A VA Streamline IRRL loan, also known as a VA IRRL (for “interest rate reduction loan”) is a loan designed for a veteran to refinance his or her current VA loan into a loan to get a lower interest rate and lower monthly payment. The IRRL refinance must be a VA to VA refinance. It’s
Homeowners with a conventional mortgage who are working to refinance their loan to a lower interest rate have a new fee that will be added. At Indigo Mortgage, we’ve been advising that this fee was coming for the last few months and now it’s here. The fee is known as the Adverse Market Fee and
Many homes across New Mexico have installed solar panels on the roof or around the home to take advantage of our abundant sunshine. However, homeowners may not realize the impact solar panels will have when they want to sell the property or refinance their mortgage. If the solar equipment is still financed or is leased
Many homeowners are taking advantage of mortgage rates that are currently at all-time lows and refinancing their home loan to an even lower interest rate. That is bringing about a new fee that lenders will be adding when a conventional loan is refinanced, as of Oct. 1, 2020. Throughout 2019 and into the 1st quarter
At Indigo Mortgage, we get calls every day from New Mexico homebuyers or homeowners, asking “What’s your best interest rate?” We tell them it’s impossible to accurately answer that until we know some information from you first. When you’re ready to make an inquiry about a refi on your home loan, have your most recent
If you’re in the market for a mortgage or a refi, you’ve likely noticed that mortgage interest rates have declined to the lowest point in history. That’s created more demand on lenders, since there are way more borrowers looking for help. Because of this, you’re likely seeing many ads from the large national mortgage companies
Now, in September 2020, mortgage rates are about the lowest in history. Because of that, mortgage lenders have been hit with a deluge of new applications which is causing strains across the industry. That means it’s taking longer to get appraisals, underwriting turn times have been extended, and getting the loan to closing is taking
Some homeowners in New Mexico have recently taken advantage of a loan forbearance from their mortgage company. A forbearance allows the homeowner to pause three months’ mortgage payments without having it affect your credit score or having it counted as being delinquent in payments. Forbearance was helpful for home owners during the Covid-19 crises, but
In 2020, even during a global pandemic, the real estate market is very competitive and with mortgage rates at historic lows, many people are making offers on homes. We are in a time when it’s a “seller’s market”, as the number of homes on the market is fairly small. One way to set your offer
Mortgage interest rates have declined to the lowest in history but there are still some challenges out there for people buying or refinancing a home. The first affects home owners who took advantage of a forbearance, which is when your lender has allowed you to temporarily pause or pay less than your monthly mortgage payment.