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Tuesday, 03 June 2014 16:16

KKOB on May 6

Your mortgage market report from Indigo Mortgage.

Published in Radio
Tuesday, 17 September 2013 15:48

Mortgage Loan Snapshot: October 2013

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.

Published in Blog
Tuesday, 02 April 2013 00:00

KKOB on April 2nd

The Federal Government is Rolling Out a New Loan Modification Program - HAMP

Published in Radio
Tuesday, 16 April 2013 00:00

KKOB on April 16th

Market update and mortgage advice.

Published in Radio

Fannie Mae just released a new study showing that many HARP -2 eligible borrowers have still not refinanced. The study wanted to know what has caused these borrowers to not take advantage of the HARP-2 program. The study found that perceived Costs, rigid loan terms, distrust of the lender or offer, and misperceptions about qualifying are the main reasons why people are not refinancing.

Along with those reasons, borrowers also said they don’t want to take out another 30 year loan; they feel they’ve been bombarded with mailers and offers; they still think their home has lost too much value; there is too much paperwork; and they do not like or trust their current servicer.

We’d like to address several of these issues. First, borrowers can still use the HARP to refinance into shorter terms and they do not have to take out just a 30 year loan-- they can do a 10, 15, 20 or 25 year term, which also would decrease the amount of interest paid during that loan.

At Indigo Mortgage, we realize that borrowers are sometimes inundated with offers and mailers so we try to be more of a resource. We can often answer many of their questions without even doing an application. Remember that a borrower does not have to return to their current lender to take advantage of the HARP refinance. As a matter of fact, these homeowners would be well served to shop their mortgage around before and review various offers in order to choose their new lender.

Indigo Mortgage has completed many HARP-2 refinances and we strive to make it as easy and seamless as possible to complete your refinance. If you have questions on a HARP refinance or for any other mortgage or refinance information, contact Indigo Mortgage at 505-836-5700.

Published in Blog
Tuesday, 16 April 2013 00:00

Mortgage Updates and Tips

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.

Published in Blog