I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
Some much-needed relief may be coming to New Mexico homebuyers.
Friday, Gov. Bill Richardson signed into law a bill that reforms the state’s title-insurance process and promises to save money for New Mexicans who purchase or refinance a home.
“With my signature, we are introducing much-needed competition into this process – which means homebuyers will be able to shop for less expensive title-insurance rates,” Richardson said in a news release.
HB 488, which Richardson signed, was sponsored by House Speaker Ben Lujan, D-Santa Fe, and encourages title-insurance companies to set competitive rates for home buyers. The law allows title insurers to charge less-expensive rates than the one set by the state superintendent of insurance.
New Mexico is currently one of only three states in which the state government sets a single rate for title insurance and prohibits price competition. Title insurance is required for homebuyers.
The thinking is that the price competition should result in lower closing costs when New Mexicans purchase a home.
The law also gives homeowners discounts ranging from 20 percent to 60 percent when they refinance their mortgages.
The new discounts are at least 60 percent for a homeowner refinancing up to three years after buying the home; at least 50 percent after 3-5 years; at least 40 percent after 5-10 years; and at least 20 percent after 10-20 years.
Finally, the law provides new consumer protections for homebuyers. Title-insurance agents will no longer be able to pay part of their premiums back to homebuilders or realtors who refer homebuyers to them, according to a news release from the governor’s office.
