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The CFPB or Consumer Financial Protection Bureau is the national financial governing body responsible for protecting all consumers and is an organization put in place after the big financial meltdown a few years ago. The CFPB conducted a nationwide study and they recently published some key results about mortgages that consumers need to know.

The study found that 77% of home buyers applied to only one lender for their mortgage. That means that only 23% shopped their mortgage around for competitive offers. The study showed that because borrowers did not shop their mortgage, it cost them billions of dollars in unnecessary fees and higher rates.

The reasons that the borrowers didn’t shop for different mortgage offers-- consumers said they had faith in their present lender, often the bank they’ve used for some time, or one of the big national mortgage lenders. These huge lenders depend upon their clients not shopping around, and that’s why borrowers often receive higher rates and fees—they know they won’t have a competitive mortgage offer.

The best way to find the best mortgage loan is to simply pick up the phone and call more than one lender-- make sure to include a local trusted mortgage company, who may be able to be much more competitive with mortgage rates and fees. At Indigo Mortgage, we are happy to answer your mortgage questions and to help borrowers understand how to comparison shop rates and fees.

Published in Blog
Wednesday, 25 May 2016 15:10

KKOB on May 24

Key Questions to Ask About a Mortgage

Published in Radio

Mortgage interest rates have fallen dramatically over the last few weeks, and are now at those historical lows once again. They are particularly low with FHA and VA rates, in the low-three-percent range. If your current interest rate on those is four-and-a-quarter percent or higher, now is the time to look at streamline refinancing.

Published in Blog
Tuesday, 09 February 2016 19:44

KKOB on February 9th

Get a Second Opinion if Denied a Mortgage Loan

Published in Radio

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