In today’s tight housing market, homeowners who are looking for a larger home or an updated home may find Rehab Mortgage Loans a better solution than selling their current home and purchasing a new home. A rehab loan lets you bundle your current mortgage with the home improvement cost rolled into one loan. Rehab mortgage
Over the last year and a half, appraisals to determine a property’s value have been a hot commodity. With the demand for housing and a hot real estate market in New Mexico, getting an appraisal order back has been nightmare for many borrowers. Appraisers are running at full steam but there are too few appraisers
Even the team at Indigo Mortgage in Albuquerque gets mortgage offers in the mail—and some of them are borderline unethical. Here’s a recent example: our company owner, Ben Lucero received a letter in the mail from a lender he’d never heard of. They offered a 1.75% interest rate and the direct mail piece said he
Mortgage interest rates may not be at the record low rates that we’ve seen over the last year or so, but they “are what they are”. By that, we mean that, although interest rates are not at their all-time lows, they are still low enough for borrowers to accomplish what they need to. Borrowers are
When we had the last big mortgage meltdown, the feds said mortgage lenders can no longer lend on just a credit score and use income without verification of that income. These were known as stated income loans. All mortgage loans that fall under conventional, FHA and VA mortgages must now have income verified, either with
As consumers know, the feds are determined to raise interest rates beginning in March 2022 and have announced at least three more increases during 2022, in an effort to slow inflation. Mortgage rates are not directly tied to the feds raising interest rates and home loan rates look like they’ll settle somewhere in the low
Even mortgage brokers get refinance offers touting low mortgage interest rates from mortgage companies! Recently, Ben Lucero, the owner of Indigo Mortgage, received a mortgage refinance flyer in the mail, touting a 1.75% interest rate for a cash-out refinance. So he turned the flyer over and read this in the fine print: “a 10 year
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
Here’s some great news for New Mexico homebuyers! Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), the private corporations chartered by Congress to provide stability and affordability to the mortgage market, have raised the maximum loan limit from $548,000 to $625,000. This increase means that a borrower can
Getting a lower interest rate doesn’t necessarily mean it’s a good time to refinance your mortgage. We often have borrowers call and ask, “Does it make sense for us to refinance?” We take this question very seriously as borrowers really just need someone to shoot straight with them. We tell them that it’s not our