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Not So Rocket Fast

Friday Aug 31, 2018
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Online Mortgages Aren’t Rocket Fast or Simple

By now, most people are familiar with the mortgage commercial that has a NASA type theme. It promises a quick online mortgage application and a few clicks to approval for your home loan.

At Indigo Mortgage, we’d like to advise borrowers who consider this type of mortgage to be very cautious as this might look appealing, but a mortgage is the biggest financial transaction of most peoples’ lives. It’s not like ordering a pair of shoes from Amazon.

The company promotes “rocket speed” and ease in the mortgage application. But how can a borrower even know that the rate being offered is competitive in the marketplace? How will the borrower know the difference between an FHA Conventional loan or whether they can put 3% or 5% down?

Mortgages can and are complicated and invariably there are many questions to be asked and answered. A computer is not going to answer your questions for you. As a long-time mortgage broker, we have to take extensive course work and pass national and state exams to be licensed. There is good reason for this, as every application is unique and it takes a certified licensed mortgage originator to understand all aspects of a mortgage.

Just getting a rocket fast approval doesn’t address the rest of the people involved-- two realtors, a seller, a buyer, a lender, and a title company. All of these parties need timely information from the lender and automated online mortgage software can’t accommodate all those different parties very well.

We think that lenders should treat people like people, not just digits on an internet application. Bottom line is, doing a mortgage face to face with a local lender like Indigo Mortgage is much more efficient in the long run.

Indigo Mortgage is a locally owned and operated company, serving homebuyers in Albuquerque, Rio Rancho, Santa Fe and all across New Mexico. For questions about selecting a mortgage lender, contact Indigo Mortgage in Albuquerque at (505) 836-5700. Indigo Mortgage offers five mortgage divisions including Residential, VA Loans, Reverse Mortgages, Construction and Commercial. They are licensed by the Nationwide Mortgage Licensing System (NMLS #188348), and can provide loans anywhere in New Mexico.

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