With rates for home loans reaching historical lows once again, many are wanting to make new home purchases or refinance their existing home mortgage loans. At Indigo Mortgage, we want to give New Mexico borrowers some advice on what questions to ask and what information they need to receive a quality mortgage rate quote.
When it comes to what they offer, all mortgage lenders are not created equal. As someone looking to purchase or refinance, it is important to not only take advantage of the best interest rate available but to be aware of what that low mortgage loan interest rate is costing you.
There are a few questions one should ask when in the market for a low-interest rate. The most crucial question to ask your mortgage lender is “what is it costing me to get the rate you are offering?”. More specifically, we suggest asking what the origination and discount fees are. It’s imperative to ask for both origination and discount fees. If you can get the lender to disclose both fees, then you can compare offers more easily. Any fees outside of origination and discount fees are going to be exactly the same for all lenders. Some examples of these fees are title and escrow account charges.
When you work with Indigo Mortgage New Mexico, we strive to go above and beyond for our customers in Albuquerque and across the state. We make it our goal to find the best options out there for every situation. Reach out to us today for more information on mortgage fees or to get started on your search for the lowest mortgage interest rate!