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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
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
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, 05 September 2017 14:42

Low VA Rate Mailers

Indigo Mortgage is proud to be the top broker in New Mexico for VA Loans. Because we work with so many of our veterans, we have a unique understanding of their concerns and needs. So, when veterans call Indigo Mortgage and say they received a letter from a mortgage lender offering them unbelievably low rates, we always check to see if those offers are legitimate, because, as we say, no one cares more about you and your loan than we do.

Many lenders will claim they can offer interest rates as low as 2.5% or 2.75% on 30-year mortgages. They send out mailers advertising these rates to veterans. Upon further investigation though, these are not 30-year fixed mortgages. They’re only fixed for 3-5 years, and then after 3-5 years, these interest rates are adjusted – which will almost always raise your monthly payment.

In other cases, the rate may be fixed for 30 years, but borrowers pay a full 2 points in discount and origination fees! That’s a full 2% of the loan – on a $200,000 mortgage, that means a veteran would pay an extra $4,000 just to buy the interest rate down to below 3%. Both of these tactics are misleading. As a general guideline, veterans can expect an interest rate in the mid 3% range for 30-year VA loans, without any origination, discount or lender fees. Shopping around is important because it can mean a .5-1% difference, depending on the lender.

Keeping your loan local means personalized customer service. When you work with Indigo Mortgage for your VA loan, we look for the best rates and terms, without any unnecessary fees. Contact us to learn more about VA loans!

Published in Blog
Monday, 24 July 2017 15:49

Local Reverse Mortgage Consultation

It seems like every time you turn on the TV, you’re bombarded with commercials for reverse mortgages. Famous actors are often enlisted to promote the benefits of reverse mortgages, but when seniors engage these big advertisers, things change very quickly. Indigo Mortgage is certified to offer reverse mortgages, and we get numerous calls from seniors who have called these lenders.

Often, seniors tell us that when they call one of these national advertisers to inquire about a reverse mortgage, they are put under a lot of pressure, but the lenders do not take time to answer the senior’s questions. Seniors tell us about the relentless follow-up calls, and that if the senior tells them they are not ready to purchase a reverse mortgage, these lenders often pass their name on to other lenders who then start calling the senior.

At Indigo Mortgage, we believe that a senior is better served working with a local mortgage broker that can answer their questions face-to-face, a broker that can answer all questions thoroughly, and who really cares about their clients.

At Indigo Mortgage, seniors can’t just go to apply for a reverse mortgage. We first answer any and all questions they may have to make sure they have a full understanding of the reverse mortgage program. Then, the senior must undergo a counseling session conducted by an unaffiliated third party authorized by the government. This is to protect the senior and ensure that they make an informed decision about their loan. Working with a local mortgage broker like Indigo Mortgage means that you work with a lender that cares about you. If you’re interested in learning more about reverse mortgages, contact us today.

Published in Blog
Tuesday, 04 July 2017 18:50

KKOB on July 4

VA Jumbo Loans are a great option for veterans, but they're sometimes overlooked. Ben Lucero discusses some of the advantages of VA Jumbo Loans, and why you might want to consider one if you're in the market for a mortgage.

Published in Radio
Monday, 01 May 2017 22:28

VA Jumbo Loans

Indigo Mortgage is one of the largest mortgage brokers in New Mexico, and as such, we close more VA Loans than anyone else in the state. In last week’s blog, we offered some general information about veteran’s loans, but this week we want to offer some more specific advice about VA Jumbo Loans.

Published in Blog
Tuesday, 25 April 2017 22:26

KKOB on April 25

Indigo Mortgage is New Mexico's #1 VA Loan mortgage broker. Ben Lucero discusses some of the basic information that every veteran should know about VA Loans.

Published in Radio
Monday, 24 April 2017 22:16

General Information About VA Loans

At Indigo Mortgage, our VA loan division closes more VA loans than any other mortgage company in New Mexico. Here’s some basic information for veterans who are interested in this type of loan.

Borrowers can have multiple VA loans. If all previous VA loans have been paid off, a veteran can take out another loan. In fact, a veteran can have two VA loans simultaneously. Borrowers can split their entitlement and purchase two properties, as long as both loans do not exceed a combined total of $417,000, the new loan is over $144,000, and the new VA loan is an owner-occupied loan.

VA allows 100% cash-out on refinances. If a lender tells you that they only allow 90%, keep looking. At Indigo Mortgage, we offer 100% cash out, without compromising our low rates.

VA now allows jumbo mortgages. Borrowers can get mortgage loans over $417,000.

The VA never requires mortgage insurance, but there is a funding fee. The funding fee can be waived if the veteran receives 10% or more disability.

Be wary of lenders offering outrageously low rates. Typically, when a lender offers unbelievably low rates, they’re adjustable rate mortgages, not fixed rate mortgages. These types of mortgages can be very expensive to buy down, and aren’t really worth it.

Keep it local. When you’re shopping for a VA loan, remember to shop local. A local mortgage broker like Indigo Mortgage is easier to work with face to face, and can often save you money!

Published in Blog
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