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Refinancing FAQs

Purchasing a home is a one of the most important financial decisions of your life, so at LANB we do our best to meet your needs. We've provided a few commonly asked questions to help you if you're considering a refinance or the purchase of a new home. For additional questions, contact us at lanb@lanb.com or (505) 662-5171.

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Where can I find the current interest rates?
When should I refinance?
What do I need to do to begin the refinance process?
What will my costs be if I decide to refinance?
What is a point?
What will my new payment be?
When can I lock into my new interest rate?
How long will the refinance process take?



Where can I find the current interest rates?
Search mortgage rates online anytime or call LANB's 24-hour Phone Banking at 505.662.3282 for current rates. Of course, you are always welcome to contact a LANB mortgage loan representative at (505) 662-5171.

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When should I refinance?
It is recommended to refinance when interest rates drop at least ¾ to 1% below your current interest rate.

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What do I need to do to begin the process to purchase a new home or refinance?

  1. 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.)
  2. W-2 Information: along with your application we will need your last two years of W2 forms .
  3. Payroll Information: please attach copies of your payroll stubs from your previous month of employment.
  4. Appointment: call our mortgage loan department at 505-662-5171 to schedule an appointment with a mortgage loan officer.

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What will my costs be if I decide to refinance? 

  • $750 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.

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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.

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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.

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When can I lock into my new interest rate?
You may lock into your rate once (1) your application is in process with your lender and your (2) 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.

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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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Interest Rates

30 Year Fixed Mtg
4.155% IR : 4.274% APR

20 Year Fixed Mtg
3.915% IR : 4.077% APR

15 Year Fixed Mtg
3.265% IR : 3.465% APR

View Rates