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Tuesday, 05 September 2017 14:42

Low VA Rate Mailers

Indigo Mortgage is proud to be the top broker in New Mexico for VA Loans. Because we work with so many of our veterans, we have a unique understanding of their concerns and needs. So, when veterans call Indigo Mortgage and say they received a letter from a mortgage lender offering them unbelievably low rates, we always check to see if those offers are legitimate, because, as we say, no one cares more about you and your loan than we do.

Many lenders will claim they can offer interest rates as low as 2.5% or 2.75% on 30-year mortgages. They send out mailers advertising these rates to veterans. Upon further investigation though, these are not 30-year fixed mortgages. They’re only fixed for 3-5 years, and then after 3-5 years, these interest rates are adjusted – which will almost always raise your monthly payment.

In other cases, the rate may be fixed for 30 years, but borrowers pay a full 2 points in discount and origination fees! That’s a full 2% of the loan – on a $200,000 mortgage, that means a veteran would pay an extra $4,000 just to buy the interest rate down to below 3%. Both of these tactics are misleading. As a general guideline, veterans can expect an interest rate in the mid 3% range for 30-year VA loans, without any origination, discount or lender fees. Shopping around is important because it can mean a .5-1% difference, depending on the lender.

Keeping your loan local means personalized customer service. When you work with Indigo Mortgage for your VA loan, we look for the best rates and terms, without any unnecessary fees. Contact us to learn more about VA loans!

Published in Blog
Monday, 10 July 2017 06:00

KKOB on July 11

On KKOB this morning, Ben Lucero discusses why it's so important to shop around before accepting a loan proposal. Learn how you can save money on your mortgage loan.

Published in Radio
Monday, 10 July 2017 06:00

13 Billion Dollar Shopping Cost

At Indigo Mortgage, we always urge our clients to shop around for their mortgage loans, and for good reason. The Consumer Financial Protection Bureau (CFPB), the federal governing agency responsible for consumer financial protection, just conducted a national survey and found that only 50% of consumers bothered to shop around and research their mortgage loan. Those consumers who did not shop around ended up having to pay $13 billion in fees, fees that could have been avoided.

According to the CFPB’s findings, borrowers took their first offer from a large institutional lender, internet lender, or a national bank. “Consumers put great thought into the choice of a home, but the mortgage process continues to be intimidating” says CFPB Director Richard Cordray, “Shopping for a loan can save big dollars in the long run.”

Rates can vary as much as ½ a percent from one lender to the next, and even at the same rate, the closing costs can vary by several thousand dollars. Don’t assume that your lender is going to give you the best deal. At Indigo Mortgage, we believe that an educated borrower can save themselves thousands of dollars by making an informed choice. If you have any questions about your mortgage loan, call Indigo Mortgage, we will be happy to answer your questions and show you the important elements of loan proposals, so you can save money!

Published in Blog
Tuesday, 09 May 2017 21:52

KKOB on May 12

In this segment on KKOB, Ben Lucero disusses one of the major questions all shoppers should ask when looking for a mortgage loan, and why a low interest rate doesn't mean you're saving money!

Published in Radio
Monday, 24 April 2017 22:16

General Information About VA Loans

At Indigo Mortgage, our VA loan division closes more VA loans than any other mortgage company in New Mexico. Here’s some basic information for veterans who are interested in this type of loan.

Borrowers can have multiple VA loans. If all previous VA loans have been paid off, a veteran can take out another loan. In fact, a veteran can have two VA loans simultaneously. Borrowers can split their entitlement and purchase two properties, as long as both loans do not exceed a combined total of $417,000, the new loan is over $144,000, and the new VA loan is an owner-occupied loan.

VA allows 100% cash-out on refinances. If a lender tells you that they only allow 90%, keep looking. At Indigo Mortgage, we offer 100% cash out, without compromising our low rates.

VA now allows jumbo mortgages. Borrowers can get mortgage loans over $417,000.

The VA never requires mortgage insurance, but there is a funding fee. The funding fee can be waived if the veteran receives 10% or more disability.

Be wary of lenders offering outrageously low rates. Typically, when a lender offers unbelievably low rates, they’re adjustable rate mortgages, not fixed rate mortgages. These types of mortgages can be very expensive to buy down, and aren’t really worth it.

Keep it local. When you’re shopping for a VA loan, remember to shop local. A local mortgage broker like Indigo Mortgage is easier to work with face to face, and can often save you money!

Published in Blog
Tuesday, 21 February 2017 17:21

KKOB on February 21

On KKOB today, Ben Lucero give listeners a quick update on what's going on right now in the mortgage market and what that means for homebuyers in New Mexico.

Published in Radio
Tuesday, 21 February 2017 15:56

Mortgage Market Update

Indigo Mortgage strives to stay up to date with market developments, and often we’re asked about trends in the mortgage industry. Here are some of our predictions for the rest of 2017:

Last year, we saw some of the lowest interest rates in history. While we do not expect rates to drop as low as they did in 2016, we do expect that they will stay steady throughout the rest of the year. Interest rates are still well below 5%, in the low 4’s on 30 year fixed mortgages, and in the mid 3’s for 15 year fixed mortgages. At Indigo Mortgage, we believe that now is a great opportunity for shoppers to purchase or refinance. If you’re hanging on to a home equity line of credit, now would be an excellent time to refinance and combine two mortgages into a low fixed rate.

Housing experts predict that 2017 will be a good year for real estate. If you’re looking for a new home, you can expect a lot of competition. Indigo Mortgage recommends getting pre-qualified well in advance. Ask your lender for a pre-qualification letter so you can have that ready when you want to make an offer on a home. A local lender can make the mortgage process easier, so turn to one of them first, instead of an online lender. You will get better service from Indigo Mortgage.

If you have any questions regarding the mortgage process or what’s going on in the market at the moment, contact Indigo Mortgage! Our experts keep up with market trends so we can help our valued New Mexico clients!

Published in Blog
Tuesday, 07 February 2017 21:21

KKOB on February 7

Buying a new home has advantages, but Ben Lucero discusses why you may want to be cautious about buying directly from a home builder.

Published in Radio

Buying a new home has its advantages. You get to choose your amenities, select the location and neighborhood, perhaps even customize your floorplan. With a brand-new home, you don’t inherit someone else’s appliances or personal customizations. It’s fresh and clean, and completely yours. For these reasons, some homebuyers consider buying directly from a home builder. Often builders will waive closing fees to entice buyers to work directly with them, however, Indigo Mortgage urges homebuyers to be cautious about this option.

The first thing to consider when buying directly from a builder is that without a realtor on your side, you are completely at the mercy of the builder. It would be similar to walking into a courtroom without a lawyer. Working with a realtor, or buyer’s agent, is of benefit because they know the laws, they know the ins-and-outs of contracts, and they can help you navigate the process. A buyer’s realtor is paid for by the builder, so why not use one?

Another consideration when working with a builder, is that they will typically make it very difficult for a buyer to use a lender other than their in-house lender. In an effort to appeal to buyers, many builders will not require them to pay closing costs, however, this doesn’t necessarily save you money. If you qualify for a VA or FHA loan, you may be eligible for lender credits, which would cover your closing costs. Working with an outside lender will often get you lower interest rates as well.

A builder’s representative will most likely never offer a first-time home buying seminar for their clients or work hard to find the best rates and terms. Indigo Mortgage however, wants to equip all potential homebuyers with the knowledge needed to navigate the home buying process. That’s why we recommend working with a buyer’s agent, and shopping around to find the best mortgage loans. We’re here to help every step of the way!

Published in Blog
Tuesday, 27 December 2016 22:43

An Informed Decision Can Save You Thousands!

The Consumer Financial Protection Bureau, the government entity responsible for ensuring that banks, lenders and other financial institutions treat consumers fairly, found that only 50% of borrowers bother to thoroughly research their loan options when looking for a mortgage. This means that 50% of borrowers never even considered any other offers – they purchased from the first lender they called!

Richard Cordray, Director of the Consumer Financial Protection Bureau, stated that “consumers put great thought into the choice of a home, but the mortgage process continues to be intimidating. Shopping for a loan” he says, “can translate into big dollars saved in the long run.”

Indigo Mortgage strongly encourages borrowers to shop around before making a mortgage loan purchase. Rates can vary by as much ½ of a percent from one lender to another, and even at the same rate, closing costs can vary by several thousands of dollars! An educated borrower can, however, save thousands of dollars just by doing the research and selecting the best deal.

The easiest way to compare a loan is to compare the lender fees on any given rate. Indigo Mortgage is happy to educate borrowers on what to look for when shopping for a loan. Borrowers can always call us and we will show them the most important elements of loan proposals!

Published in Blog
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