Many homeowners are taking advantage of mortgage rates that are currently at all-time lows and refinancing their home loan to an even lower interest rate. That is bringing about a new fee that lenders will be adding when a conventional loan is refinanced, as of Oct. 1, 2020. Throughout 2019 and into the 1st quarter
At Indigo Mortgage, we get calls every day from New Mexico homebuyers or homeowners, asking “What’s your best interest rate?” We tell them it’s impossible to accurately answer that until we know some information from you first. When you’re ready to make an inquiry about a refi on your home loan, have your most recent
If you’re in the market for a mortgage or a refi, you’ve likely noticed that mortgage interest rates have declined to the lowest point in history. That’s created more demand on lenders, since there are way more borrowers looking for help. Because of this, you’re likely seeing many ads from the large national mortgage companies
Now, in September 2020, mortgage rates are about the lowest in history. Because of that, mortgage lenders have been hit with a deluge of new applications which is causing strains across the industry. That means it’s taking longer to get appraisals, underwriting turn times have been extended, and getting the loan to closing is taking
Some homeowners in New Mexico have recently taken advantage of a loan forbearance from their mortgage company. A forbearance allows the homeowner to pause three months’ mortgage payments without having it affect your credit score or having it counted as being delinquent in payments. Forbearance was helpful for home owners during the Covid-19 crises, but
In 2020, even during a global pandemic, the real estate market is very competitive and with mortgage rates at historic lows, many people are making offers on homes. We are in a time when it’s a “seller’s market”, as the number of homes on the market is fairly small. One way to set your offer
Mortgage interest rates have declined to the lowest in history but there are still some challenges out there for people buying or refinancing a home. The first affects home owners who took advantage of a forbearance, which is when your lender has allowed you to temporarily pause or pay less than your monthly mortgage payment.
Veterans with an existing mortgage have seen that interest rates are at record lows for Streamline loans or what we call IRRLs, Interest Rate Reduction Loans. This, of course, is a great opportunity for Veterans to streamline a refinance to get into those low rates and save them hundreds of dollars in monthly mortgage payments.
In 2020, the Veterans Administration has recently done away with down payments for VA Jumbo loans. In the past, for Jumbo loans, those up to $510,400 in most US counties, the veteran would make a down payment that was a certain percentage amount based on their guarantee available from the VA. This is no longer
As the country moved to reduce the spread of coronavirus by shutting down non-essential businesses, millions lost jobs — and without income, many homeowners are concerned about their ability to pay their mortgage. In fact, in Bankrate’s latest survey, 54 percent of borrowers expressed concern about making payments. Meanwhile, those still able to pay their