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Monday, 03 July 2017 18:37

Should You Consider a VA Jumbo Loan?

VA Jumbo Loans are a great loan option for veterans, but at Indigo Mortgage, we’ve noticed that this option is often overlooked. Here’s a quick look at what a jumbo loan is, and some reasons you may want to consider one if you’re looking for a mortgage loan.

Published in Blog
Monday, 01 May 2017 22:37

KKOB on May 2

This morning on KKOB, Ben Lucero discusses why veterans might want to consider a VA Jumbo Loan right now and how to find the best VA Jumbo Loan options for you.

Published in Radio
Monday, 01 May 2017 22:28

VA Jumbo Loans

Indigo Mortgage is one of the largest mortgage brokers in New Mexico, and as such, we close more VA Loans than anyone else in the state. In last week’s blog, we offered some general information about veteran’s loans, but this week we want to offer some more specific advice about VA Jumbo Loans.

Published in Blog
Thursday, 14 July 2016 14:28

Veteran Rates too Good to be True?

One of our veteran customers called our office mentioning a letter they have received from a mortgage company offering rates like 2.5% or 2.75% on a 30-year mortgage and wanted to know if we could match these rates. After further investigation, we found that these rates aren’t exactly what they seem.

The fine print stated that yes it is a 30-year mortgage, but it is not a 30-year fixed mortgage rate. In other words, the mortgage rate is adjustable and is only fixed for somewhere between 3 and 5 years. After this threshold is reached, the rate adjusts every year there-after.

Another scam was brought to our attention by one of our veterans where the advertised fixed rate was below 3% but the fine print stated that an additional 2 points was added by the lender in discount and origination fees. That’s 2% of your mortgage, so, on a 200K mortgage this would be a cost of 4 thousand dollars to buy down the rate, not including other closing costs.

Both of these tactics are extremely misleading to veterans. As a guideline, 30-year VA rates are in the very low 3% range and the veteran should get these rates without any origination, discount, or lender fees.

Stay local with Indigo Mortgage and let us review those too-good- to-be- true offers and we will advise veterans on what’s in their best interest. Indigo Mortgage is the #1 VA mortgage broker in New Mexico because veterans refer veterans to us. We will always do right by the veteran and have helped many veterans save thousands in closing costs and get a low rate with no strings attached.

Published in Blog
Indigo Mortgage would like to make sure all you veterans take advantage of the benefits you’re entitled to. Veterans and servicemembers are eligible for home loan benefits through the Department of Veterans Affairs (VA). Veterans may use VA benefits as many times as needed if all previous VA loans were paid off. That’s referred to as “subsequent use.”

A current trend is finding veterans splitting their entitlement, having two loans at the same time. For example, a veteran with a VA loan on a property may to use it again to purchase a second owner-occupied property without paying off the existing one if the new loan is more than $144,000 and both loans do not exceed a combined total of $417,000. Jumbo mortgages above $417,000 are available in some cases.

Also, the VA is now allowing 100% cash-out on refinances, so if a lender has told you they only allow 90%, keep shopping around. Indigo Mortgage provides 100% cash-out on VA loans with the same low rate.

The VA never has mortgage insurance, but there is a funding fee that they finance. This fee is waived if the veteran receives 10% or more disability.

Be wary of lenders offering extremely low interest rates, such as in the 2% range. These are adjustable-rate mortgages, not fixed-rate ones, and will be extremely costly in the long run.

Remember to stay local when shopping for your VA loan. Indigo Mortgage is proud to be the #1 VA mortgage broker in New Mexico, which we achieved by veterans referring one another to us because of our great service.

Call Indigo Mortgage today to get the most out of your VA benefits.

Published in Blog

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