Dimond Mortgage Company
Dimond Mortgage Company
524 Paseo del Pueblo Sur
Suite H
Taos, New Mexico 87571
Tel. 575-758-5566
Fax. 575-758-5850
Toll free (800) 913-5306
About Dimond Mortgage Company
When you work with Dimond Mortgage, you work with people who care about you and about our community. This is where we live and plan to stay. We are interested in maintaining connections with our clients, realtors and neighbors because we cross paths with these folks over and over in our little town. We want to feel sure we have offered the best service at reasonable prices.
The attractive investment opportunities available in our area draw many solid business people, as well as our share of "fly-by-night" brokers with little concern for the community or for taking care of their customers. National, Internet-based companies want customers who fit into their boxes with a minimum of staff servicing or attention. Often, their highly-touted deals are available to only a few people who meet very specific criteria. Many folks are left frustrated, finding they have wasted time and money, even losing out on their chance to buy their dream property.
Our promise at Dimond Mortgage is this: We will work with you to get you the best financing arrangement possible, and we will never take our relationship with you for granted or betray the trust you place in us. You will find, like the many satisfied customers shown on this site, that Dimond Mortgage is truly a cut above for all your mortgage needs.
Types of Loans Available
Dimond Mortgage has a variety of standard and unique types of mortgages available to fit your specific needs. In today's new mexico mortgage market you no longer have to have perfect credit and steady income to qualify for a loan. You now have options. There are all types of programs available to you and although one of our qualified mortgage brokers on staff would be better suited to evaluate your current situation and loan needs and make a recommendation based on experience, we have put together the following information to assist you in your loan decision making process.
» Fixed Rate Mortgages
» Adjustable Rate Mortgages
» Balloon Mortgages
» Home Equity Line of Credit
» Home Equity Fixed Loan
» Home Improvement Loans
» Construction Loans
Fixed Rate Mortgages - If your planning to stay in the home for 15, 20, 30 years or more, this may be the best program for you. Your monthly payments are fixed over the life of the loan, which means your interest rate and payment will stay the same, even if the rates go up. You can also refinance your home anytime you wish, if the rates drop below your current fixed rate.
Adjustable Rate Mortgages - If you are planning on living in the home 10 years or less, this may be the best program for you. Adjustable Rate Mortgages (ARMs) offer a floating interest rate equal to or less than the current market rates. Your mortgage may start at 7.5% and float to 6.250% if the market rates drop. However, rates may increase which will make your monthly payment go up. No one can predict when rates will go up or down, but over the life of the loan, you can save money in interest and payments and also by not having to pay closing costs each time you lower your interest rate.
Balloon Mortgages - Balloon Mortgages offer a fixed lower monthly payment for 5 or 7 years initially because the payment is amoritized over thirty years. At the end of the balloon period, you must refinance at the current interest rate or pay the loan in full, which is also known as a final balloon payment. This loan may be best for you if you are planning to live in the home 7 years or less.
Home Equity Line of Credit - Lines of credit are much like a credit card. If fact, some lenders issue credit cards as a way to draw off of the line of credit. Initially, you are issued availability to a certain amount of funds based on the equity available in your home. Your payments are based only on how much you borrow (take out) and what the current interest rates are. Interest rates for equity lines of credit are typically higher than mortgage rates, but lower than credit card rates.
Home Equity Fixed Loan - These types of loans are better know as a 2nd mortgage and typically have higher interest rates than a 1st mortgage. You can borrow a lump sum of money based on the available equity in your home. You will receive the money all at once and have a fixed payment over the life of the loan.
Home Improvement Loans - This type of loan provides you with cash to repair your home. You will have to provide an estimate of repairs from a certified contractor in order to qualify for this type of loan. When the work is completed, it will be inspected by the lender. Your appraisal will be based on the proposed repairs when qualifying for the loan.
Construction Loans - This type of loan provides funds to contractors directly that are building your home. The contractors initially get a lump sum and then submit invoices regularly to the bank for payment throughout the building process. ↑ TOP
There are advantages and risks associated with any type of loan. We strongly recommend speaking with one of our qualified mortgage counselors before you apply with any lender for your loan.
