First American Bank New Mexico Mortgage Interest Rate and Cost Review

Is First American Bank New Mexico a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by First American Bank New Mexico to those of other lenders for a comparable set of borrowers. Here is our review of First American Bank New Mexico nationally:

On average, First American Bank New Mexico’s interest rates were similar to those of other lenders (-0.06%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$377. Overall, combining interest rates and closing costs we estimate that First American Bank New Mexico tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5 stars. This is an excellent rating and places it among the top 15% of lenders nationwide.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit First American Bank New Mexico, check out its website at: https://firstamb.net.

First American Bank New Mexico’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track First American Bank New Mexico was most active in:

1. El Paso, TX
2. Roswell, NM
3. Tucson, AZ
4. Albuquerque, NM
5. Alamogordo, NM

In addition, First American Bank New Mexico is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

• Roswell, NM, overall

First American Bank New Mexico’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, First American Bank New Mexico originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

As a summary, First American Bank New Mexico is cheap for Conforming, FHA and VA purchase mortgages. It is similar to other lenders for Jumbo and USDA purchase mortgages. For refinancing mortgages, First American Bank New Mexico is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about First American Bank New Mexico:

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for First American Bank New Mexico’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.