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Indigo Mortgage Walks Borrowers Through the Lending Process

Tuesday Oct 13, 2015
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Applying for a mortgage is a huge step in a person’s life. Many prospective homebuyers have never filled out a mortgage loan application before or have not done so for quite some time. After the changes to the mortgage industry in 2009, potential borrowers might feel uneasy about applying for a mortgage loan.

As many experts agree, applying for a mortgage should be done with a professional who can walk the borrower through the process and answer any questions that may come up in doing so. Many of the large on-line, out of state, and national lending companies only have application takers. They don’t have anyone who is willing to educate the borrower on the loan process. At Indigo Mortgage, it is not uncommon that we receive phone calls from borrowers who are shopping their loan around and asking questions. Oftentimes, we hear from these borrowers that they have never had their loan explained in such detail until they called us.

There are a lot of new rules and regulations in the mortgage industry and it is important to explain to borrowers why they are being asked for certain documents and letters of explanation. It’s one thing to be told they need to supply certain information, and another thing when they understand the reason why they are being asked to supply it. For example, borrowers may be asked to explain past credit issues. The reason they are asked this is to determine if the borrowers corrected these problems or if they are reoccurring. Also, borrowers are often asked to provide a detailed account of where they have lived including the addresses of their residency or residencies over the last two years. The reason for this is to obtain a payment history and make sure all rent payments were made on time.

In the end, it is much easier for homebuyers who are hesitant to start the mortgage loan process and provide their information, to work with a local lender. At Indigo Mortgage, we make the process easy and beneficial for borrowers.

Indigo Mortgage is a locally owned and operated company, serving homebuyers in Albuquerque, Rio Rancho, Santa Fe and all across New Mexico. For questions about selecting a mortgage lender, contact Indigo Mortgage in Albuquerque at (505) 836-5700. Indigo Mortgage offers five mortgage divisions including Residential, VA Loans, Reverse Mortgages, Construction and Commercial. They are licensed by the Nationwide Mortgage Licensing System (NMLS #188348), and can provide loans anywhere in New Mexico.

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