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
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