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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, 06 December 2016 15:56

KKOB on December 6

Ben Lucero, founder of Indigo Mortgage, discusses what the possible interest rate increase could mean for consumers, as well as offers tips on how to keep your rates low!

Published in Radio

The possibility of an interest rate hike that affects mortgages is on everyone’s mind. The Federal Reserve may make the announcement this month and many are concerned about what this will mean for interest rates in the short-term. Indigo Mortgage would like to reassure you that even if mortgage rates rise, there are steps you can take now to protect yourself and ensure that your mortgage payments stay as low as possible.

First of all, the forces that determine mortgage interest rates have already taken the possible rate hike into consideration, and we’ve been seeing rates tick up for the past couple of months. If mortgage rates rise, they will rise gradually throughout 2017, but should remain within 1% of where they are now.

The interest rates that will be immediately affected are variable rates, such as Home Equity Lines of Credit (HELOC) and credit card interest rates. If the .25% rate increase is put into effect, then you will see HELOCs and credit card interest rates rise by .25% each quarter in 2017. By this time next year, you can expect those rates to be at least 1% higher than they are now. It’s possible that the rate of change may increase so that variable rate changes could become substantial.

It’s possible that interest rates may rise, so Indigo Mortgage invites you to take action now to keep your payments as low as possible. Consider getting a low fixed rate on your HELOC or refinance your current mortgage to take out some equity and pay off high balance credit cards. Indigo Mortgage is always here to help and answer any mortgage questions you may have!

Published in Blog
Monday, 28 November 2016 21:06

KKOB on November 29

Today on KKOB, Ben Lucero talks about the dangers of holding onto a home equity line of credit for too long, and what the potential rate increase next month could mean for homeowners.

Published in Radio

A home equity line of credit, or HELOC, allows a homeowner to tap into their home’s equity at a low interest rate. HELOC’s are great for major expenses such as education, home improvements or unexpected medical bills. However, because HELOC’s carry a variable mortgage interest rate, when interest rates rise, so will payments.

When the federal reserve announces a .25% rate increase in December, HELOC’s will instantly be impacted. Each quarter thereafter, rates can continue to increase by .25%, so by this time next year, HELOC rates may be a full percentage higher than they are today.

Many homeowners with home equity lines of credit may have been making low interest only payments and neglecting to pay on the principle. This is a problem. With the potential continued increase in rates, homeowners with HELOC’s could realistically see their payments double or triple over the next few years.

While rates are still low, now would be an opportune time for homeowners to consider refinancing both their first and second mortgages into a low fixed rate mortgage. And if you’re a veteran, the good news is you can refinance up to 100% of the value of the home to accommodate this, and the FHA will allow up to 97% loan to value.

If you have a home equity line of credit, Indigo Mortgage encourages you to call today and see if a refinance can save you money!

Published in Blog

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, 15 December 2015 00:00

KKOB on December 15th

Effects of Federal Interest Rate Increase

Published in Radio
Tuesday, 15 December 2015 00:00

Effect of Federal Interest Rate on Mortgages

There is talk of a possible Federal interest rate increase, and you may be concerned about what that means for your mortgage interest rate. If Federal Reserve Chair Janet Yellen announces a rate hike tomorrow, it will not have much influence in the short term for your mortgage interest rates. The forces that determine mortgage rates have already taken into account that rates will rise, and beginning last week those rates were starting to tick up.

Published in Blog
Tuesday, 10 November 2015 00:00

KKOB on November 10

Home Equity Line of Credit Caution

Published in Radio
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