As we’ve mentioned during the last few weeks, the rise in the mortgage interest rates has caused a big drop in the number of mortgage loan applications. Some lenders are now chasing profits, trying to keep their net revenue the same while doing fewer deals. Many national lenders are chasing these profits by charging a
Many borrowers who are having a home built, either with a New Mexico custom builder or even with one of the national builders, are waiting for their home to be completed before they can lock in a permanent interest rate. They are at the mercy of the mortgage rates of the future. And with the
In today’s real estate market, there are more homebuyers than there are sellers, which makes it tough on buyers to separate themselves from all the other perspective buyers. Being prepared to make an offer on a home should start way before you even call a realtor. Our suggestion is to call Indigo Mortgage early in
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
With today’s changing conditions in the mortgage market, we strongly believe that mortgage brokers are a borrower’s best choice to get the best interest rate and the best deal for their home purchase or refinance. Mortgage brokers are lenders who are working for the borrower, 100% of the time. We aren’t tied to one company’s
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
You’ve heard the old saying about a wolf in sheep’s clothing? That’s how we feel about predatory lending and the companies that don’t ethically take care of home buyer’s mortgage applications. We might sound like a broken record but we want to advise borrowers to be very wary of the big national lender predator, the
The inside scoop from Ben Lucero at Indigo Mortgage: I was listening to a radio ad the other day and the lender was saying that they offer a “no closing cost mortgage”, that the lender would pay all the closing costs for the borrower. This is actually a scam. I say that because I had
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