We have provided answers to questions we regularly receive from customers that would like to refinance their mortgage. We would be glad to answer any additional questions. Contact us at lanb@lanb.com or 505-662-5171.

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Where can I find the current interest rates?
Search mortgage rates or call us anytime at 505.662.3282. Of course, you are always welcome to contact a LANB mortgage loan representative at 505-662-5171.

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

What do I need to do to begin the refinance process?

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.

What will my costs be if I decide to refinance?
You will be charged a $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.

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.

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.

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

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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