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 to find, one being cash-out refinances. Some lenders have quit offering cash-out refinances all together, while others have substantially raised interest rates to cover the risk. This is one reason why mortgage brokers are so important during these times.
Mortgage brokers take the work off the borrower; our job is to find the lender that offers the best rate to the borrower. Often, mortgage brokers can best navigate the uncertainty of the home mortgage market for the consumer. Our experience is that we have been able to offer a much better deal on a cash-out refinance than many banks or online lenders.
At Indigo Mortgage we also want to warn borrowers to be very careful with any mortgage lender that sounds too good to be true, as we are seeing proposals from these lenders that are disturbing. Whether you are in the Albuquerque market, or other areas of New Mexico, be sure to shop around and look locally for your home loan or refi.
With mortgage interest rates at historical lows, make sure to work with a mortgage company that has your best interests at heart. At Indigo Mortgage New Mexico, we will be there for you every step of the way. No one cares more about your mortgage loan than we do!