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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 20:53

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