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Tuesday, 09 May 2017 21:52

KKOB on May 12

In this segment on KKOB, Ben Lucero disusses one of the major questions all shoppers should ask when looking for a mortgage loan, and why a low interest rate doesn't mean you're saving money!

Published in Radio
Monday, 24 April 2017 22:16

General Information About VA Loans

At Indigo Mortgage, our VA loan division closes more VA loans than any other mortgage company in New Mexico. Here’s some basic information for veterans who are interested in this type of loan.

Borrowers can have multiple VA loans. If all previous VA loans have been paid off, a veteran can take out another loan. In fact, a veteran can have two VA loans simultaneously. Borrowers can split their entitlement and purchase two properties, as long as both loans do not exceed a combined total of $417,000, the new loan is over $144,000, and the new VA loan is an owner-occupied loan.

VA allows 100% cash-out on refinances. If a lender tells you that they only allow 90%, keep looking. At Indigo Mortgage, we offer 100% cash out, without compromising our low rates.

VA now allows jumbo mortgages. Borrowers can get mortgage loans over $417,000.

The VA never requires mortgage insurance, but there is a funding fee. The funding fee can be waived if the veteran receives 10% or more disability.

Be wary of lenders offering outrageously low rates. Typically, when a lender offers unbelievably low rates, they’re adjustable rate mortgages, not fixed rate mortgages. These types of mortgages can be very expensive to buy down, and aren’t really worth it.

Keep it local. When you’re shopping for a VA loan, remember to shop local. A local mortgage broker like Indigo Mortgage is easier to work with face to face, and can often save you money!

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, 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, 27 December 2016 22:43

An Informed Decision Can Save You Thousands!

The Consumer Financial Protection Bureau, the government entity responsible for ensuring that banks, lenders and other financial institutions treat consumers fairly, found that only 50% of borrowers bother to thoroughly research their loan options when looking for a mortgage. This means that 50% of borrowers never even considered any other offers – they purchased from the first lender they called!

Richard Cordray, Director of the Consumer Financial Protection Bureau, stated that “consumers put great thought into the choice of a home, but the mortgage process continues to be intimidating. Shopping for a loan” he says, “can translate into big dollars saved in the long run.”

Indigo Mortgage strongly encourages borrowers to shop around before making a mortgage loan purchase. Rates can vary by as much ½ of a percent from one lender to another, and even at the same rate, closing costs can vary by several thousands of dollars! An educated borrower can, however, save thousands of dollars just by doing the research and selecting the best deal.

The easiest way to compare a loan is to compare the lender fees on any given rate. Indigo Mortgage is happy to educate borrowers on what to look for when shopping for a loan. Borrowers can always call us and we will show them the most important elements of loan proposals!

Published in Blog
Monday, 19 December 2016 23:23

KKOB on December 20

If you're a veteran, you can qualify for a VA Loan, a loan option that affords borrowers some unique benefits. Hear what Ben Lucero of Indigo Mortgage has to say about how you can get the most out of your VA Loan.

Published in Radio
Monday, 12 December 2016 23:51

KKOB on December 13

At Indigo Mortgage, we've had veterans ask us about the legitimacy of unbelievably low rates they've seen advertised. Ben Lucero weighs in on what to be on the look out for when shopping for a VA Loan.

Published in Radio

Recently, at Indigo Mortgage, we’ve had veterans contact us and inquire about emails and post cards they have received advertising VA loans with interest rates below 3%. Are these legitimate? The short answer is no. Here’s why.

Any rate below 3% on a VA mortgage is most likely an adjustable rate mortgage (ARM). Deceptive lenders fail to disclose however, that these unbelievably low rates are for 3/1 or 5/1 ARM’s, meaning that the loan begins with a fixed rate for 3 or 5 years in this example. Following the introductory period, however, the interest rate adjusts once a year every year thereafter. We encourage veterans to ask as many questions as possible in order to make sure that you don’t get stuck with an adjustable rate mortgage if that’s not what you’re looking for. In many instances, veterans end up paying thousands of dollars in discount points to buy their interest rate down below 3%.

We often find that these VA lenders are deceitful and do not care about their borrowers, they just want to make money by exploiting veterans. The Consumer Financial Protection Bureau has recently fined several of these companies for presenting themselves as VA endorsed lenders, when in fact the VA has never sanctioned them.

Veterans would be better served by working with a trusted local mortgage lender like Indigo Mortgage. We are always happy to educate borrowers and help them assess their options. It’s important to ask your lender if the rates they’re advertising are fixed or adjustable, and ask what the origination and discounts point charges are for any rate.

As always, shop around for the best loan, and contact Indigo Mortgage for help!

Published in Blog
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From The Blog

  • The Right Questions +

    When you’re shopping for a mortgage, it’s important to do your research and ask the right questions. The lending experts Read More
  • Advantages of Working With a Mortgage Broker +

    As one of New Mexico’s largest mortgage brokers, Indigo Mortgage can offer some advantages to homeowners and prospective homeowners. We Read More
  • Lender Paid Mortgage Insurance Can Save You Money +

    You might be able to save money on your monthly mortgage payment with lender paid mortgage insurance. How? If monthly Read More
  • VA Jumbo Loans +

    Indigo Mortgage is one of the largest mortgage brokers in New Mexico, and as such, we close more VA Loans Read More
  • General Information About VA Loans +

    At Indigo Mortgage, our VA loan division closes more VA loans than any other mortgage company in New Mexico. Here’s Read More
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