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Tuesday, 28 November 2017 23:55

Confident Borrowers

At Indigo Mortgage, we believe knowledge is power. The more you know about the mortgage process and the state of the market, the more likely you are to find a great deal that works for your lifestyle. A recent study conducted by the Consumer Financial Protection Bureau delved into the shopping habits of homebuyers revealed that buyers in the know are more likely to shop around for the best rates and terms.

When consumers are confident in their knowledge about the mortgage process, they are more likely to shop around. The CFPB survey showed however, that only 55% of people felt confident in their knowledge about interest rates. This means that over half of homebuyers could be paying more than they need to on their home!

In order to find the best rates and terms on the market, homebuyers benefit from shopping around and asking questions. A trusted Albuquerque mortgage company like Indigo Mortgage will be happy to speak openly with you about your options. We are always happy to provide shoppers with a complete cost breakdown and overview of what an interest rate should look like at their particular credit score. So give us a call. We will show you how to comparison shop, so you can find a mortgage loan that works for you!

Published in Blog
Wednesday, 22 November 2017 16:33

Who Shops a Mortgage Around?

Last week we talked about a new national survey conducted by the Consumer Financial Protection Bureau that revealed 77% of borrowers likely overpaid their mortgage loan. This week we want to talk about more of that study’s findings – specifically, the type of borrowers that actually shop around before getting a mortgage loan.

The CFPB study showed that of the 23% of home buyers that took the time to really research their options, the majority were first-time homebuyers. These first-time homebuyers are conducting the majority of their research online, which is great because it allows them access to a world of information, but, it also makes them more likely to rely on internet lenders. At Indigo Mortgage, we advise against working with online lenders for many reasons, including the fact that they are notorious for taking advantage of first-time homebuyers. Some of the homebuyers that took the time to research their loan had been previously denied by another lender. At Indigo Mortgage, we always encourage buyers to get a second opinion. If a homebuyer doesn’t qualify with one lender, they may qualify for a loan with another lender.

Eighty percent of the borrowers who shopped around were looking for the best rates and terms available. When they took the time to research their decision, many were able to save themselves thousands of dollars in unnecessary points and fees. The best way to save money on your home loan is to shop around. And don’t forget to consult a reputable local mortgage broker like Indigo Mortgage in Albuquerque, to help you along the way and answer any questions you may have.

Published in Blog
Tuesday, 03 October 2017 15:30

KKOB October 3

Today on KKOB Ben Lucero discusses why it's important to get a second opinion, and not just go with the first loan you come across.

Published in Radio
Wednesday, 04 October 2017 22:50

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 preapproval process so that you have concrete offers to compare lenders. However, even when you’re under contract with a property, it’s not too late. As an example, we recently had a call from a local realtor, working with a veteran who was already under contract, when they realized that the veteran did not have any funds for closing costs. The seller would not contribute more.

The lender with whom the veteran was already approved did not offer any lender credits. At Indigo Mortgage, we were able to help this veteran and give him enough lender credits to cover all of his closing costs. And, we were able to offer the same mortgage rate as the other lender was offering. This is a prime example of how lender credits can help not just veterans but also FHA borrowers as well.

As another example, we just had a borrower come in directly from a local big bank. The bank told her she did not qualify for a mortgage with them and suggested she contact Indigo Mortgage.

We looked at this young lady’s situation and by analyzing her income documents and credit profile, we were able to find a loan for her. If this lady had not shopped her mortgage around, she might not have ever known she could qualify for a mortgage. As always, we suggest borrowers shop their loan around and to include a local trusted mortgage company like Indigo Mortgage. Borrowers might be surprised at what we can do for them in their home mortgage.

Published in Blog
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, 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, 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, 19 June 2017 21:58

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 at Indigo Mortgage have seen many people opt to purchase a mortgage loan simply because of the low rate, without considering what it’s costing them to get that low rate. It’s important to recognize that a low rate doesn’t always translate to saved money.

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, 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
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From The Blog

  • Confident Borrowers +

    At Indigo Mortgage, we believe knowledge is power. The more you know about the mortgage process and the state of Read More
  • Who Shops a Mortgage Around? +

    Last week we talked about a new national survey conducted by the Consumer Financial Protection Bureau that revealed 77% of Read More
  • National Study Finds 77% of Borrowers Likely Overpaid Their Mortgage Loan +

    The CFPB or Consumer Financial Protection Bureau is the national financial governing body responsible for protecting all consumers and is Read More
  • Beware of Imposters: A Note from Ben Lucero +

    When it comes to shopping for a mortgage, buyers have more options now than ever! This is great for buyers, Read More
  • 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
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