Things in the mortgage industry are always changing! Today, we have a quick overview of some recent changes and enhancements, and some tips. The first one: the “HARP-2” or Home Affordable Refinance Program was set to expire in December of this year but has now been extended until the end of 2015. This is due to the fact there are millions of borrowers who are eligible for the HARP-2 but still have not refinanced. That means that any homeowner who has not refinanced in the past several years should really reach out now and see if they can’t save substantially each month on their mortgage by refinancing.
Another big change is that FHA has increased their monthly and upfront mortgage insurance premiums again. This has made the mortgage insurance permanent for the life of the loan, no matter how low the loan-to-value gets. In other words, until that FHA loan is paid off from either selling or refinancing, the mortgage insurance is permanent.
Now, for a couple of tips. A recent trade magazine article states that using a mortgage broker in today’s mortgage environment carries some big advantages. First, a mortgage broker has access to many different lenders and most likely will find the lowest rate available on the market. Because mortgage brokers have access to many lenders, they can offer a wider range of underwriting guidelines. That means your chance of getting your loan done are much better, and likely at better rates than using a single-source lender. Most mortgage brokers are locally owned and operated, so you’re likely to also get better customer service.
And of course, Indigo Mortgage is a true mortgage broker right here in Albuquerque. Contact Indigo Mortgage at 505-836-5700 for any mortgage related questions. Indigo Mortgage is a locally owned and operated company, serving homebuyers in Albuquerque, Rio Rancho, Santa Fe and all across New Mexico. The company has five mortgage divisions for Residential, VA Loans, Reverse Mortgages, Construction and Commercial loans. Our mortgage broker and underwriters are certified by the National Mortgage Licensing System, NMLS #188348.