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Tuesday, 12 September 2017 15:46

Prequalification vs. Preapproval

If you’re a first-time homebuyer or if it’s been a while since you’ve purchased a home, you likely have a lot of questions about the mortgage process. Indigo Mortgage is always here to provide information and expert advice on all mortgage related topics. One thing that many people ask us about is the difference between prequalifying for a loan, and getting preapproval on a loan. These are two very different things.

Prequalification: When a borrower wants to prequalify for a mortgage, they submit a full mortgage application. The lender will then pull a credit report and collect income verification, such as bank statements. The lender will then analyze that information and, if it meets all criteria, the lender will issue a prequalification. This will give the borrower an idea of the mortgage amount they’re eligible for.

Preapproval: The preapproval process goes further than prequalification. All financial information collected from the borrower in the prequalification process is submitted to an underwriter. The lender will then be able to tell the borrower exactly how much they qualify to borrow. When you are preapproved for a mortgage, you will receive an exact loan amount in writing, so you can look for a home at or below that price level. This can make your home-shopping experience so much easier. In a competitive market, it may also give you an advantage if the home you love has multiple offers, because your financing is already assured.

When you’re shopping for a home, call Indigo Mortgage for your prequalification or preapproval.

Published in Blog
Monday, 17 July 2017 06:00

Keep Your Purchase Local

Many out-of-state and big institutional mortgage lenders promote their fast pre-qualifications and ease of use, but sometimes these offers can be misleading. Borrowers may get a fast pre-qualification, but when it’s time to actually get the mortgage done, the story can change. When borrowers work with out-of-state lenders, they may never speak to the same originator who took their loan application ever again. Borrowers are left with impersonal communication with an office a thousand miles away. At Indigo Mortgage, we always tell our borrowers the importance of working with a local lender, as purchasing local has many advantages.

When borrowers work with a local mortgage broker, their loan originator is easily accessible, willing to take time to answer any questions that come up, and always available for a face-to-face conversation. A local mortgage broker like Indigo Mortgage is willing to take time to speak with the borrower, realtors, sellers, and title companies involved, to ensure a smooth mortgage process for clients, from application to funding.

Not only are the lending experts at Indigo Mortgage always there for customers, but we have a track record of finding the best rates and terms on the market. So don’t work with an out-of-state lender or a large national bank. Contact Indigo Mortgage for personalized help with your loan.

Published in Blog
Tuesday, 18 July 2017 12:35

KKOB on July 18

This morning on KKOB, Ben Lucero explains why working with a local mortgage broker has major advantages over borrowing from a big bank or national lender.

Published in Radio
Monday, 10 April 2017 22:54

KKOB April 11

Today on KKOB, Ben Lucero discusses how shopping your mortgage around can potentially save you thousands of dollars on a veteran or FHA loan.

Published in Radio
Monday, 10 April 2017 22:46

Lender Credits Shop

At Indigo Mortgage, we always encourage borrowers to compare mortgage loans, shop around, and negotiate. No matter how far along in the process you are, it’s never too late. Even if you’ve prequalified with another lender, Indigo Mortgage can likely still help you save money on your mortgage loan.

One way that we can help veterans and FHA borrowers save money, is by providing lender credits. Lender credits are granted by Indigo Mortgage to help borrowers cover their closing costs. Lender credits can be especially beneficial for borrowers that do not have sufficient funds available for initial closing costs. If the lender you are working with does not offer lender credits, contact us, we can often find a way to provide them and assist you with your closing costs.

Many times, borrowers will come to Indigo Mortgage after prequalifying elsewhere. We are typically able to lower their rate by .5%, or match another lender’s rate and offer lender credits. We encourage all borrowers to shop around, and come to us for help with comparing mortgage options. Indigo Mortgage could help you save thousands of dollars!

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, 24 January 2017 21:56

Pre-Qualify for a Loan Now

Now that it’s a new year, many interested homebuyers are starting to look at their financing options. At Indigo Mortgage, we believe that now is a great time to pre-qualify for a mortgage if you’re thinking of a Spring or Summer move. The prequalification process should tell borrowers their rate, how their total payment is derived, as well as provide them with a list of closing costs.

The prequalification process is fairly simple. You supply Indigo Mortgage with information about your finances, like your debt, income and assets. We evaluate this information, and we can tell you whether you qualify, what your expected interest rate will be, likely closing costs, and explain how your total monthly payment is derived.

There are four factors that go into a total monthly payment. It is determined by a combination of your principal and interest payments, homeowner’s insurance payment, property taxes, and mortgage insurance (if you are putting down less than 20%). We also explain the closing costs and whether or not lending credits will be involved.

At Indigo Mortgage, we believe education is important. We offer seminars to explain the mortgage process to first-time homebuyers and prior homeowners alike. We want every borrower to feel confident that they understand the homebuying transaction and feel equipped to make an offer.

Pre-qualification is only the beginning of the homebuying journey. At Indigo Mortgage, we recommend working with a local lender so you can expect to receive timely answers to any questions you may have along the way. We search daily for the best rates and terms for each borrower so we can get our customers the best deals available on the market.

Published in Blog
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
Wednesday, 13 January 2016 17:34

KKOB on January 12th

Understanding the Pre-Qualification Process

Published in Radio
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