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Tuesday, 07 February 2017 21:21

KKOB on February 7

Buying a new home has advantages, but Ben Lucero discusses why you may want to be cautious about buying directly from a home builder.

Published in Radio

Buying a new home has its advantages. You get to choose your amenities, select the location and neighborhood, perhaps even customize your floorplan. With a brand-new home, you don’t inherit someone else’s appliances or personal customizations. It’s fresh and clean, and completely yours. For these reasons, some homebuyers consider buying directly from a home builder. Often builders will waive closing fees to entice buyers to work directly with them, however, Indigo Mortgage urges homebuyers to be cautious about this option.

The first thing to consider when buying directly from a builder is that without a realtor on your side, you are completely at the mercy of the builder. It would be similar to walking into a courtroom without a lawyer. Working with a realtor, or buyer’s agent, is of benefit because they know the laws, they know the ins-and-outs of contracts, and they can help you navigate the process. A buyer’s realtor is paid for by the builder, so why not use one?

Another consideration when working with a builder, is that they will typically make it very difficult for a buyer to use a lender other than their in-house lender. In an effort to appeal to buyers, many builders will not require them to pay closing costs, however, this doesn’t necessarily save you money. If you qualify for a VA or FHA loan, you may be eligible for lender credits, which would cover your closing costs. Working with an outside lender will often get you lower interest rates as well.

A builder’s representative will most likely never offer a first-time home buying seminar for their clients or work hard to find the best rates and terms. Indigo Mortgage however, wants to equip all potential homebuyers with the knowledge needed to navigate the home buying process. That’s why we recommend working with a buyer’s agent, and shopping around to find the best mortgage loans. We’re here to help every step of the way!

Published in Blog
Tuesday, 02 February 2016 23:06

KKOB on February 2nd

Local Mortgage Lenders Offer Better Service, Lower Rates

Published in Radio
Wednesday, 13 January 2016 17:34

KKOB on January 12th

Understanding the Pre-Qualification Process

Published in Radio
Monday, 15 June 2015 00:00

Don't Be Transferred Out of State.

If you think you're dealing with a local company, think again. When becoming pre-qualified for your mortgage, you may THINK you're going to be dealing with a local lender-- sometimes that's not the case.

Published in Blog
Tuesday, 03 June 2014 17:00

KKOB on May 20

FHA loan program for first time home buyers.

More Positive News for First Time Home Buyers.

Published in Radio
Friday, 11 April 2014 20:23

KKOB on April 11

The Veteran's Mortgage Cash-Out Program is Coming Back!

Published in Radio
Tuesday, 08 April 2014 19:46

KKOB on April 8

Your Market Update on Interest Rates

Published in Radio
Tuesday, 18 March 2014 19:30

KKOB on March 18

Borrow Pre-Approval Process-- Know Exactly What to Expect.

Published in Radio
Tuesday, 04 February 2014 16:41

Lender Paid Mortgage Insurance

If you're worried about mortgage insurance payments, there may be a solution just right for you-- Lender Paid Mortgage Insurance. On a oonventional mortgage the minimum required downpayment is 5% of the purchase price. If a borrower puts down less than 20% the loan will require mortgage insurance-- an insurance policy to protect the lender in case of default. The less money a borrower puts down, the higher the monthly mortgage insurance premium will be.

Lender Paid Mortgage Insurance is just as it sounds...this is a loan structure where the lender is paying your mortgage insurance premium. The LPMI option is an excellent option when borrowers are payment conscience. The lender is able to make the mortgage insurance payments by charging a slightly higher rate than if the borrower paid the premium themselves.

In many cases, this can save a borrower a lot of money on the monthly payment. Sound like a great option for you? Indigo Mortgage will happily go over all your loan options, based on your goals and individual situation.

Published in Blog

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