As one of New Mexico’s largest mortgage brokers, Indigo Mortgage can offer some advantages to homeowners and prospective homeowners. We believe that no one cares more about your mortgage loan. We work for the borrower, and not the bank. Our goal is to find you the best rate on the market, and save you money!
As a mortgage broker, we can represent our borrowers to a number of different mortgage lenders. This saves the consumer time, and money, because we can find the lowest rate on the market. Banks and other national lenders are limited to offering rates from their rate sheets. Often this is not the best rate for the consumer.
By law, as a mortgage broker, our compensation must be set as a percentage of the loan amount. Most of the time, this is covered by the lender and paid in the rate. If the chosen rate is more than our compensation, whatever is above our fee is credited to the borrower via lender credits. Banks and net branches however, pocket whatever exceeds their fees for profit. In contrast, we have seen many FHA and VA borrowers pay off all of their closing costs using the lender credits we provide, without having to pay a higher rate!
So how do you know if you are working with a bank, net branch, or a mortgage broker? Ask yourself, do the underwriters and loan originators work for the same company? If they do, that means they work for the bank, and not for you. A local broker like Indigo Mortgage however, works for you, the customer, not the bank. If you are searching for a new home or are looking to refinance, contact Indigo Mortgage.