Mortgage Refinancing Silver City NM

Local resource for evaluating everything about mortgage refinancing in Silver City. Includes detailed information on local businesses that provide access to mortgage refinancing, home lenders, mortgage brokers and home equity loans, as well as advice on refinance home and loan consolidation options.

Bank of America - Silver City Motor Branch
(800) 432-1000
119 11th Street
Silver City, NM
ATM Fees
monthly fee: Monthly service fees range from $0 to $25.00. See institution about how these monthly fees can be waived.
ATM fee note: There is a $2.00 fee each time you use a non-affiliated ATM.
Services
Mobile & Text Banking, Debit Reward Programs, Overdraft Protection, Email Alerts, Online Bill Pay, Activity Download, Free Checks, Unlimited Checks

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Bank of America - Silver City Main Branch
(800) 432-1000
1203 North Hudson Street
Silver City, NM
ATM Fees
monthly fee: Monthly service fees range from $0 to $25.00. See institution about how these monthly fees can be waived.
ATM fee note: There is a $2.00 fee each time you use a non-affiliated ATM.
Services
Mobile & Text Banking, Debit Reward Programs, Overdraft Protection, Email Alerts, Online Bill Pay, Activity Download, Free Checks, Unlimited Checks

Data Provided By:
Bank of America
(575) 388-1903
119 W. 11th Street
Silver City, NM
Type
Banking Center

Bank of America - Bayard
(575) 537-3337
608 Winifred St
Bayard, NM
Type
Banking Center
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits, Drive Up
Outdoor ATM Services: Open 24 Hours, Talking ATM, Braille, Accepts Deposits, Deposit Image
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-12
Tuesday 9-12
Wednesday 9-12
Thursday 9-12
Friday 9-12
Saturday Closed
Sunday Closed
Drive Up Hours
Monday 12-4
Tuesday 12-4
Wednesday 12-4
Thursday 12-4
Friday 12-5
Saturday Closed
Sunday Closed

Fort Bayard Fed Credit Union
(575) 537-3014
1 Main St
Fort Bayard, NM

Data Provided By:
Wells Fargo - Silver City Main Branch
(866) 245-3452
1201 N Pope Street
Silver City, NM
ATM Fees
monthly fee: Monthly service fees range from $0 to $30.00. See institution about how these monthly fees can be waived.
ATM fee note: There is a $2.50 fee each time you use a non-affiliated ATM.
Services
Mobile & Text Banking, Debit Reward Programs, Overdraft Protection, Email Alerts, Online Bill Pay, Free Checks, Unlimited Checks

Data Provided By:
Wells Fargo - Silver City Main
(575) 956-1501
1201 N Pope St
Silver City, NM
Type
Branch
Office Hours
Mon-Fri 09:00 AM-06:00 PM
Sat 09:00 AM-01:00 PM
Sun Closed

Bank of America - Grant County
(575) 388-1903
1203 N. Hudson St.
Silver City, NM
Type
Banking Center
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits
Outdoor ATM Services: Open 24 Hours, Talking ATM, Braille, Accepts Deposits, Drive Up, Deposit Image
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-4
Tuesday 9-4
Wednesday 9-4
Thursday 9-4
Friday 9-5
Saturday 9-12
Sunday Closed

Chino Federal Credit Union
(575) 388-2511
2290 E Superior St
Silver City, NM

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Washington Federal - San Juan Blvd Branch
(206) 624-7930
1501 San Juan Blvd
Farmington, NM
ATM Fees
monthly fee: Monthly service fees range from $0 to $8.00. See institution about how these monthly fees can be waived.
Services
Email Alerts, Online Bill Pay, Activity Download, Free Checks, Unlimited Checks

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Mortgage Refinancing

Mortgage Refinancing - Overview

A homeowner is likely to choose mortgage refinancing for several different reasons including a lowered interest rate or the need to obtain funds from the equity in the home. Of course, there is always the possibility of obtaining an equity loan instead, but sometimes refinancing makes more sense economically, especially if there is a great deal of equity that will make payments between a first and second mortgage quite substantial and unaffordable. This is especially true if one purchased a home when interest rates were quite high, thus the payments on that mortgage are higher than they would be if the same home were bought today at the current interest rates.

Of course, there can be disadvantages as well, such as the fact that refinancing means you are starting all over again. If you bought your home fifteen or twenty years ago, that means it is half paid, and instead of enjoying retirement with a mortgage that is fully paid, you will still have payments remaining. This makes the decision, in terms of mortgage refinancing, a major decision. Of course, how many people actually have a mortgage that is paid in full when they retire? For that fact, how many how one when they die? For most people it seems that as soon as they get some of the balance paid, something happens that forces them to cash in on it. For those who won their own homes, that is definitely a way to make major repairs and other expensive renovations. Even without refinancing, the equity in your home can be a definite advantage when you retire and attempt to live on possibly half of the income that you were used to making.

Lower Interest Rate

It used to be quite popular for people to refinance their homes in order to obtain a lower interest rate, especially in the 70's and 80's when rates were hovering over 10%, and up to 21%. When they began to drop again, the lenders were so flooded with refinance requests that they had to put a limit on it, and people were told that unless there was at least a two-percent difference between the rate they were paying and the current rate, they would not be allowed to refinance. During this period, ARMs (Adjustable Rate Mortgages) became popular, allowing people to pay a lower rate in the beginning and over a period of five years or so, the rate would raise until it reached the "cap" in the rate. There was also the Balloon Mortgage during this time where people simply paid a smaller payment for a specified number of years, had a large payment after that time, and had to pay it or refinance the balance of the mortgage.

Today refinancing for a lower interest isn't as commonplace as it was then, but with the current interest rate, you are likely to find some people wishing to refinance their 8-1/2% mortgage for a 6-1/4% mortgage. In today's market, that isn't likely to make a big difference, unlike the 80's when you were talking in some cases of going from a 21% mortgage to a 10% mortgage for those who waited for rates to level out before refinancing. Unless someone has been in their home for several years, there is little likelihood that someone has the need to refinance their home and enter into a mortgage refinancing agreement in order to obtain a lower interest rate.

Debt Consolidation

Probably the single most popular reason to consider mortgage refinancing in order to refinance your home is to consolidate debt. Although the same thing is feasible with an equity loan, for many people, the idea of having one bill that covers both the home mortgage and all of those high interest bills is the most attractive. Mortgage refinancing makes it possible for individuals to consolidate some of their bills and thereby make bill paying a simpler task. From an economic standpoint, using all of your equity in your home to consolidate your debts is not just a sound decision unless there is no other way. For example, if you are just overburdened with debt but have excellent credit, you may be able to consolidate your debt with a personal loan, something you should consider first. Unless you have exhausted all means of eliminating the debt, and your credit is still in tact, you should not refinance your home to consolidate debt.

On the other hand, if you have such a debt load that you face a possible civil action, you may want to consider debt management rather than a home refinance. Since you have already reached the point that you have negative information on your credit report, even if you refinance your home and pay those debts off, the information will stay there. It may seem like a quick and easy way to get rid of the debts, but the truth is, it isn't as easy as you think. You will be paying interest based on the entire amount of the loan, not just on those debts, and with debt management, you may be able to nearly wipe out the interest, allowing you to repay mostly just principal. In that respect, consolidating your bills by refinancing is not a wise decision to make. Only in very rare cases should you even consider doing that. If it's not going to have a positive reflection on your credit report, find another way to eliminate those debts. Essentially, the decision to use mortgage refinancing options is a serious one, and a decision that should never be taking lightly. All of the ramifications associated with mortgage refinancing must be considered before a consumers signs on for the loan.

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