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Insider Mortgage Tips: An Interview with Nancy Archuleta of Melbourne Financial Corporation

By Nancy Archuleta

We interviewed Nancy Archuleta of Melbourne Financial Corporation to learn more about what she has to say in regard to mortgages. We talked refinance, negotiating, and even about mortgage options available for people who may need assistance.

About Melbourne Financial Corporation:

Melbourne Financial Corporation was founded 28 years ago this month (March) by my parents, Ralph and Maxine Melbourne. They opened the company primarily to do commercial mortgage lending. My brother joined shortly thereafter and did residential mortgages, but left NM for an opportunity to expand his horizons. When I moved back to NM 1990 I restarted the residential lending and quickly became the top producer. We still do commercial lending, but our primary focus is the residential market. Seven and a half years ago and I took over as President.

Mortgage Refinancing:

After the financial crisis of 2009 I think a lot of customers were reluctant to refinance and/or purchase a home because they were hearing how difficult the process was. Underwriting guidelines did tighten up, but the process is manageable if you have a loan officer that is contentious and knowledgeable. Rates are still pretty phenomenal and anyone sitting on the couch should act as the prediction is that they will continue to rise. This isn't the bottom of the market, but with 30 year fixed rates still in the low to mid 4% range, they are historically very good.

Mortgage Negotiating:

You normally cannot bargain for a different rate or fee with a mortgage broker. Mortgage broker's compared to banks are on a set compensation. Unlike banks, any credit on a specific interest rate above that set compensation goes to the borrower to apply toward their closing costs. It is more important to shop and compare the rates and fees and any possible credit associated with that rate. It is also, important in my opinion to establish a rapport with your mortgage broker. This is one of the biggest decisions you make in your life you should have real estate professionals assist you that you trust.

FHA Loans:

There used to be lower down payment options available on conventional loans, but currently most are limited to 95%. This has led a lot of people to consider FHA financing. However, the mortgage insurance is currently quite high on FHA loans, so often times coming up with just a little more down payment for a conventional loan makes sense. There is still 100% financing for anyone with VA eligibility and buyers purchasing in a an area designated by USDA to be rural. If you are a new homeowner I suggest you educate yourself. If a lender or broker does not offer you a "Guide to Settlement Costs" be sure to request this great tool. And never be afraid to ask any questions.

Low Credit Scores:

There are not many options for individuals with credit scores below a certain level, but the wonderful thing about credit is that you can always redeem yourself. You should work with a mortgage professional to assess your credit. You may need to contact a credit counselor to assist you in correcting and improving your credit.

Contact Info:

The best way to contact me is either by telephone, 505.822.8055 or email

Melbourne Financial Corporation, NMLS# 196149

Nancy Archuleta, NMLS #196035

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