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The Consumer Financial Protection Bureau, the government agency that oversees all financial instructions nationwide, recently conducted a survey that turned up some interesting findings. Survey results showed that 70% of borrowers that responded did not shop around when looking for a mortgage. Because of this, the amount of total overpaid fees comes out to approximately 30 billion dollars, and that’s just looking at fees, not the higher rate that borrowers are settling for! At Indigo Mortgage, we always tell our customers to shop around, because we know that better rates and terms are out there, and we can help you find that perfect deal!

Never assume that your current lender is offering you the best deal, and don’t assume that your bank will offer the best terms. Often, at Indigo Mortgage, we find that internet lenders and big national lenders seem to present a good deal up front, but once you take a look at the fine print, it’s a different story. It adds up, over 15 to 30 years of paying a higher rate means that borrowers are paying thousands of dollars more in interest. This can be avoided with just a little bit of research!

At Indigo Mortgage, we will never ask to see what others are offering, and we will always send you our best offer first. If another lender has a better offer, we will advise you to take it! So please, shop around. Indigo Mortgage is always here to help you find the best mortgage for you!

Published in Blog
Wednesday, 22 November 2017 16:33

Who Shops a Mortgage Around?

Last week we talked about a new national survey conducted by the Consumer Financial Protection Bureau that revealed 77% of borrowers likely overpaid their mortgage loan. This week we want to talk about more of that study’s findings – specifically, the type of borrowers that actually shop around before getting a mortgage loan.

The CFPB study showed that of the 23% of home buyers that took the time to really research their options, the majority were first-time homebuyers. These first-time homebuyers are conducting the majority of their research online, which is great because it allows them access to a world of information, but, it also makes them more likely to rely on internet lenders. At Indigo Mortgage, we advise against working with online lenders for many reasons, including the fact that they are notorious for taking advantage of first-time homebuyers. Some of the homebuyers that took the time to research their loan had been previously denied by another lender. At Indigo Mortgage, we always encourage buyers to get a second opinion. If a homebuyer doesn’t qualify with one lender, they may qualify for a loan with another lender.

Eighty percent of the borrowers who shopped around were looking for the best rates and terms available. When they took the time to research their decision, many were able to save themselves thousands of dollars in unnecessary points and fees. The best way to save money on your home loan is to shop around. And don’t forget to consult a reputable local mortgage broker like Indigo Mortgage in Albuquerque, to help you along the way and answer any questions you may have.

Published in Blog

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