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Second Opinions on Mortgages

Wednesday Oct 4, 2017
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When should a borrower shop their mortgage to various lenders? Certainly it’s best to do so as part of the preapproval process so that you have concrete offers to compare lenders. However, even when you’re under contract with a property, it’s not too late. As an example, we recently had a call from a local realtor, working with a veteran who was already under contract, when they realized that the veteran did not have any funds for closing costs. The seller would not contribute more.

The lender with whom the veteran was already approved did not offer any lender credits. At Indigo Mortgage, we were able to help this veteran and give him enough lender credits to cover all of his closing costs. And, we were able to offer the same mortgage rate as the other lender was offering. This is a prime example of how lender credits can help not just veterans but also FHA borrowers as well.

As another example, we just had a borrower come in directly from a local big bank. The bank told her she did not qualify for a mortgage with them and suggested she contact Indigo Mortgage.

We looked at this young lady’s situation and by analyzing her income documents and credit profile, we were able to find a loan for her. If this lady had not shopped her mortgage around, she might not have ever known she could qualify for a mortgage. As always, we suggest borrowers shop their loan around and to include a local trusted mortgage company like Indigo Mortgage. Borrowers might be surprised at what we can do for them in their home mortgage.

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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