15
YEAR
6.75% APR with autopay up to a 15-year1 Fixed Rate Loan
5.87% APR with autopay up to a 15-year1 Fixed Rate Loan
Refinance today. Financial freedom tomorrow.
A 15-year Home Equity Installment Loan can speed up how quickly you build equity in your home and save you thousands of dollars in interest payments. You can also cut the number of payments in half when you refinance your current mortgage with a 15-year Home Equity Installment Loan.
Why refinance your current mortgage with a 15-year Home Equity Installment Loan?
- Pay off your home sooner - By condensing your loan term into 15 years, you'll eliminate your housing debt in half the time.
- Save thousands in interest – With a lower interest rate and shorter term you’ll save thousands of dollars in interest payments over the life of the loan.
- Build equity faster - Because more of your monthly payment applies toward your principal balance, you’ll build more equity in your home with each payment.
Try out our debt calculator to see how a Home Equity Installment Loan from New Mexico Bank & Trust may benefit you by consolidating your existing debts into a single fixed rate loan.
Do I need a Home Equity Installment Loan or a Home Equity Line of Credit?
Both loans use the equity in your home as collateral, so what’s the difference? Check out the chart below to get an overview of what makes these loans different and visit our Home Equity Line of Credit page to learn more.
HOME EQUITY LINE OF CREDIT | HOME EQUITY INSTALLMENT LOAN | |
---|---|---|
Interest Rate Type | Variable—adjusts with Wall Street Journal Prime Rate | Fixed for the life of the loan |
Best Used For | Home repairs and renovations, debt consolidation, tuition, medical bills or an emergency fund | Refinancing and replacing your current mortgage to lower your monthly payment or to pay-off your home loan sooner |
Accessing the funds | Withdraw the funds as needed | Full loan amount is drawn at closing |
Collateral | Uses your home as collateral | Uses your home as collateral |
Repayment | You pay on the balance you owe; monthly payment can fluctuate, triggered each time you draw on the loan | Monthly payment stays the same for the life of the loan |
1The Annual Percentage Rate (APR) shown is accurate as of 06/09/2023 for up to a 15-year Fixed Rate loan with a Loan-to-Value (LTV) of 80%. Payment example: 180 monthly principal and interest payments of $442.54 assuming a $50,000 loan and 6.75% APR, a 0.50% origination fee, and a $11 flood determination fee. Origination fee applies to refinance transactions and waived for all other transactions, however, loans are not offered for home purchase loans. Customer is responsible for third party fees. Second home or vacation home properties will have at least an additional 0.30% APR. Your APR may be higher and will be based on your credit qualifications, loan amount, and the location and type of property. Payments shown do not include taxes or insurance. The actual payment obligations may be greater. APRs for LTV 80%-90% may be as low as 8.00% APR. Stated APRs include a 0.25% discount for automatic payment from a New Mexico Bank & Trust checking account. Maximum LTV on loans greater than $1,000,000 is 70%. Maximum loan amount of $2,000,000. Rates and terms are subject to change without notice. Rates are fixed after consummation. Contact lender for details. Limited time offer. Normal underwriting guidelines apply, subject to credit approval.
1The Annual Percentage Rate (APR) shown is accurate as of 06/09/2023 for up to a 15-year Fixed Rate loan with a Loan-to-Value (LTV) of 80%. Payment example: 180 monthly principal and interest payments of $442.55 assuming a $50,000 loan and 6.75% APR, with a $11 flood determination fee. Your APR may be higher and will be based on your credit qualifications, loan amount, and the location and type of property. Payments shown do not include taxes or insurance. The actual payment obligations may be greater. APRs for LTV 80%-90% may be as low as 8.00% APR. Stated APRs include a 0.25% discount for automatic payment from a New Mexico Bank & Trust checking account. Maximum LTV on loans greater than $1,000,000 is 70%. Maximum loan amount of $2,000,000. Origination fee waived; customer is responsible for third-party fees. Promotion is not valid on home purchase loans. Rates and terms are subject to change without notice. Rates are fixed after consummation. Contact lender for details. Limited time offer. Normal underwriting guidelines apply, subject to credit approval.
1The Annual Percentage Rate (APR) shown is accurate as of 06/09/2023 for up to a 15-year Fixed Rate loan with a Loan-to-Value (LTV) of 80%. Payment example: 180 monthly principal and interest payments of $418.52 assuming a $50,000 loan and 5.87% APR, with a $11 flood determination fee. Second home or vacation home properties will have at least an additional 0.30% APR. Your APR may be higher and will be based on your credit qualifications, loan amount, and the location and type of property. Payments shown do not include taxes or insurance. The actual payment obligations may be greater. APRs for LTV 80%-90% may be as low as 7.12% APR. Stated APRs include a 0.25% discount for automatic payment from a New Mexico Bank & Trust checking account. Maximum LTV on loans greater than $1,000,000 is 70%. Maximum loan amount of $2,000,000. Origination fee waived; customer is responsible for third-party fees. Promotion is not valid on home purchase loans. Rates and terms are subject to change without notice. Rates are fixed after consummation. Contact lender for details. Limited time offer. Normal underwriting guidelines apply, subject to credit approval.