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Indigo Mortgage has learned that seniors in Albuquerque either have an idea of what a reverse mortgage is and have some basic questions, or they have no idea what a reverse mortgage is and have many, many questions!

Most seniors are skeptical about calling or engaging with a lender. Seniors don’t want to be harassed and they want someone they can trust. They just want a safe environment where they can ask questions and be educated on a reverse mortgage program.

Other lenders advertise the benefits of a reverse mortgage, but they don’t necessarily want to take the time to educate the borrowers in all the details. At Indigo Mortgage, we promise to never push reverse mortgages on our clients or sway our clients into taking out a reverse mortgage.

Indigo Mortgage promises to educate you on what a reverse mortgage is as well as what it isn’t. We invite you to ask as many questions as needed and we’ll go over the program as many times as you want until you completely understand the program.

Indigo Mortgage encourages seniors to bring family members to these meetings, so they can ask questions about reverse mortages as well.

We want our clients to be assured that we will never push them into an application nor try to influence their decisions. Give Indigo Mortgage in Albuquerque a call today!

Published in Blog
Friday, 31 August 2018 21:08

Types of Mortgage Companies

Mortgage Companies vs Banks and Internet Lenders for Home Loans

In today’s mortgage market, you essentially have four types of mortgage companies. They include banks and credit unions, mortgage net branches, mortgage brokers, and internet lenders.

Banks and credit unions essentially lend the borrower their company’s own money, while net branches and internet lenders lend money off huge credit lines they take out from big banks. In comparison, mortgage brokers utilize wholesale mortgage lenders but do not actually lend their own money.

One of the draw backs of using banks, credit unions, internet lenders and net-branches, is they only have one set of underwriting guidelines and one set rate. If a borrower does not fit into their guideline, they are turned down even though they might still be eligible for a loan with another lender. Also banks, internet lenders and net branches have one published rate and when it’s time to lock your mortgage rate, that rate might not be the best available on the market.

Mortgage brokers work with many different wholesale lenders which means many different sets of guidelines. This is a great advantage for borrowers, and because brokers work with many different lenders, we are more likely to find the lowest rates available on the market when its time to lock.

Perhaps the biggest advantage of a mortgage broker like Indigo Mortgage is that we are local and all processing is done right in our local office, not shipped out to another state. You will talk to the same person from application to funding. Indigo Mortgage is your trusted local mortgage broker. If you have any questions about a mortgage loan or refinance of an existing mortgage, give us a call!

Published in Blog
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
Tuesday, 28 August 2018 20:16

Jumbo Loans for VA Borrowers

A Veteran’s Administration or VA jumbo loan is used when a veteran needs a mortgage above $453,150, the current limit for conventional mortgages.

For veterans looking to purchase a home, the best reason to consider a VA jumbo loan is that the interest rate today is in the mid 4% range on a 30 year fixed rate; they would be hard pressed to find any other Jumbo priced so low.

The VA jumbo works best for the veteran who has 10% or more in VA disability as the funding fee is waived; that funding fee can some times be somewhat pricy depending whether the veteran has used their benefit before.

We have been able to help veterans with VA jumbo loans who wish to purchase or need a refinance to consolidate a 1st and 2nd mortgage, refinance out of a short term jumbo ARM (adjustable rate mortgage), or to do major home improvements.

The terms are all the same but there will be a huge difference in rates, and historically, Indigo Mortgage has lenders that offer the lowest rates available on the market for VA jumbo loans as well as other mortgage loans.

The best thing for a veteran to do if considering a VA jumbo loan is to simple call us and ask some questions, we will be happy to help any way we can. It’s another reason why it’s important to shop the mortgage around and to work with a local mortgage company.

Published in Blog
Tuesday, 14 August 2018 20:09

Stories of an Online Mortgage Company

Twice recently, our owner Ben Lucero was contacted by 2 different borrowers who reached out to one of the big online lenders. (We won’t name names but it rhymes with Pocket Mortgage.) They both told Ben that once they put the application in with the company, they could never get anyone on the phone; it was impossible to get any answers and they didn’t even know what loan program they were qualified for.

One of the borrowers said he finally threw in the towel when he found out they were charging $12,000 in closing costs and never gave him the details of why the closing costs were so high.

They’d both heard of Indigo Mortgage on the radio and decided to talk to someone local, so we were able to answer their questions, give them specific details on their loans, and our closing costs were thousands less than what the online company offered them. Now that may not be every borrower’s experience, but there’s no doubt that dealing with a remote company online is more difficult than with a company that you can drop by the office or reach directly on the phone when you have a question.

We always advise borrowers to be really cautious before engaging these online lenders as it might sound good in concept but the reality is much different. Think of it this way: Indigo Mortgage can do whatever these online lenders can do and most times even better. Why not just stay with a local mortgage company?

Published in Blog
Tuesday, 10 July 2018 19:47

2018 Mortgage Down Payment Programs

For some reason there are still borrowers who think that they must have at least 20% to put down on a home purchase or they won’t qualify for a mortgage, but this is far from the truth today.

Fortunately there are some great loan programs available for purchasing a home; they include Conventional, VA, FHA, USDA and Jumbo mortgage programs.

Conventional loans can be found with a down payment of as little as 3% down for first time home buyers and 5% down for other buyers. The loan limit for a conventional home loan has increased to $452,100.

The FHA loan program will fund mortgage loans with as little as 3.5% down but that loan limit is capped at $296,750.

The VA has zero down payment on a home up to $452,100, and will do Jumbo loans over that amount but those will require a down payment.

USDA loans are for rural properties and they will do 100% financing. Jumbo loans are those with loan amount over $452,100, and there are Jumbo loan programs that will allow as little as 10% down.

So, don’t think that just because you don’t have tens of thousands saved for the down payment on a home, that you can’t purchase a home. There are many options for low down payments across the board on loan programs. Indigo Mortgage is a local mortgage broker serving New Mexico, so we have access to all of these mortgage programs. Please give us a call with your questions about mortgages and financing your home.

Published in Blog
Tuesday, 12 June 2018 15:25

Stay Local for Your Purchase

Finding and getting a mortgage is a lengthy process. Many national institutional lenders promote their fast pre-qualifications and ease of use, but do they really make the process easier?

Getting a mortgage isn’t like buying a pair of shoes online, it’s not a quick, one-time interaction. You will inevitably need to communicate with your lender, realtor, seller, and title company repeatedly over the course of weeks or months. Out-of-state lenders and banks, though they might give homebuyers a fast prequalification, are not easy to work with after the initial prequalification. When borrowers engage a national or out-of-state lender, they will often never speak to the same person again. The originator who took their loan application is no longer in the picture, and borrowers are left with impersonal communication with an office a thousand miles away.

Internet lenders and big institution banks are typically not willing to take time with any of the important people involved in the mortgage transaction. It’s much easier to work with a local mortgage broker like Indigo Mortgage who is accessible at any time, to all parties – realtors, sellers, buyers and the title company. Borrowers can meet us face-to-face, drop by our office anytime, and talk with the same person from application to funding.

Published in Blog
Tuesday, 03 October 2017 15:30

KKOB October 3

Today on KKOB Ben Lucero discusses why it's important to get a second opinion, and not just go with the first loan you come across.

Published in Radio
Wednesday, 04 October 2017 22:50

Second Opinions on Mortgages

When should a borrower shop their mortgage to various lenders? Certainly it’s best to do so as part of the preapproval process so that you have concrete offers to compare lenders. However, even when you’re under contract with a property, it’s not too late. As an example, we recently had a call from a local realtor, working with a veteran who was already under contract, when they realized that the veteran did not have any funds for closing costs. The seller would not contribute more.

The lender with whom the veteran was already approved did not offer any lender credits. At Indigo Mortgage, we were able to help this veteran and give him enough lender credits to cover all of his closing costs. And, we were able to offer the same mortgage rate as the other lender was offering. This is a prime example of how lender credits can help not just veterans but also FHA borrowers as well.

As another example, we just had a borrower come in directly from a local big bank. The bank told her she did not qualify for a mortgage with them and suggested she contact Indigo Mortgage.

We looked at this young lady’s situation and by analyzing her income documents and credit profile, we were able to find a loan for her. If this lady had not shopped her mortgage around, she might not have ever known she could qualify for a mortgage. As always, we suggest borrowers shop their loan around and to include a local trusted mortgage company like Indigo Mortgage. Borrowers might be surprised at what we can do for them in their home mortgage.

Published in Blog
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