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Monday, 12 February 2018 20:48

2018 Loan Limit Increase

At the beginning of 2018, it was announced that the limit for conventional, FHA and VA loans would increase. Prior to this year, the highest VA loan amount a borrower could get was $423,100, but now the limit has increased to $453,100; for FHA the old limit was $275,655, but it has increased to $294,515. What does this mean? Ben Lucero of Indigo Mortgage is here to explain:

Now that the VA loan limit is $453,100, borrowers can borrow up to that amount before being required to take out a Jumbo loan. This is good news for any veteran shopping for a home, as traditional interest rates are much lower than for Jumbo loans. FHA borrowers can also enjoy lower interest rates if the amount they’re borrowing is at or below the new limit of $294,515.

At Indigo Mortgage, we have been helping our borrowers avoid jumbo loan rates by cutting the loan into a first and second mortgage. We do the first mortgage at the limit of $453,100 and take out a second mortgage for the remaining amount. Combining loans this way works out better for the borrower, as it helps them avoid a higher rate on a Jumbo loan. For more information on the new loan limits, how Jumbo loans work, or simply how to get the best rates and terms on your mortgage, contact Indigo Mortgage! We’re here to help!

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
Tuesday, 18 April 2017 16:03

KKOB April 18

Working with a mortgage broker like Indigo Mortgage provides borrowers with many advantages. Ben Lucero discusses how a local broker can save you money on your loan or refinance.

Published in Radio
Tuesday, 22 November 2016 15:48

KKOB on November 22

Ben Lucero of Indigo Mortgages discusses the recent rise in interest rates and what this means for homebuyers. You may be surprised by how many great financing opportunities are still out there!

Published in Radio

Here at Indigo Mortgage, we’ve been talking a lot the last several years about how interest rates have been at historic lows, but following the election, we’ve slight increase in rates and some borrowers are concerned.

True, interest rates have risen almost a full percentage point above where they were prior to the election, but let’s put things into perspective. Interest rates are exactly where they were this time last year. Even though interest rates aren’t as low as they’ve been in the past few months, they are still exceptionally low.

In spite of the slight rise in interest rates, there are great opportunities for purchasing a new home or for refinancing. Refinancing to a shorter term mortgage, cashing in a refinance to use for home improvements, or consolidating high interest credit cards or home equity lines of credit are still great options. It’s still a good time to streamline refinances for VA and FHA loans, as rates are well below 4%.

Borrowers, do not walk away from a refinance or home purchase just because interest rates are a little higher. As always, Indigo Mortgage encourages borrowers to shop around and compare mortgage options. You will find that rates vary widely from lender to lender and you will be surprised by how much you can save! Don’t forget to talk to a trusted local mortgage company like Indigo Mortgage when you’re comparing interest rates for your home mortgage or refinance!

Published in Blog
Tuesday, 08 November 2016 19:44

KKOB on November 8

It's important to shop around and know your options when you're looking to refinance or obtain a loan. Often, you can get lower rates than you expect, especially now that rates are at historic lows. If one lender turns you down, don't give up! Ben Lucero discusses the many options that working with a broker like Indigo Mortgage affords homebuyers and those looking to refinance.
Published in Radio
Tuesday, 20 September 2016 19:04

Down Payment Requirements for Mortgages

Home buyers often call and ask what down payment options are available. Some still think they would need to put down a minimum down payment of 20%. For many homebuyers, especially first-time homebuyers, it’s difficult to have that much available cash. Today, a number of options allow a much lower down payment but may have other drawbacks.

When looking for a low down payment mortgage, by far the best loan program available is the VA or Veterans loan which requires zero down payment. Another low down payment mortgage option, one that does not require being a military veteran, is the conventional 1% down payment program. There is also the conventional 3% down for first time home buyers, followed by the 5% conventional down payment -- all the way down to whatever amount the borrower wants to put down.

There is also the FHA loan which has a minimum of 3.5% down, and if the borrower meets the income restriction requirements, they can actually have the Mortgage Finance Authority give them the down payment and the borrower then has to put down no additional down payment.

It’s important for the buyer to carefully consider which option is best for their situation, and to talk to a mortgage broker to see which may suit them best over the course of their mortgage loan.

When no down payment or a very low down payment is available, there may be implications in the mortgage insurance, which protects the lender in case of default on the payments. The VA loans never have mortgage insurance. FHA loans always require mortgage insurance, no matter how much you put down.

The conventional 1%, 3%, and 5% down payments all do require mortgage insurance; the less cash you put down, the higher the mortgage insurance premium, which then increases your monthly payment. The lower the borrowers’ credit score, the higher the mortgage insurance will be as well.

All of these factors should be considered before deciding which mortgage program to use and how much to put down. For more information about mortgage loans, the pre-qualification process, and which mortgage loan might work best for you, contact us at Indigo Mortgage.

Published in Blog
Thursday, 25 August 2016 16:12

KKOB on August 23

Indigo Mortgage has partnered with United Wholesale Mortgage to offer New Mexicans a 1% down payment mortgage.

The way it works is the buyer goes into a traditional 3% down loan, but only pays 1% and United Wholesale Mortgage gifts the other 2%.

This shouldn't be mistaken as a second mortgage, as it is a true gift from UWM. The buyer must have a minimum credit score of 700. Contact Indigo Mortgage today to learn more about this offer and to see if you qualify.

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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