New Mexico Bank & Trust Mortgage Rates, Fees & Info
Albuquerque, NMLEI: 549300TFPNF5ZPLD8I74
Tax ID: 85-0451580
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Mortgage Data
Review & Overview
New Mexico Bank & Trust is a smaller bank specializing in Home Purchase and Refi loans. New Mexico Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Albuquerque, Santa Fe, Phoenix, Clovis, and Las Cruces among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)New Mexico Bank & Trust has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. New Mexico Bank & Trust is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.39% | 4/28/24 |
| 30 Year Cash-out Refi | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 5.80% | 4/28/24 |
| 15 Year Conventional Refi | 5.97% | 4/28/24 |
| 15 Year Cash-out Refi | 5.97% | 4/28/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
New Mexico Bank & Trust Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
91Origination Dollar Volume (All Markets)
$25,975,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| ALBUQUERQUE, NM (FHA|USDA|VA) | 45 | $10,915,000 | $242,556 | $2,060 | 4.20% |
| SANTA FE, NM (FHA|USDA|VA) | 14 | $5,840,000 | $417,143 | $1,144 | 4.04% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $4,290,000 | $2,145,000 | $0 | 5.13% |
| Outside of Metro Areas | 18 | $2,400,000 | $133,333 | $1,272 | 5.77% |
| Clovis, NM (FHA|USDA|VA) | 3 | $795,000 | $265,000 | $0 | 5.80% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $0 | 7.00% |
| Portales, NM (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $1,623 | 4.38% |
| Española, NM (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $2,017 | 4.73% |
| Los Alamos, NM (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $320 | 5.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against New Mexico Bank & Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 91 | $25,975,000 | $285,440 | $1,663 | 4.65% |
For 2022, New Mexico Bank & Trust's most frequently originated type of loan was Conventional, with 91 originations.
Loan Reason
For 2022, New Mexico Bank & Trust's most frequently cited loan purpose was Home Purchase, with 32 originations. The 2nd most popular reason was Refi, with 27 originations.
Loan Duration/Length
For 2022, New Mexico Bank & Trust's most frequently cited loan duration was 15 Year, with 37 originations. The 2nd most popular length was Other, with 16 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 43 | $7,075,000 | $164,535 |
| $1k-2k | 2 | $410,000 | $205,000 |
| $5k+ | 2 | $1,020,000 | $510,000 |
New Mexico Bank & Trust's average total fees were $8,241, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 43 originations.
Interest Rates
During 2022, New Mexico Bank & Trust's average interest rate for loans was 5.41%, while their most frequently originated rate bucket for loans was 3-4%, with 26 originations.
Loan Sizing
2022 saw New Mexico Bank & Trust place emphasis on $100k-200k loans with 33 originations, totaling $4,925,000 in origination value.
Applicant Income
New Mexico Bank & Trust lent most frequently to those with incomes in the $150k-250k range, with 18 originations. The second most popular income band? $100k-150k, with 12 originations.
Applicant Debt to Income Ratio
New Mexico Bank & Trust lent most frequently to those with DTI ratios of 30-36%, with 10 originations. The next most common DTI ratio? <20%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications71.13%
New Mexico Bank & Trust has a below average approval rate.
Pick Rate
Approvals leading to origination89.01%
New Mexico Bank & Trust has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 91 | $25,975,000 | $285,440 |