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Tuesday, 03 April 2018 20:21

KKOB on April 3

Today on KKOB, Ben Lucero offers advice to borrowers who are looking to purchase. He discusses the importance of staying local when looking for a pre-qualification. Listen to learn more.

Published in Radio
Tuesday, 03 April 2018 19:49

Stay Local for Your Pre-Qualification

At Indigo Mortgage, we always advise borrowers to shop local when they’re looking to pre-qualify for a mortgage. Online lenders and big out-of-state banks will often pre-qualify a borrower up front, but they will process and underwrite the loan out-of-state. Borrowers will then be faced with impersonal customer service and untimely response times. In contrast, working with a local broker like Indigo Mortgage allows you to work with the same loan officer at every step of the loan process, from pre-qualification on.

It is one thing to get pre-qualified, but that is only a small part of the process. When dealing with these institutions, it’s virtually impossible to attend a first-time-homebuyer seminar, or even get answers to questions. It’s important however for homebuyers to understand the terms of their mortgage, how the buying process works, and who is responsible for closing costs. Staying local affords homebuyers the opportunity to learn more and get answers to all of their questions.

There are many working parts involved in a homebuying transaction. Realtors, title companies, buyers and sellers are involved. Every one of these parties relies on the lender to facilitate the transaction. Having access to a dedicated loan officer to help you with your transaction every step of the way is a huge advantage for homebuyers. Local lenders are accountable and easy to access, online and out-of-state lenders however, are not. So stay local and work with a company that cares, like Indigo Mortgage.

Published in Blog
Tuesday, 20 March 2018 16:17

Aggressive and Dishonest Lenders

Many borrowers come to Indigo Mortgage and tell us that they are constantly bombarded with solicitations from large out-of-state lenders. When consumer credit report agencies like Equifax, Transunion and Experion pull credit reports, they automatically sell borrower’s information to lenders nationwide. Many of these big lenders take this information and use it to contact people out of the blue, and their approach is sometimes pushy.

In one extreme case, a lender contacted a borrower offering a loan with a very low fixed rate. Before he knew it, the lender had sent an appraiser to his home. Other lenders were calling him every hour. Interestingly, while the lender was offering was a low interest rate, there were over $11,000 in hidden closing costs! This refinance would have cost our borrower thousands of dollars, and it wouldn’t have improved his situation at all. We advise our borrowers never to use a lender that contacts them out of the blue.

Sadly, this is something that many of our customers have experienced before coming to Indigo Mortgage. Unlike large out-of-state lenders, local brokers like Indigo Mortgage care about you and your loan. We are nearby, so we are always available to thoroughly answer any questions you might have about your loan. When you work with Indigo Mortgage, you work with the same person throughout the entire loan process, no call centers, no ever-changing customer service representative. At Indigo Mortgage, we value education, and we do our best to make sure you have as much helpful information as possible when you’re shopping for a mortgage.

Published in Blog
Tuesday, 13 February 2018 21:01

KKOB February 13

On KKOB today, Ben Lucero discusses some of the most important things seniors should know about VA Loan offers from large lenders and online companies.

Published in Radio
Tuesday, 06 February 2018 20:49

KKOB February 6

Shopping around helps save you thousands of dollars when you're looking for a mortgage. Ben Lucero discusses some success stories that show you should always look for the best rates and terms out there.

Published in Radio
Tuesday, 02 January 2018 20:34

KKOB January 2

Today on KKOB, Ben Lucero explains the importance of persistence when it comes to finding the right mortgage, even if you aren't approved by one lender, there are still deals out there!

Published in Radio

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
Tuesday, 28 November 2017 23:55

Confident Borrowers

At Indigo Mortgage, we believe knowledge is power. The more you know about the mortgage process and the state of the market, the more likely you are to find a great deal that works for your lifestyle. A recent study conducted by the Consumer Financial Protection Bureau delved into the shopping habits of homebuyers revealed that buyers in the know are more likely to shop around for the best rates and terms.

When consumers are confident in their knowledge about the mortgage process, they are more likely to shop around. The CFPB survey showed however, that only 55% of people felt confident in their knowledge about interest rates. This means that over half of homebuyers could be paying more than they need to on their home!

In order to find the best rates and terms on the market, homebuyers benefit from shopping around and asking questions. A trusted Albuquerque mortgage company like Indigo Mortgage will be happy to speak openly with you about your options. We are always happy to provide shoppers with a complete cost breakdown and overview of what an interest rate should look like at their particular credit score. So give us a call. We will show you how to comparison shop, so you can find a mortgage loan that works 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
Tuesday, 03 October 2017 15:30

KKOB October 3

Today on KKOB Ben Lucero discusses why it's important to get a second opinion, and not just go with the first loan you come across.

Published in Radio
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