With so many home owners refinancing because of historic low interest rates, we are seeing more issues with second mortgage liens. Second mortgage liens can come in a variety of forms, such as home improvement loans, solar system loans, lines of credit, and tax liens. All of these will have an effect on a mortgage
Recently the feds have announced they are raising the new maximum loan amounts for conventional loans, starting January 1st 2021. This means loan amounts can go higher without being considered a jumbo loan, which carry higher interest rates. The current loan limit for conventional loans is $510,000; in 2021, that new loan amount will go
Here’s something to avoid when you’re buying a home: upfront application fees. Today, there are many mortgage lenders who are charging borrowers an upfront application fee, often $500-$600, when they apply for a mortgage. The lender tells the borrower that this fee will be credited towards the appraisal. This is a total scam and borrowers
In the process of buying a home, whether you’re a first-time homebuyer or you’ve purchased several properties, there are many different parties involved in the financing process for a mortgage. There’s usually a seller, a buyer, two realtors, a Title company, and the Lender. Once the seller has accepted the buyer’s offer, those parties all
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