If you’re about to purchase a new home or refinance your mortgage loan, you are bombarded daily with ads for mortgage loans. They’re especially aggressive from the national lender whose name rhymes with “Pocket” and the big internet lenders who say they can manage your home’s purchase and mortgage. But do big internet lenders really
It’s early October in New Mexico, and we’re seeing more than hot air balloons rising. We are seeing mortgage rates rise from the historical low rates of the last year. Unfortunately, we are also seeing many online lenders still offering those low rates from several weeks ago. These mortgage lenders are not being truthful in
When we meet with potential home buyers, we always discuss not only what their down payment will be, but what their share of the closing costs will be. Often, these home buyers have already met with another lender yet the other lender didn’t say anything about closing costs that the buyer would pay. These buyers
Churning a loan – it’s an inside reference to a scam performed by some lenders across the country. It works like this: because mortgage rates are at rock bottom interest rates, these lenders offer borrowers a rate lower than a borrower’s current rate. BUT this rate is not the lowest interest rate available, so if
Every day, we get borrowers who are shopping their mortgage around and who say, “I don’t want my credit report pulled again.” They are worried that too many credit report pulls will drop their credit score. However the rules for credit reporting agencies state that if the same kind of entity (such as several mortgage
As we are seeing home mortgages and refinances at all-time highs, don’t be too quick to accept an offer from a national mortgage lender, without reading the small print. Most recently National lenders are attempting new tactics to entice homeowners with low rates and nearly impossible requirements to qualify. Not long ago a borrower came
In today’s mortgage market, whenever one lender pulls a credit report on a borrower, the credit bureaus (Experion, Equifax and Transunion) then sell that borrower’s information to unscrupulous internet lenders who then try to solicit borrowers already in a mortgage application with another lender. At Indigo Mortgage, we call these internet lenders “bottom feeders”. Here’s
A change has happened for mortgages on investment properties and second homes. Fannie Mae and Freddie Mac, companies chartered by Congress to purchase mortgages from financial institutions and repackage them for investors, just made it more difficult and expensive for lenders to offer mortgages on these types of properties. In a nutshell, Fannie and Freddie
Consider this question: if a local mortgage broker can offer what an internet lender can do and more, why not stay local? Because that’s exactly what a local mortgage broker like Indigo Mortgage can offer. We can most often provide the lowest interest rates with the lowest closing costs. We are always accessible to answer
Recently, we wrote that taking out a new mortgage is not like buying a pair of shoes. Yet some internet lenders, like the one that rhymes with “pocket”, treat people like they are a commodity. Often, we get borrowers who call and say they got hooked up with this “pocket” lender and it was quite