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Lock Your Interest Rate

Tuesday Oct 9, 2018
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Albuquerque’s Mortgage Rates are on the rise and this worries borrowers who are shopping for a home. Indigo Mortgage has a new loan product called Lock and Shop. Lock and Shop allows borrowers to purchase a home with the opportunity to lock in today’s mortgage rates before they even find a home. In the past, borrowers had to have the home under contract before locking in a mortgage rate. But because we are in a rising rate environment, this loan allows the borrower to lock in a rate for up to ninety days. The rate is preserved for this term and the mortgage loan must close within that rate’s lock period. If for some reason the rate drops in that lock period, we will float down the rate for the borrower.

At Indigo Mortgage we caution home buyers from using lenders who are out of state. Most than likely, their rates will be higher than what we can offer. However, if the interest rate is the same, it’s much more convenient for a borrower to stay local. With an out of state lender, it can (and will be) frustrating trying to coordinate a loan with voice mail and people who are not familiar with or invested in the transaction. Why not stay local if we can offer the same or better rates to Albuquerque and New Mexico home buyers?

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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