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Tuesday, 24 January 2017 19:49

KKOB on January 24

It's a new year, and many interested in buying a home are starting to look at options. Ben Lucero of Indigo Mortgage discusses why now is a great time to pre-qualify for a mortgage loan.

Published in Radio
Tuesday, 11 October 2016 22:49

How to Streamline Construction Loans

Residential home construction loans have made a huge comeback. Many homeowners are opting to build a custom new home rather than buy a new home. Of course a process this complex and expensive comes with its share of anxiety. Planning ahead can ease some of the stress and make the process go a lot smoother.

Ben Lucero of Indigo Mortgage has helped many homeowners obtain construction loans so they can build the home of their dreams. Over the years, he has observed some ways to streamline the process.

To start, borrowers will want to have all of the details in place. This means finding the land to build on, hiring an architect, completing the floor plan and selecting a builder. Be sure to hire licensed professionals with references.

At this point, most people begin looking for a lender, but there’s one important step to consider first. Often, the borrower and the builder do not have a firm grasp on how much the completed home will be worth. It’s imperative to bring in an appraiser to estimate the value of the project so the homeowner will know how much money to borrow and put down. Far too often, the borrower finds out weeks after applying for a loan that the bank appraisal is not high enough to cover the construction loan. Bringing in an appraiser at this early stage can save borrowers from bigger problems in the long run.

Indigo Mortgage has been helping homeowners with construction loans for almost 14 years, so our mortgage experts are well suited to assist borrowers. We can support our clients and help them evaluate plans and specs, line item breakdowns and descriptions of materials, as well as set them up with an appraiser. We are happy to provide guidance throughout the process, not just arranging financing. We strive to be partners, not just lenders... Because no on cares more about you and your mortgage loan.

Published in Blog
Tuesday, 11 October 2016 21:53

KKOB on October 11

Many homeowners are choosing to build rather than buy a new home. Ben Lucero of Indigo Mortgage has helped homeowners obtain construction loans for years. Listen as he shares tips on how to streamline the process.

Published in Radio

Applying for a mortgage is a huge step in a person’s life. Many prospective homebuyers have never filled out a mortgage loan application before or have not done so for quite some time. After the changes to the mortgage industry in 2009, potential borrowers might feel uneasy about applying for a mortgage loan.

Published in Blog
Wednesday, 10 December 2014 17:39

KKOB on December 9

It's a Great Time to Buy a New Home!

Published in Radio
Tuesday, 19 November 2013 16:19

Home Buyers' Education and Pre-Qualification

Today I want to discuss the importance of utilizing a home buyers’ educational seminar before buying a home.

The main things lenders look at are credit score, income, and source of down payment. Pre-qualifications can take as little as 10 minutes to perform depending on the borrower’s situation. Most lenders today will simply advise the borrower weather they are qualified and for how much, but this is a huge disservice to any buyer if they stop there. A pre-qualification should be much more in depth so that the potential home buyer is educated on many aspects of home buying.

The pre-qualification should include education on what makes up the complete monthly payment, including principle and interest payment, home owners insurance, property taxes, and mortgage insurance. The lender should also cover the complete closing costs and what a buyer should expect to come to the closing table with.

I have met with several purchase buyers who originally called Indigo Mortgage to compare interest rates and found that none of the other lenders even bothered to put these buyers through a home buyers’ seminar. Indigo mortgage offers all home buyers, whether they are a first-time buyer or not, a one-on-one session to educate them on the home buying process from A to Z.

Completing an educational seminar may be difficult to accomplish if buyers are utilizing an out of state or online lender. A borrower can get a home buyers seminar from an on-line or out of state lender, or even a large bank for that matter. Unfortunately, these online and out of state lenders are in it for the profit only and don’t really care whether a borrower is educated on the home buying process. As always, I encourage all home buyers to use a trusted local lender, someone like Indigo Mortgage.

Published in Blog
Wednesday, 09 October 2013 00:00

KKOB on October 8

With the government shutdown, I just want to advise home-owners, whether they are in a mortgage transaction now or are anticipating a purchase or refinance, what this means to them.

Published in Radio

With the government shutdown, I just want to advise home-owners, whether they are in a mortgage transaction now or are anticipating a purchase or refinance, what this means to them. There is a lot of misinformation out there so I’ll do my best to clarify. Borrowers who are doing an FHA loan won’t really be impacted, as HUD is still processing all applications and issuing FHA case numbers. As for conventional loans, again there has not been any slowdown in processing of applications. So for the next few weeks, borrowers should not be affected. Even if a borrower is furloughed, lenders have made accommodations to accept these applications.

In a nutshell, the shutdown has had a minimal effect on the underrating and processing of mortgage loans. The silver lining to the shutdown is that rates have taken a big turn for the better, and over the last week or so have come way down. The average rate for a 30-year fixed conventional FHA and VA loans are around 4.25% and the 15 year are around 3.375%. We haven’t seen rates dip that low for a couple of months now. So if anybody was on fence whether to purchase or refinance I think now is a great time to move forward.

Indigo Mortgage is sponsoring “Everything You Always Wanted to Know About Home Ownership, But Were Afraid to Ask.” It’s every Tuesday from noon - 1pm at the Hispano Chamber of Commerce building. Today we feature Mila Lucero from Keller Williams real estate, and next week we feature an area appraiser talking about how to interpret an appraisal and what factors go into determining values. All the info is posted on our website at indigomortgage.net

Published in Blog

UPDATE: These educational seminars have been paused for the time being. We apologize for any inconvenience. If you have questions about mortgage refinancing, appraisals, or anything else regarding home ownership, please call Indigo Mortgage and we will be happy to help you on a one-on-one basis. 

Indigo mortgage, along with the Hispano Chamber of Commerce, is sponsoring an educational series that starts October 8 and runs once a week until November 26. In this educational seminar we will address everything you wanted to know about real estate transactions but were afraid to ask. Each week we’ll feature a different live speaker that specializes in some aspect of real estate. We’ll have a title company, a real estate appraiser, a real estate attorney, a relator, and of course Indigo Mortgage will talk about mortgage lending.

Starting October 8th, we will meet at the Wells Fargo room at the Hispano Chamber of Commerce. Free munchies and refreshments will be provided. The meeting time each week is from 12-1pm.

This week we will feature Mila Lucero, a realtor from Keller Williams realty, so bring your real estate questions. This seminar is open to the public. You do not have to be a Hispano Chamber member. It’s first come first serve, so I recommend calling the office of Indigo Mortgage to reserve a spot. 

Published in Blog

A new national study just released shows that nearly 50% of homebuyers make the decision on which lender to finance their purchase, using their realtor’s recommendation.

So instead of shopping around for a lender, homebuyers are influenced by their agent to use the lender of the realtor’s choice-- for better or for worse. Realtors want speed and reliability from a lender and usually establish relationships with lenders who offer both. The downside to that might be that the lender does not offer the lowest rates or the best terms for the borrower.

Just blindly going with the referred bank or lender clearly isn’t wise, because when it comes down to it, you really won’t know how competitive they are, unless you shop your loan elsewhere. Often times when a buyer makes an offer on a home, the real estate agent will ask them to get pre-approved with the recommended “preferred lender.” While it may be in your best interest to get the pre-approval to show you’re very serious about buying the property, the buyer doesn’t need to use that lender to obtain your financing. You can still shop that mortgage around for the best rates and terms. Now, we are not in the slightest saying not to use the realtor’s preferred lender, just to be prudent and get other quotes.

Using a mortgage broker like indigo Mortgage can mean the difference of .25 to .5 % in the interest rate, which over the life of the mortgage, can save the borrower thousands of dollars. If it’s an FHA or VA loan, the borrower can also see a swing of several thousand dollars in lender-paid closing costs, again saving you money.

A mortgage broker has access to several different lenders so the buyers’ chance of getting the best rate and getting their loan closed is much greater. Remember, It’s actually best to start with a lender before even contacting a real estate agent or looking for homes because this way the borrower can be approved for a certain level of mortgage, and will have full knowledge of their loan before they make an offer.

For questions about selecting a mortgage lender, contact Indigo Mortgage in Albuquerque, NM 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.

Published in Blog

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