By now, people have heard that the Feds are raising interest rates throughout the rest of the year to address rising inflation, and mortgage rates have already begun to increase from their all-time lows. However, we want people to realize that the ship has not sailed yet. Mortgage interest rates are still very low and
It’s just become harder to get a mortgage on a second home. First, let’s define a second home or a vacation property versus an investment property. An investment property is purchased to rent out and not used as a permanent residence. A second home or vacation property is not a permanent residence but it also
Do you know the difference between an Interest rate and an APR and why it’s important to know what an APR represents when you’re buying a home? The difference between APR and interest rate is this: the APR (annual percentage rate) is not an interest rate but rather is a marker that illustrates the total cost of
Every day, we get borrowers who call and say they have seen ads with mortgage interest rates to purchase or refi their home as low as 1.75%. They want to know if we can offer them that kind of low rate. Our response is that we can offer any rate they want, but it’s a
As 2021 wraps up, you’re probably hearing the news that the Federal Reserve has been meeting, planning to address the rising inflation that’s happening across the United States. A couple of actions that the Federal Reserve can take to try to lessen inflation are raising the federal funds rate and quantitative easing. Today, the federal
In today’s mortgage market, borrowers see ads about how rocket-fast it is to apply for a mortgage. They’re lulled into thinking a mortgage is as quick as pushing a few buttons on a computer or smartphone, or talking to a person many miles away on the telephone. In either of these scenarios, the online mortgage
How do you refinance out of a real estate contract or a lease to own contract? First, let’s distinguish between a real estate contract or REC and a lease to own contract. On a REC, the borrower actually goes on the title to the property along with the seller; that title is recorded with the
When you’re preparing to purchase a home or apply for a new mortgage or refi, there are some things you really should not do. We call them “The 10 Commandments of Lending”. Here are some of the most important ones: Thou shalt not buy a car, truck or van or thou might be living in
In the last couple of weeks, we’ve received several calls from borrowers who heard Indigo Mortgage on the radio and wanted a second opinion. They all had a mortgage application in with that national lender who’s name rhymes with “pocket”. These borrowers all said they were just not comfortable with the rate and the fees
Frequently, we hear potential borrowers who say they are shopping their mortgage around and would like a second offer. That’s great, that’s what we’ve advised since Indigo Mortgage opened in 2003. Most commonly, when they tell us they’d like to see our interest rate and fees on their home loan, the other lender is a