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Tuesday, 12 September 2017 15:46

Prequalification vs. Preapproval

If you’re a first-time homebuyer or if it’s been a while since you’ve purchased a home, you likely have a lot of questions about the mortgage process. Indigo Mortgage is always here to provide information and expert advice on all mortgage related topics. One thing that many people ask us about is the difference between prequalifying for a loan, and getting preapproval on a loan. These are two very different things.

Prequalification: When a borrower wants to prequalify for a mortgage, they submit a full mortgage application. The lender will then pull a credit report and collect income verification, such as bank statements. The lender will then analyze that information and, if it meets all criteria, the lender will issue a prequalification. This will give the borrower an idea of the mortgage amount they’re eligible for.

Preapproval: The preapproval process goes further than prequalification. All financial information collected from the borrower in the prequalification process is submitted to an underwriter. The lender will then be able to tell the borrower exactly how much they qualify to borrow. When you are preapproved for a mortgage, you will receive an exact loan amount in writing, so you can look for a home at or below that price level. This can make your home-shopping experience so much easier. In a competitive market, it may also give you an advantage if the home you love has multiple offers, because your financing is already assured.

When you’re shopping for a home, call Indigo Mortgage for your prequalification or preapproval.

Published in Blog
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, 13 February 2017 23:32

Not So Rocket Fast

Obtaining a mortgage is not like buying a pair of shoes from Amazon. We’ve all seen the commercials for a quick loan, promising that it only takes a few clicks to get approval. But it’s really not that simple. At Indigo Mortgage, we advise borrowers to be cautious of national lenders that advertise easy, quick, one-size-fits-all loans.

Mortgages can be extremely complicated with many variables. Every mortgage application is unique, and requires the full attention of a licensed and trained mortgage broker. There is no way an automated loan service can answer all of your questions for you. Indigo Mortgage strongly encourages working with a local lender that can provide in-depth, face-to-face answers to your unique questions.

Working with a local mortgage lender means that your broker understands your personal circumstances and provides you with personalized help. National lenders that promise fast loans neglect the personal element of conducting business in person. We believe lenders should treat clients like people, not just digits on an internet application.

While national online lenders promise convenience and expediency, we still advise working with a local broker, and shopping around to make sure you’re getting the best rates and terms on your mortgage!

Published in Blog
Tuesday, 14 February 2017 23:04

KKOB on February 14

Today on KKOB, Ben Lucero of Indigo Mortgage discusses why borrowers should be wary of national lenders that promise conventient online loans, and why it's more efficient to work with a local lender.

Published in Radio
Wednesday, 04 January 2017 00:02

Broker vs. Bank: What's the Difference?

At Indigo Mortgage, we understand that borrowers looking for a mortgage loan have plenty of options these days. But when it comes to choosing between a broker like us, or a bank, it’s important to know what the key differences are. Knowing the distinction between the two can mean thousands of dollars in savings!

Published in Blog
Wednesday, 24 August 2016 22:57

Partnership with United Wholesale Mortgage

Indigo Mortgage has teamed up with United Wholesale Mortgage (UWM) to offer our fellow New Mexicans a 1% down payment mortgage loan. A 1% down payment is much different than any other loan on today’s market.

The underlying loan is the conventional 3% down loan program, but the borrower only puts down 1% and the other 2% is gifted by United Wholesale Mortgage (UWM). This is a true gift and shouldn’t be mistaken as a 2nd mortgage.

In other words, the borrower is walking away with 2% equity at closing. For example, on a $200,000 loan, the borrower would put down $2,000 and UWM would gift them the other $4,000. There are no income limitations, but the borrower must have a minimum credit score of 700.

We introduced this program this week and we already have several borrowers that have qualified. The interest rate on these mortgages are the same as conventional loans, and this is a great opportunity for homebuyers. Call Indigo Mortgage today at 505-836- 5700 to see if we can qualify you for this 1% down payment purchase loan.

Published in Blog
Wednesday, 18 May 2016 23:55

KKOB on May 17

Ask About Lender Credits

Published in Radio
Wednesday, 04 May 2016 22:12

VA Loan: Build and Lock with One Loan

Indigo Mortgage welcomes Veterans to come in and discuss the types of options available to purchase the home of their dreams. Indigo Mortgage is approved by the Department of Veterans Affairs to provide these (and other) VA loans. We actually close more VA loans than any other lender in New Mexico.

Published in Blog
Wednesday, 04 May 2016 14:47

KKOB on May 3

Veterans' Construction Loan Program

Published in Radio
Friday, 22 April 2016 20:03

KKOB on April 19

Purchasing a New Home

Published in Radio
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From The Blog

  • Second Opinions on Mortgages +

    When should a borrower shop their mortgage to various lenders? Certainly it’s best to do so as part of the Read More
  • Prequalification vs. Preapproval +

    If you’re a first-time homebuyer or if it’s been a while since you’ve purchased a home, you likely have a Read More
  • Low VA Rate Mailers +

    Indigo Mortgage is proud to be the top broker in New Mexico for VA Loans. Because we work with so Read More
  • Reverse Mortgages: Keep it Local +

    As the population ages, the mortgage industry is seeing a large increase in reverse mortgages. Many companies advertise their reverse Read More
  • 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
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