VA mortgage loans have made dramatic changes over the last few months. Here’s a general outline of the VA program and the most recent changes that have occurred. The VA has increased their funding fee requirements. The funding fee for a first-time use VA loan will increase from 2.15% to 2.3%. For subsequent use VA
There have been many changes in the world of mortgage loans for 2020. These changes have a big impact on borrowers, especially those located in New Mexico. Recently, all mortgage programs increased their max loan limits for Conventional, FHA, and VA mortgage loans. This means borrowers can now finance higher loan amounts without having to
When it comes to your mortgage loan, low rates are great, but they can sometimes be too good to be true. Here’s what to look for when you receive low rate flyers and offers in the mail. At Indigo Mortgage New Mexico, we commonly have borrowers come in stating that they are seeing rates below
With 2020 right around the corner, big changes are coming to the world of home loans. These changes are specifically concerning VA loans. Here are a few things to come to New Mexico home buyers in the new year. Starting January 1st, the VA will classify all loan amounts the same. In other words, there
It’s the beginning of a new decade, and with it comes many changes to home loans and mortgages. These changes are coming to many areas, but today, we will specifically focus on conventional and VA mortgages. Beginning January 1, 2020, big changes will take effect. Conventional loan limits will increase from $484,150 to $510,400. This
Purchasing a new home or business can be intimidating, to say the least. If not familiar with the loan process, one may have an endless list of questions. It is important to have someone you can rely on for your home loan or mortgage loan inquiries. We strive to be just that for people in
Choosing the right mortgage company when refinancing is imperative. Making a quick decision doesn’t always provide the best outcome. It’s important to have a clear understanding of what you are looking for when you set out to refinance your home. A great deal may not necessarily be all that it appears to be. In December
Interest rates are falling again, and many Albuquerque homeowners are now deciding on what they should do with the equity they’ve gained in their homes. Some homeowners are considering using that equity for home improvement projects, bill consolidation or for a college education. Whatever their needs may be, homeowners are looking to tap into that
When it comes to shopping for a mortgage, buyers have more options now than ever! This is great for buyers, because it means they have the opportunity to find the lowest rates and best terms, but it also means a lot of searching. To complicate matters even further, for every legitimate broker or lender, there
Last week we talked about a new national survey conducted by the Consumer Financial Protection Bureau that revealed 77% of borrowers likely overpaid their mortgage loan. This week we want to talk about more of that study’s findings – specifically, the type of borrowers that actually shop around before getting a mortgage loan. The CFPB study showed