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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
Tuesday, 08 November 2016 18:22

Know Your Mortgage Options!

At Indigo Mortgage, we believe that it’s imperative to shop around before purchasing a loan or refinancing. Homeowners don’t always realize how many options are available, and often they accept higher rates than they deserve. In some cases, homeowners are turned down for a loan or a refinance, and they give up, without realizing that another lender would be happy to accommodate them. Whether you’re looking for a loan, or looking to refinance, educate yourself. Know what’s going on in the market to ensure you get a fair interest rate. You have options!

Interest rates are still near historic lows, which means if you currently have an FHA or VA loan, now is a great time to consider your interest rate. If your interest rate is 4.25% or higher, it’s time to look at a streamlined refinance, FHA and VA loans should be in the low 3% range. If you are already refinancing or have purchased a loan and your rate is higher than 3.5%, see if your lender will renegotiate. Never accept a loan offer at a higher rate than what’s available out there.

But what if you’ve been turned down for a loan? At Indigo Mortgage, we’ve received inquiries from individuals who have been turned down, and we’ve always been able to help them. As a broker, we work with many different lenders. Each of the lenders we work with has a different set of guidelines, so chances are, if one lender won’t approve a loan, another lender will. Don’t give up on your loan, get a second opinion.

At Indigo Mortgage, we pride ourselves on being transparent and honest. We are always happy to answer any questions you may have about your mortgage, and we always work hard to get the best rates for our clients. Call Indigo Mortgage to find out what your options are!

Published in Blog
Wednesday, 23 October 2013 16:42

KKOB on October 22

In less than a month, Fannie Mae is implementing a new mortgage guideline that requires a larger minimum down payment.

Published in Radio
Thursday, 17 October 2013 19:48

KKOB on October 15

Don't just ask about the rate, ask if the lender offers lender credits and you might be surprised what you find.

Published in Radio
Tuesday, 20 August 2013 22:30

KKOB on August 20

If the recession hit you hard, you can still receive an FHA loan.

Published in Radio

As most people are realizing, mortgage rates have come off the bottom and are higher than they were just a few weeks ago. By historical standards the rates are still very low. There are still many opportunities for borrowers looking to refinance. For example, if homeowners have a fist and second mortgage and that second mortgage is a Home Equity Line of Credit (HELOC) or a variable rate, it is still wise to try to consolidate them into one mortgage if they have enough equity. This prevents them from having that variable rate skyrocket when the rates go up. Another opportunity is for homeowners who are holding on to an ARM, or Adjustable Rate Mortgage, because the warning shot has been fired and those rates are destined to go up. It’s better to get under a fixed rate while the rates are still low. One other opportunity is for borrowers who have an FHA or VA loan that is higher than 5.25% they can still streamline these loans to a lower rate without an appraisal. Also, for anyone looking to purchase it’s a great time to get a pre-qualification and start shopping for that new home.

If you’re interested in any of the subjects referenced or have questions on how to save money with your current loan, or for any other mortgage or refinance information, contact Indigo Mortgage at 505-836-5700. Indigo Mortgage is a locally owned and operated company, serving homebuyers in Albuquerque, Rio Rancho, Santa Fe and all across New Mexico. The company has five mortgage divisions for Residential, VA Loans, Reverse Mortgages, Construction and Commercial loans. Our mortgage broker and underwriters are certified by the National Mortgage Licensing System, NMLS # 188348.
Published in Blog
Thursday, 28 March 2013 00:00

FHA Changes Ahead for Borrowers

The FHA loan continues to be one of the strongest mortgage loan programs on the market, but there are some big changes coming as of April 1st, 2013. The monthly mortgage insurance premium, also known as MIP, has been at 1.25% but after April 1st the rate will be increased to 1.35%. This is a minor adjustment compared to the big change coming for FHA. Currently, borrowers with an FHA loan can request the MIP be canceled when their loan-to-value goes down to 78%.After April, the monthly mortgage insurance premium can never be taken away; it will be permanent for the life of the loan.

The FHA loan still offers many first-time home buyers or those with less-than-perfect credit a great way to purchase a home since it only requires 3.5% down. An FHA loan is also not as restrictive as a conventional loan with mortgage insurance. It also allows up to 85% on cash-out transactions and if a borrower is trying to pay off a first and second mortgage, the FHA loan will allow a loan-to-value ratio of 97.5%.

It’s good news that the new FHA streamline loans will not be affected. If a borrower currently has an FHA loan that was secured before June 1st 2009, then they can streamline into a new FHA loan and the Mortgage Insurance is actually cut in half and the up-front mortgage insurance all but goes away. The new FHA streamline can save borrowers a lot of money if their loan qualifies. Again the FHA streamline on loans taken out prior to June 1st of 2009 will not be affected by the changes coming on April 1st.

If you’re a first-time homebuyer and have questions on FHA loans, or for any other mortgage or refinance information, contact Indigo Mortgage at 505-836-5700. Indigo Mortgage is a locally owned and operated company, serving homebuyers in Albuquerque, Rio Rancho, Santa Fe and all across New Mexico. The company has five mortgage divisions for Residential, VA Loans, Reverse Mortgages, Construction and Commercial loans. Our mortgage broker and underwriters are certified by the National Mortgage Licensing System, NMLS #188348.

Published in Blog
Tuesday, 30 April 2013 00:00

KKOB on April 30th

Mortgage Loan Options: Conventional, FHA, VA Loans

Published in Radio

From The Blog

  • Confident Borrowers +

    At Indigo Mortgage, we believe knowledge is power. The more you know about the mortgage process and the state of Read More
  • 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 Read More
  • National Study Finds 77% of Borrowers Likely Overpaid Their Mortgage Loan +

    The CFPB or Consumer Financial Protection Bureau is the national financial governing body responsible for protecting all consumers and is Read More
  • Beware of Imposters: A Note from Ben Lucero +

    When it comes to shopping for a mortgage, buyers have more options now than ever! This is great for buyers, Read More
  • Second Opinions on Mortgages +

    When should a borrower shop their mortgage to various lenders? Certainly it’s best to do so as part of the Read More
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