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Mortgage Loan Snapshot: October 2013

Tuesday Sep 17, 2013
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Although mortgage rates have seen an increase over the last few months, there are still some great opportunities for borrowers.

First of all to put things into perspective, rates are still at historical lows. I was reviewing some old radio shows, and in October of 2010 the rates were exactly where they are today and I was saying then that they were at historical lows, and that was 3 years ago. These low rates can still bring great opportunity for underwater borrowers who have not yet taken advantage of the Home Affordable Refinance Program (HARP) loans.

If home buyers are considering a purchase, the conventional purchase loans are still around the 4.5% range and VA and FHA rates are about 4.25%. Experts are predicting that rates will stay below the 5% mark throughout 2013, but expect them to break 5% sometime mid 2014. Which means that there is still time. I want to stress to anyone sitting on the fence to at least make a phone call and let us do a free mortgage analysis for them.

Lately big and out of state lenders are pushing many different loan programs and rates because refinances have been drastically reduced in the marketplace and they made up the lions share of all loans. But I encourage borrowers to always consider a local lender as using out of state mortgage lenders can become very impersonal and burdensome to deal with, and you might not get what you thought you’d get. A local lender will spend the time necessary to educate borrowers on the different loan programs. I encourage borrowers to use a mortgage broker in particular, because as a mortgage broker we can offer every single loan program these big lenders can offer and we can most likely match or beat their rates with local customized service.

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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