As we’ve mentioned during the last few weeks, the rise in the mortgage interest rates has caused a big drop in the number of mortgage loan applications. Some lenders are now chasing profits, trying to keep their net revenue the same while doing fewer deals. Many national lenders are chasing these profits by charging a higher interest rate and fees than borrowers for home loans deserve.

These national leaders are counting on New Mexico borrowers not shopping for their loan. Those who do shop their mortgage loan to different lenders will find big differences in interest rates and fees.

We recently received a call from a borrower in Albuquerque, needing a VA loan. He’d a loan started with that “pocket” sounding lender, but he and his family weren’t comfortable with what “pocket” was offering. We sent our proposal, and when the homebuyer compared the two, Indigo Mortgage had a better interest rate and saved this borrower $10,000 in closing costs compared to that pocket lender. And we are closing their mortgage within 30 days.

Don’t be fooled by the big advertising budgets of these national lenders, as they are not working for your benefit; their goal is to maximize profits on the backs of consumers.

Sure, there are some honest national mortgage lenders out there, but at least you will sleep well at night knowing that you shopped mortgage interest rates and secured the best deal for you and your family. Shop local with your trusted New Mexico VA mortgage broker, Indigo Mortgage.