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Monday, 24 July 2017 15:49

Local Reverse Mortgage Consultation

It seems like every time you turn on the TV, you’re bombarded with commercials for reverse mortgages. Famous actors are often enlisted to promote the benefits of reverse mortgages, but when seniors engage these big advertisers, things change very quickly. Indigo Mortgage is certified to offer reverse mortgages, and we get numerous calls from seniors who have called these lenders.

Often, seniors tell us that when they call one of these national advertisers to inquire about a reverse mortgage, they are put under a lot of pressure, but the lenders do not take time to answer the senior’s questions. Seniors tell us about the relentless follow-up calls, and that if the senior tells them they are not ready to purchase a reverse mortgage, these lenders often pass their name on to other lenders who then start calling the senior.

At Indigo Mortgage, we believe that a senior is better served working with a local mortgage broker that can answer their questions face-to-face, a broker that can answer all questions thoroughly, and who really cares about their clients.

At Indigo Mortgage, seniors can’t just go to apply for a reverse mortgage. We first answer any and all questions they may have to make sure they have a full understanding of the reverse mortgage program. Then, the senior must undergo a counseling session conducted by an unaffiliated third party authorized by the government. This is to protect the senior and ensure that they make an informed decision about their loan. Working with a local mortgage broker like Indigo Mortgage means that you work with a lender that cares about you. If you’re interested in learning more about reverse mortgages, contact us today.

Published in Blog
Tuesday, 04 July 2017 18:50

KKOB on July 4

VA Jumbo Loans are a great option for veterans, but they're sometimes overlooked. Ben Lucero discusses some of the advantages of VA Jumbo Loans, and why you might want to consider one if you're in the market for a mortgage.

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
Tuesday, 25 April 2017 22:26

KKOB on April 25

Indigo Mortgage is New Mexico's #1 VA Loan mortgage broker. Ben Lucero discusses some of the basic information that every veteran should know about VA Loans.

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
Monday, 10 April 2017 22:54

KKOB April 11

Today on KKOB, Ben Lucero discusses how shopping your mortgage around can potentially save you thousands of dollars on a veteran or FHA loan.

Published in Radio
Tuesday, 20 December 2016 19:18

The VA Path to Homeownership

The VA Loan offers unmatched benefits to veterans or those just finishing their service. Many of these veterans do not realize that they can qualify for a new home or know how to go about it. Indigo Mortgage is honored to say that we have helped numerous veterans accomplish their dream of owning a home.

Indigo Mortgage meets face-to-face with veterans to conduct one-on-one seminars and answer any homebuying questions they might have. We determine if the veteran can qualify, then we work with them to go through the loan process, educating them along the way.

VA Loans do not always require a down payment or monthly mortgage insurance. Veterans can also enjoy low interest rates. In addition to these benefits, Indigo Mortgage is one of the few mortgage companies that can offer lender credits. We can use these lender credits to reduce closing costs for the veteran.

Indigo Mortgage encourages veterans to carefully weigh all of the options before making a purchase. We are always available to help veterans research their loan opportunities and help them make an informed choice. We take our responsibility seriously, and believe that those who serve our country deserve the best service.

Published in Blog
Tuesday, 25 October 2016 23:29

KKOB on October 25

Many lenders are implementing deceptive tactics to incentivize their loans, but they aren't sharing all of the facts about their rates and fees. We encourage veterans to keep their mortgage local and enlist the help of Indigo Mortgage.

Published in Radio
Tuesday, 04 October 2016 22:07

KKOB on October 4

At Indigo Mortgage, we advise veterans to shop loans, because education is key to ensuring you get an honest offer. Our staff has seen many cases where out-of-state lenders attempt to take advantage with high rates and outrageous lender fees.

We are always happy to help veterans compare loan offers, and often, we are able to find them a better deal.

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
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From The Blog

  • Local Reverse Mortgage Consultation +

    It seems like every time you turn on the TV, you’re bombarded with commercials for reverse mortgages. Famous actors are Read More
  • Keep Your Purchase Local +

    Many out-of-state and big institutional mortgage lenders promote their fast pre-qualifications and ease of use, but sometimes these offers can Read More
  • 13 Billion Dollar Shopping Cost +

    At Indigo Mortgage, we always urge our clients to shop around for their mortgage loans, and for good reason. The Read More
  • 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 Read More
  • 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
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