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Friday, 31 August 2018 20:59

Not So Rocket Fast

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.

Published in Blog
Friday, 31 August 2018 20:53

Local Albuquerque Mortgage Company

Indigo Mortgage is a locally owned and operated mortgage broker, serving local home buyers. As a mortgage broker, Indigo Mortgage has access to many wholesale lenders, which offer the best terms and rates on the market today.

This is a benefit for all borrowers as we can provide many more options to get a borrower’s loan approved. If one of our lenders won’t do a specific home loan, we’ll look for another lender that will.

If a borrower goes to a bank, a credit union, or online lender, these lenders most likely only work off one set of guidelines and if the loan does not fit that guideline, the loan is denied; the borrower might not even realize they still have options with other lenders.

Because Indigo Mortgage works with many different lenders, our chances of finding the borrower the best rate is excellent, because the lenders will compete for borrowers by offering lower rates and lower fees.

When a homebuyer starts the mortgage application process on their own, they might choose a big bank or an out-of-state national lender. Even if the borrower fills out the application locally, those companies underwrite the loan in another state. This means after the application is taken locally, the file is shipped out of state and the borrower is forced into impersonal voice mail, delayed responses, talking to different people that have never even seen their file.

Being local means our loan officers take the application locally and we process the loan right in our local office. We always have you talk to your personal originator or the processor responsible for your loan; the borrower is never left with impersonal voicemail or delayed responses and all of our employees work and live right here in New Mexico.

These are really great reasons to choose a local lender like Indigo Mortgage.

Published in Blog