerque can be a very time-consuming and emotional process. With all that's going on in the process, it can be easy to make mistakes. But with a little preparation, you can avoid some of the pitfalls that snag many home sellers. Here are some key mistakes to avoid when selling your home in Albuquerque.

Being Emotionally Involved

Sure, this was your home that you no doubt built many memories in. But you need to think of yourself as a businessperson and a home seller, and not a homeowner. By thinking of it from a financial perspective, you'll be able to avoid the emotional aspects of the sale that could cloud your judgement.

Not Hiring an Agent

Unless you have a lot of experience selling homes, it's never a good idea to sell a home without expert help. Selling homes is what real estate agents do full-time. Sandi Pressley and her team, for example, have been helping people in Albuquerque sell their homes for decades. They've built a reputation of being the top real estate agents in New Mexico, and it shows in the amount of homes they've sold. They can help you get the best price and the fastest sale.

An experienced agent will also help you during negotiations, which can be tricky even with years of experience. They also handle all the photography, marketing, leads, and showing appointments. They work for you, not against you in the process. There's simply no reason to go it alone when selling your home.

Setting an Unrealistic Price

Setting the right price for your home is critical, and again, that's where an agent's experience can make all the difference. They will use comparable sales in your neighborhood to help set the best price. And remember that buyers also have access to the same information, so you won't be fooling anyone if you set the price too high.

Hiding Major Problems

The purpose of a home inspection conducted by the buyer is to uncover major problems with a home. So don't bother trying to hide anything. In fact, you should be proactive and take care of any major issues before putting your home on the market, if possible. If you can't afford a major repair, then you can disclose the issue and reduce the price accordingly so the buyer can fix the issue if needed.

Looking to sell your home for the right price in Albuquerque? Let us help you sell your home in Albuquerque and get the best price. And make sure to join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

2612 Espanola Street, Albuquerque, NM 87110  $165,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1140 Square Feet

HUGE LOT with BACKYARD ACCESS and custom gate in the NE Heights! Conveniently located close to Uptown, Trader Joe's, shopping, restaurants & parks! 3BDR/1.5BA/1CG featuring a large open great room with huge picture window and tile flooring! Remodeled kitchen with new soft-close cabinetry & crown molding, Quartz countertops! Beautiful shade tree in the front yard and oversized backyard with plenty of room for pets, backyard access, custom metal gate and covered patio for Summer BBQs!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Adding a fresh coat of paint to your home, both inside and out, can really make a difference when you sell your home in Albuquerque. Fresh, natural colors can really bring out the character of a Southwestern home. But to be honest, painting a home can be costly, especially if you need expert help. Professional painters charge around $4,000 for labor and materials to paint the exterior of a 2,500-square-foot, two-story home and roughly $5,500 for the interior. Painters’ rates may range from $20 to $60 an hour.

So how can you cut back on these costs and get the same great results?

1. Get competing bids

Make sure you get multiple estimates when hiring a painter. Try to get recommendations from friends and family. You can also search at Painting and Decorating Contractors of America for member painters near you who are licensed, where required, and insured.

Ask the painter for details, such as how long the job will take, products they use, how many coats they will apply, and the cost for additional coats.

2. Use a contract

Contracts are important, as they keep costs from spiraling out of control. A simpler contract may work better for you that includes simple explanations of what's going to be done.

3. Do all or some of the work yourself

DIY is always the best way to save money, provided you know what you're doing. Paint will be your biggest expense. You will also need to buy or rent supplies and equipment, like caulk, primer, brushes, rollers, tarps and ladders or scaffolding.

If you do still hire a painter, ask if you can reduce the cost of labor by doing some tasks yourself. For example:

• Trimming shrubs
• Moving furniture and clearing a perimeter for painters to work
• Removing and reinstalling the outlet covers, switch plates and doorknobs
• Prep work like patching, sanding and scraping, if you have the skills

4. Don’t wait too long to repaint

Don't wait until your paint flakes or chips off. It takes longer to prep the surface before paining can begin if it's peeling or chipping. It can make a huge difference in labor costs if you paint the exterior more frequently.

5. Trim the scope of the job

Before signing the contract, look through it for ways to trim aspects of the job that aren’t important to you. For example, you might forgo repainting ceilings or closet interiors, to save on paint and labor.

6. Think strategically about color

By recoating your existing colors instead of changing colors, you may get away with one coat of paint rather than two, if the surface is in good condition.

Also, avoid very deep colors, or use them on trim or accents. Bright reds and yellows may require four or five coats to cover well, so if you must use them, choose premium paints to get the job done with fewer coats. Darker colors look great on exteriors but they fade sooner than lighter colors, so you’ll have to repaint more often.

Looking to sell your home for the right price in Albuquerque? Let us help you sell your home in Albuquerque and get the right price. And make sure to join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

2612 Espanola Street, Albuquerque, NM 87110  $170,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1140 Square Feet

HUGE LOT with BACKYARD ACCESS and custom gate in the NE Heights! Conveniently located close to Uptown, Trader Joe's, shopping, restaurants & parks! 3BDR/1.5BA/1CG featuring a large open great room with huge picture window and tile flooring! Remodeled kitchen with new soft-close cabinetry & crown molding, Quartz countertops! Beautiful shade tree in the front yard and oversized backyard with plenty of room for pets, backyard access, custom metal gate and covered patio for Summer BBQs!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

The holiday season is about to officially begin, and there's plenty of events coming up in Albuquerque this month to help you get in the spirit. Have fun and find unique gifts that can only be found right here in Albuquerque. Here's a few events to put on your holiday fun calendar this month.

University of New Mexico Crafts Fair

Fri, Nov 22
Student Union Bldg, The University of New Mexico

All art is hand made. This event is open to student artists and artists in the Albuquerque community to sell their work. Students and the community are invited to shop for unique gifts for Christmas.

Placitas Holiday Fine Arts And Crafts Sale

Sat, Nov 23 – Sun, Nov 24
3 Canon del Apache, Placitas, NM

The Placitas Holiday Sale is one of the most popular arts and crafts fairs in New Mexico. Some of the finest Artists and Artisans will be selling their crafts at The Placitas Holiday Fine Arts and Crafts Sale, held every year the weekend before Thanksgiving in the Village of Placitas, New Mexico.

Turkey Trails ABQ

Sat, Nov 23, 8 – 10 AM
Tingley Beach | Paseo del Bosque Trail, Albuquerque, NM

Turkey Trails is a Thanksgiving themed run that is perfect for the whole family. The fun includes great swag (designer shirt, custom medal), chip-timing, live results and awards, free photos, costumes, free kids dash, great post-race food, and plenty of fun activities. Grab your friends and family you are not going to want to miss this one!

20th Annual Rio Grande Holiday Show in Albuquerque

Sat, Nov 30, 10 AM
Expo New Mexico

Kick-off your holiday shopping while supporting artists! You'll find the most memorable and original gifts, whether it’s a whimsical piece of pottery, a handmade leather belt, one-of-a-kind jewelry or a striking piece of fine art. It’s no surprise that this festival takes the turkey when it comes to New Mexico’s Thanksgiving Weekend traditions.

Winterfest 2019

Sat, Nov 30, 3 – 7 PM MST
Civic Plaza | 401 2nd St NW, Albuquerque, NM

This a free event to start off the holiday season on Civic Plaza. There are lots of great local vendors for all your Christmas shopping needs. Santa Claus will be making a stop for kids to talk to. It is also the grand opening of the Holiday Ice Qube Skating Rink Season.

Looking to sell your home for the right price in Albuquerque? Let us help you sell your home in Albuquerque and get the right price. And make sure to join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

2612 Espanola Street, Albuquerque, NM 87110  $170,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1140 Square Feet

HUGE LOT with BACKYARD ACCESS and custom gate in the NE Heights! Conveniently located close to Uptown, Trader Joe's, shopping, restaurants & parks! 3BDR/1.5BA/1CG featuring a large open great room with huge picture window and tile flooring! Remodeled kitchen with new soft-close cabinetry & crown molding, Quartz countertops! Beautiful shade tree in the front yard and oversized backyard with plenty of room for pets, backyard access, custom metal gate and covered patio for Summer BBQs!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you own a home in Albuquerque, perhaps you would appreciate a little help from that wonder of technology you carry around all day to help you make the most of your home. As they say, there's an app for that. Here's 5 apps that will help you take better care of your investment.

iScape

If you’ve got outdoor spaces that you’d like to improve, iScape is the app for you. This app uses your phone’s camera to allow you to drag and drop elements like trees, plants, fences, water features, etc. and visualize how it all fits together in your specific yard.

Happy Plant

This app is a very simple solution to a very common problem. If you frequently forget to water your plants, use Happy Plant to serve as a smart reminder system! There’s also a cool feature which creates time-lapse videos of your plants surviving, thriving, and growing.

HomeZada

This app is like six apps rolled into one. HomeZada helps Albuquerque homeowners with everything from managing remodel projects to keeping track of home-related financials and much more. As they put it, HomeZada is, “A personal finance solution that is a digital hub of all the important information about your largest financial asset – your home.”

Letgo

We all have too much stuff, right? Whether it’s stuff we don’t need, stuff we haven’t used in years, or stuff we don’t even remember getting, the Letgo app is here to help. Simply snap a pic of something you no longer want/need, list it on Letgo, and you’re done.

AroundMe

This app is endlessly helpful whether you’re new to the Albuquerque area or visiting somewhere you’ve never been. AroundMe basically gives you all the information you need about various businesses near you in Albuquerque. A straightforward concept, but a very handy resource when you need it.

Let us help you find the home of your dreams in Albuquerque. And make sure to join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

17 Pine Crest Road, Tijeras, NM  $525,000

3 Bedrooms / 2 Bathrooms (2 full, 0 half) / 3532 Square Feet

Exceptional Mountain Home with Sweeping Views!! This home offers peaceful, yet convenient mountain living. Featuring soaring ceilings & clerestory windows, a light bright open floorplan, grand staircase at entry, plus both a kiva fireplace & wood burning stove for those chilly evenings & cooled by 2 mini split a/c's. The chef's kitchen features gorgeous cabinets/counters/SS appliances with eat at kitchen island and sunny dining nook. Master retreat is privately situated on its own level with its own view balcony & spa like en suite that includes a freestanding soaking tub. Bonus Loft/Study area w/ 2nd view balcony. Enjoy outdoor living in the walled courtyard w/professional landscaping & deck. Tuff Shed 'Tall Barn' model stays. Village of Tijeras water.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

You've found the perfect home for sale in Albuquerque and applied for a mortgage. No doubt you're all fired up to start buying what you need for your new home. But before you start making large purchases or moving money around, you should use caution. You could make decisions that could impact your mortgage adversely.

Here's a list of things to avoid doing after applying for a mortgage.

1. Don’t Change Jobs or the Way You Are Paid at Your Job. 

The loan officer needs to be able to track your source of income and how much you're paid. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.

2. Don’t Deposit Cash into Your Bank Accounts. 

Cash is not as easy to trace for lenders. If you plan to deposit cash into your bank, check with your lender as to the proper way to document your deposit.

3. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. 

Making major purchases bring new obligations. And with that comes new qualifications. If you end up with a higher debt-to-income ratio, you may disqualify yourself from the loan.

4. Don’t Co-Sign Other Loans for Anyone. 

When you co-sign, you are obligated. As mentioned before, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payments against you.

5. Don’t Change Bank Accounts. 

Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer any money, talk to your loan officer.

6. Don’t Apply for New Credit. 

It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

7. Don’t Close Any Credit Accounts. 

Many clients erroneously believe that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants in your score.

The main thing to remember is to discuss any changes in your finances with your loan officer to make sure that they will not affect your mortgage approval.

Let us help you find the home of your dreams in Albuquerque. And make sure to join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

17 Pine Crest Road, Tijeras, NM  $525,000

3 Bedrooms / 2 Bathrooms (2 full, 0 half) / 3532 Square Feet

Exceptional Mountain Home with Sweeping Views!! This home offers peaceful, yet convenient mountain living. Featuring soaring ceilings & clerestory windows, a light bright open floorplan, grand staircase at entry, plus both a kiva fireplace & wood burning stove for those chilly evenings & cooled by 2 mini split a/c's. The chef's kitchen features gorgeous cabinets/counters/SS appliances with eat at kitchen island and sunny dining nook. Master retreat is privately situated on its own level with its own view balcony & spa like en suite that includes a freestanding soaking tub. Bonus Loft/Study area w/ 2nd view balcony. Enjoy outdoor living in the walled courtyard w/professional landscaping & deck. Tuff Shed 'Tall Barn' model stays. Village of Tijeras water.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team