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Tuesday, 05 September 2017 14:42

Low VA Rate Mailers

Indigo Mortgage is proud to be the top broker in New Mexico for VA Loans. Because we work with so many of our veterans, we have a unique understanding of their concerns and needs. So, when veterans call Indigo Mortgage and say they received a letter from a mortgage lender offering them unbelievably low rates, we always check to see if those offers are legitimate, because, as we say, no one cares more about you and your loan than we do.

Many lenders will claim they can offer interest rates as low as 2.5% or 2.75% on 30-year mortgages. They send out mailers advertising these rates to veterans. Upon further investigation though, these are not 30-year fixed mortgages. They’re only fixed for 3-5 years, and then after 3-5 years, these interest rates are adjusted – which will almost always raise your monthly payment.

In other cases, the rate may be fixed for 30 years, but borrowers pay a full 2 points in discount and origination fees! That’s a full 2% of the loan – on a $200,000 mortgage, that means a veteran would pay an extra $4,000 just to buy the interest rate down to below 3%. Both of these tactics are misleading. As a general guideline, veterans can expect an interest rate in the mid 3% range for 30-year VA loans, without any origination, discount or lender fees. Shopping around is important because it can mean a .5-1% difference, depending on the lender.

Keeping your loan local means personalized customer service. When you work with Indigo Mortgage for your VA loan, we look for the best rates and terms, without any unnecessary fees. Contact us to learn more about VA loans!

Published in Blog
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
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