(505) 836-5700

Give Us A Call

(505) 836-5700

click to call

Interest rates are falling again, and many Albuquerque homeowners are now deciding on what they should do with the equity they’ve gained in their homes. Some homeowners are considering using that equity for home improvement projects, bill consolidation or for a college education. Whatever their needs may be, homeowners are looking to tap into that equity. But, should the homeowners do a full-refinance, take out a second mortgage? Indigo Mortgage can help you with that tough decision!

The answer to this depends on your first mortgage and how much equity you intend to tap into. A full-refinancing could be a lower or higher interest rate. Depending on how much you are borrowing and what the new payment looks like, a full refinance may be worthwhile.

To calculate this, you will need to determine what the payment will be on a full-refinance using today's’ rates including the cost of cashing out and closing costs. From there, look at what the payment would be on a second mortgage while leaving the first mortgage in place. Then, add the second mortgage payment to the current first mortgage payment. Then, compare the second to determine which will fit your budget better. It’s just that easy!

If you choose a second mortgage, there are some things to consider. Clients need to make sure it’s a fixed-rate second mortgage and not a HELOC (Home Equity Line of Credit). HELOCs carry a variable rate.

If you’re shopping for a full-refinance, make sure to use a local Albuquerque Mortgage company, like Indigo Mortgage. Indigo Mortgage will give you an honest evaluation and assist you instead of trying to sell you a loan. Indigo Mortgage will provide you with accurate information and won’t try to sway you one way or the other.

Published in Blog
Thursday, 18 April 2019 21:11

New Mortgage Rate Updates

Homeowners in Albuquerque who are looking to refinance have some good news as interest rates over the last few weeks have turned for the better!

Unfortunately, large national and internet lenders have been offering borrowers rates that may get them what seems to be a lower payment, but also include exorbitant fees. Indigo Mortgage has received several calls from clients stating that a national lender offered a great rate to refinance, but after the call, Indigo Mortgage was able to offer them the same interest rate but with $3000 less in fees.

Another lender was charging the borrower up to $6000 to buy down their interest rate. Again, Indigo Mortgage was able to offer the same rate, saving that client $6000.

Don’t jump at the first offer you receive for a mortgage. It’s important to get a second opinion. Call Indigo Mortgage today!

Published in Blog
Tuesday, 09 October 2018 17:00

First Time Home Buyer Loans

Many mortgage lenders make offers for first-time home owner loan programs or first responder programs. However, they embellish what those mortgage loans really are. For example, one mortgage lender promotes that nurses, first responders or veterans can get loans with zero fees.

The reality is, the lender charges a higher interest rate to compensate for the fees. So, the borrowers are not getting a deal and it’s really a shell game. At Indigo Mortgage, we believe lenders should just be honest about what they’re doing. Lenders should give borrowers all the information and options and let them decide which is best.

First-time home buyer programs in Albuquerque are just intended to help with a mortgage down payment. For example, some lenders might recommend a loan with zero down or only five-hundred dollars down, in which the lender can do a first mortgage with an FHA loan. Then they recommend a second mortgage through the New Mexico Mortgage Finance Authority (which is a government program) to cover the down payment and cover closing costs.

However, this option may have a higher down payment than if the borrower used their own funds. At Indigo Mortgage, we offer many first-time home buyer programs which allow the borrower to put down as little as three percent. First-time home buyer programs do not offer better rates but allow concessions in the down payment and in closing costs. Our Albuquerque Mortgage company will help you find the best home loan for your situation.

Published in Blog
Tuesday, 09 October 2018 16:43

Rising Interest Rate Dangers

Residents of Albuquerque understand that mortgage rates are on the rise, which will affect those with adjustable rate mortgages as well as those just beginning the home buying process and don’t have financing secured.

The dangers that higher interest rates present, affect Home Equity Line of Credit (HELOC) and high interest credit cards. When the Federal Reserve raises interest rates each quarter, the effect causes increased payments on HELOCS and credit cards.

If borrowers have to pay more interest within their payment they won’t be able to make a dent in the principle. If the borrower has equity in their home a great option is to refinance and pay off the HELOC and/or high interest credit cards. The paradox here is that mortgage rates are increasing as well. So, the longer the borrower waits, the higher the refinance rates will be. The sooner that a borrower consolidates these into one mortgage, the better.

Indigo Mortgage offers a different option for people looking to purchase with LOCK and SHOP. Indigo Mortgage can lock-in today’s rate for 90 days even if the borrower hasn’t pick out a house yet! This is an exciting opportunity, so call Indigo Mortgage for more details.

Published in Blog
Tuesday, 09 October 2018 15:55

Lock Your Interest Rate

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?

Published in Blog
Tuesday, 16 February 2016 21:01

KKOB on February 16th

Problems with Online Lenders

Published in Radio

Most people have seen advertisements by now for mortgage companies promoting 100%-online mortgages without any human interaction. On the surface, this may seem an easy way to acquire a mortgage, but getting a mortgage isn’t like buying a pair of shoes.

Published in Blog
Tuesday, 02 February 2016 23:06

KKOB on February 2nd

Local Mortgage Lenders Offer Better Service, Lower Rates

Published in Radio
Tuesday, 02 February 2016 22:51

Benefits of a Local Mortgage Lender

Currently, borrowers have many options when searching for a lender to meet their purchase or refinance needs. Many borrowers believe large, national lenders can provide the best rates and service, but that simply isn’t the case. It’s a good idea to use a local mortgage lender like Indigo Mortgage.

Published in Blog
Wednesday, 27 January 2016 21:24

KKOB on January 26th

Mortgage Rates Drop Along with Stock Market

Published in Radio
Page 1 of 3

Warning: mysqli::stat(): Couldn't fetch mysqli in /home/indmortgage/public_html/libraries/joomla/database/driver/mysqli.php on line 213

Warning: mysqli_close(): Couldn't fetch mysqli in /home/indmortgage/public_html/libraries/joomla/database/driver/mysqli.php on line 220