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Tuesday, 03 April 2018 20:21

KKOB on April 3

Today on KKOB, Ben Lucero offers advice to borrowers who are looking to purchase. He discusses the importance of staying local when looking for a pre-qualification. Listen to learn more.

Published in Radio
Tuesday, 03 April 2018 19:49

Stay Local for Your Pre-Qualification

At Indigo Mortgage, we always advise borrowers to shop local when they’re looking to pre-qualify for a mortgage. Online lenders and big out-of-state banks will often pre-qualify a borrower up front, but they will process and underwrite the loan out-of-state. Borrowers will then be faced with impersonal customer service and untimely response times. In contrast, working with a local broker like Indigo Mortgage allows you to work with the same loan officer at every step of the loan process, from pre-qualification on.

It is one thing to get pre-qualified, but that is only a small part of the process. When dealing with these institutions, it’s virtually impossible to attend a first-time-homebuyer seminar, or even get answers to questions. It’s important however for homebuyers to understand the terms of their mortgage, how the buying process works, and who is responsible for closing costs. Staying local affords homebuyers the opportunity to learn more and get answers to all of their questions.

There are many working parts involved in a homebuying transaction. Realtors, title companies, buyers and sellers are involved. Every one of these parties relies on the lender to facilitate the transaction. Having access to a dedicated loan officer to help you with your transaction every step of the way is a huge advantage for homebuyers. Local lenders are accountable and easy to access, online and out-of-state lenders however, are not. So stay local and work with a company that cares, like Indigo 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
Wednesday, 13 January 2016 17:34

KKOB on January 12th

Understanding the Pre-Qualification Process

Published in Radio

Typically, the start of the new year is when people begin to look for a new home, so it’s a great time for Indigo Mortgage to talk to you about the mortgage pre-qualification process in detail so you know what to expect.

Most lenders today consider a pre-approval to be giving the borrower an answer as to whether or not they are qualified, what their rate will be, and a list of closing costs. That part of the pre-qualification is only half of what borrowers actually need. The pre-qualification should also cover just how the total payment is derived.

There are 4 factors that go into a total monthly payment: The principal and interest payment, the homeowner’s-insurance payment, property taxes, and if they are putting down less than 20 %, you will also have mortgage insurance. Additionally, the borrower would benefit if they understood the total closing costs involved in the loan, who pays what, and if there are lender credits involved.

Many of the first-time home buyers Indigo Mortgage talks to have been pre-qualified with other lenders, and did not know anything about their mortgage or closing costs; they just knew what their rate was and that they were pre-qualified. Indigo Mortgage always puts home buyers through a home-buyer’s seminar, whether they are a 1st-time buyer, or a prior homeowner who just needs a refresher. This way, the borrower can feel confident that they understand the whole purchase transaction and are equipped to put in an offer.

Because the pre-qualification is only the start of the purchase process, it’s important to use a local lender to be accountable to the borrower and realtor on a moment’s notice, and to provide timely answers. Once the loan is in underwriting, it’s important that the borrower talk to someone familiar with their loan every time they call, and they can simply drop off all paperwork at the local office. None of this is possible with an out-of-state lender or big bank.

If you have any questions regarding the home-buying process, or are ready to get started, contact us at Indigo Mortgage, your friendly, local lender.

Published in Blog
Tuesday, 10 February 2015 17:23

What To Expect During Mortgage Pre-Approval

Many borrowers don't understand the whole pre-approval process. It is common for individuals to approach the application process with one question- what will my rate be? But this is only one half of the process.

Published in Blog
Saturday, 22 November 2014 17:28

KKOB November 19

Staying Local Has Great Benefits!

Published in Radio
Friday, 11 April 2014 20:23

KKOB on April 11

The Veteran's Mortgage Cash-Out Program is Coming Back!

Published in Radio
Tuesday, 08 April 2014 19:46

KKOB on April 8

Your Market Update on Interest Rates

Published in Radio
Tuesday, 18 March 2014 19:30

KKOB on March 18

Borrow Pre-Approval Process-- Know Exactly What to Expect.

Published in Radio
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From The Blog

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  • Aggressive and Dishonest Lenders +

    Many borrowers come to Indigo Mortgage and tell us that they are constantly bombarded with solicitations from large out-of-state lenders. Read More
  • Reverse Mortgage Education +

    Most seniors have seen the ads on television, received the emails or the postcards in the mail. Advertisements for reverse Read More
  • 2018 Loan Limit Increase +

    At the beginning of 2018, it was announced that the limit for conventional, FHA and VA loans would increase. Prior Read More
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