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Frequently Asked Questions

What are my mortgage options?

There are several options for mortgages depending on your credit, and what kind of down payment you have. Learn more about these options here.

How can I start my application?

Simply apply online through our secure online system by clicking on the Apply Now button. If you prefer to speak with a loan officer, contact Tami Wilkinson at 505-292-6343 ext 1950.

What is a P&I Payment?

P&I is the combined principal and interest you pay to your lender each month. Your total payments may also include additional escrow payments that go to cover property taxes and insurance payments.

What is an origination charge?

It is the amount charged for services performed on the initial loan application and loan processing, excluding discount points.

What are points?

Points (or discount points) are paid to the lender, usually at closing, in order to lower the interest rate. One point equals one percent of the original loan amount.

Why does my lender require homeowners insurance?

Homeowners insurance is there to protect both you and the lender in case of loss or damage to your property. You always have the choice of who you use for your insurance policy, and often the insurance premium is included in your monthly mortgage payment.


Sandia Area is an Equal Housing Lender. Sandia Area Membership required. Sandia Area Federal Credit Union (NMLS#561268) provides mortgage loans by partnership with Members First Mortgage (NMLS# 149532). This is not an offer to extend consumer credit as defined by Section 1026.2 of Regulation Z.

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