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
The difference between APR and interest rate is that the APR (annual percentage rate) is the total cost of the loan including interest rate and all fees. The interest rate is just the amount of interest the lender will charge you for the loan, not including any of the administrative costs. The APR is a
The real estate market is very competitive and with mortgage rates at historic lows many people are out there making offers on homes. One way to set your offer apart is to accompany your offer to the seller with a Pre-approval vs just a pre-qualification. This gives the seller confidence the loan is solid and
With COVID -19 disrupting the mortgage market, there have been many unexpected changes. Below is an update as to where things are in the mortgage industry, according to the Indigo New Mexico team. As consumers know, mortgage interest rates have declined and are currently the lowest in history. With that being said, there are still
With rates for home loans reaching historical lows once again, many are wanting to make new home purchases or refinance their existing home mortgage loans. At Indigo Mortgage, we want to give New Mexico borrowers some advice on what questions to ask and what information they need to receive a quality mortgage rate quote. When
It is evident that COVID-19 has had a huge impact on many areas of life, specifically the job market and employment. The team at Indigo Mortgage New Mexico is here to inform you of changing loan programs during the pandemic. Because of the uncertainty, COVID-19 has had on people’s employment, many loan programs are harder
During these uncertain times, there are many options available for homeowners when it comes to their home mortgage loan, specifically mortgage forbearance. The team at Indigo Mortgage is here to help educate you about mortgage forbearance and to help you decide if it is right for you. Right now, many large mortgage companies are offering
With everything going on, it is important to stay patient. This is something we want to encourage our mortgage borrowers to do when going through the process for a home loan. Here’s why. The mortgage market is currently experiencing a lot of changes. This is due to the effects of COVID-19 on the production side