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Monday, 12 February 2018 20:48

2018 Loan Limit Increase

At the beginning of 2018, it was announced that the limit for conventional, FHA and VA loans would increase. Prior to this year, the highest VA loan amount a borrower could get was $423,100, but now the limit has increased to $453,100; for FHA the old limit was $275,655, but it has increased to $294,515. What does this mean? Ben Lucero of Indigo Mortgage is here to explain:

Now that the VA loan limit is $453,100, borrowers can borrow up to that amount before being required to take out a Jumbo loan. This is good news for any veteran shopping for a home, as traditional interest rates are much lower than for Jumbo loans. FHA borrowers can also enjoy lower interest rates if the amount they’re borrowing is at or below the new limit of $294,515.

At Indigo Mortgage, we have been helping our borrowers avoid jumbo loan rates by cutting the loan into a first and second mortgage. We do the first mortgage at the limit of $453,100 and take out a second mortgage for the remaining amount. Combining loans this way works out better for the borrower, as it helps them avoid a higher rate on a Jumbo loan. For more information on the new loan limits, how Jumbo loans work, or simply how to get the best rates and terms on your mortgage, contact Indigo Mortgage! We’re here to help!

Published in Blog
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
Tuesday, 18 April 2017 16:03

KKOB April 18

Working with a mortgage broker like Indigo Mortgage provides borrowers with many advantages. Ben Lucero discusses how a local broker can save you money on your loan or refinance.

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
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
Tuesday, 22 November 2016 15:48

KKOB on November 22

Ben Lucero of Indigo Mortgages discusses the recent rise in interest rates and what this means for homebuyers. You may be surprised by how many great financing opportunities are still out there!

Published in Radio

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, 08 November 2016 19:44

KKOB on November 8

It's important to shop around and know your options when you're looking to refinance or obtain a loan. Often, you can get lower rates than you expect, especially now that rates are at historic lows. If one lender turns you down, don't give up! Ben Lucero discusses the many options that working with a broker like Indigo Mortgage affords homebuyers and those looking to refinance.
Published in Radio
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