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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 20:35

VA Path to Home Ownership

The VA home loan offers some great benefits for the veterans still in the military who have their certificate of eligibility or those just coming out of service, either from deployment or once they completed their active duty.

Many of these veterans have no idea that they can qualify for a new home or even how to go about it. Indigo Mortgage is honored to say that we have helped numerous veterans live the dream of home ownership.

We meet the veterans face to face and conduct a one on one homebuyer’s seminar. We will determine if the veteran can qualify and then walk them through the loan process and educate them on home ownership. Indigo Mortgage loves showing veterans the true benefits of the VA loan-- things like zero down payment, no mortgage insurance requirement, and low interest rates.

We may also be able to offer lender credits. Indigo Mortgage is one of the few mortgage companies that can offer lender credits in which the lender helps pay down the veteran’s closing costs. That may provide thousands of dollars to veterans to cover closing costs, all at equal or better rates being offered by other lenders. Recently, we lowered a veteran’s rate by .25% and still gave him lender credits of several thousand dollars for closing costs.

We encourage veterans to just simply give us a call and let us help in determining their path to home ownership. Indigo Mortgage takes this responsibility seriously and we advise veterans not to try this process with national or out of state lenders as our veterans deserve personal service.

Published in Blog