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Monday, 15 October 2018 17:28

KKOB - October 30th, 2018

Ben Lucero discussed First Time Home Buyer programs and First Responder Programs

Published in Radio
Tuesday, 09 October 2018 17:00

First Time Home Buyer Loans

Many mortgage lenders make offers for first-time home owner loan programs or first responder programs. However, they embellish what those mortgage loans really are. For example, one mortgage lender promotes that nurses, first responders or veterans can get loans with zero fees.

The reality is, the lender charges a higher interest rate to compensate for the fees. So, the borrowers are not getting a deal and it’s really a shell game. At Indigo Mortgage, we believe lenders should just be honest about what they’re doing. Lenders should give borrowers all the information and options and let them decide which is best.

First-time home buyer programs in Albuquerque are just intended to help with a mortgage down payment. For example, some lenders might recommend a loan with zero down or only five-hundred dollars down, in which the lender can do a first mortgage with an FHA loan. Then they recommend a second mortgage through the New Mexico Mortgage Finance Authority (which is a government program) to cover the down payment and cover closing costs.

However, this option may have a higher down payment than if the borrower used their own funds. At Indigo Mortgage, we offer many first-time home buyer programs which allow the borrower to put down as little as three percent. First-time home buyer programs do not offer better rates but allow concessions in the down payment and in closing costs. Our Albuquerque Mortgage company will help you find the best home loan for your situation.

Published in Blog
Tuesday, 03 April 2018 19:49

Stay Local for Your Pre-Qualification

At Indigo Mortgage, we always advise borrowers to shop local when they’re looking to pre-qualify for a mortgage. Online lenders and big out-of-state banks will often pre-qualify a borrower up front, but they will process and underwrite the loan out-of-state. Borrowers will then be faced with impersonal customer service and untimely response times. In contrast, working with a local broker like Indigo Mortgage allows you to work with the same loan officer at every step of the loan process, from pre-qualification on.

It is one thing to get pre-qualified, but that is only a small part of the process. When dealing with these institutions, it’s virtually impossible to attend a first-time-homebuyer seminar, or even get answers to questions. It’s important however for homebuyers to understand the terms of their mortgage, how the buying process works, and who is responsible for closing costs. Staying local affords homebuyers the opportunity to learn more and get answers to all of their questions.

There are many working parts involved in a homebuying transaction. Realtors, title companies, buyers and sellers are involved. Every one of these parties relies on the lender to facilitate the transaction. Having access to a dedicated loan officer to help you with your transaction every step of the way is a huge advantage for homebuyers. Local lenders are accountable and easy to access, online and out-of-state lenders however, are not. So stay local and work with a company that cares, like Indigo Mortgage.

Published in Blog
Tuesday, 07 February 2017 21:21

KKOB on February 7

Buying a new home has advantages, but Ben Lucero discusses why you may want to be cautious about buying directly from a home builder.

Published in Radio

Buying a new home has its advantages. You get to choose your amenities, select the location and neighborhood, perhaps even customize your floorplan. With a brand-new home, you don’t inherit someone else’s appliances or personal customizations. It’s fresh and clean, and completely yours. For these reasons, some homebuyers consider buying directly from a home builder. Often builders will waive closing fees to entice buyers to work directly with them, however, Indigo Mortgage urges homebuyers to be cautious about this option.

The first thing to consider when buying directly from a builder is that without a realtor on your side, you are completely at the mercy of the builder. It would be similar to walking into a courtroom without a lawyer. Working with a realtor, or buyer’s agent, is of benefit because they know the laws, they know the ins-and-outs of contracts, and they can help you navigate the process. A buyer’s realtor is paid for by the builder, so why not use one?

Another consideration when working with a builder, is that they will typically make it very difficult for a buyer to use a lender other than their in-house lender. In an effort to appeal to buyers, many builders will not require them to pay closing costs, however, this doesn’t necessarily save you money. If you qualify for a VA or FHA loan, you may be eligible for lender credits, which would cover your closing costs. Working with an outside lender will often get you lower interest rates as well.

A builder’s representative will most likely never offer a first-time home buying seminar for their clients or work hard to find the best rates and terms. Indigo Mortgage however, wants to equip all potential homebuyers with the knowledge needed to navigate the home buying process. That’s why we recommend working with a buyer’s agent, and shopping around to find the best mortgage loans. We’re here to help every step of the way!

Published in Blog
Tuesday, 02 February 2016 23:06

KKOB on February 2nd

Local Mortgage Lenders Offer Better Service, Lower Rates

Published in Radio
Wednesday, 13 January 2016 17:34

KKOB on January 12th

Understanding the Pre-Qualification Process

Published in Radio
Monday, 15 June 2015 00:00

Don't Be Transferred Out of State.

If you think you're dealing with a local company, think again. When becoming pre-qualified for your mortgage, you may THINK you're going to be dealing with a local lender-- sometimes that's not the case.

Published in Blog
Tuesday, 03 June 2014 17:00

KKOB on May 20

FHA loan program for first time home buyers.

More Positive News for First Time Home Buyers.

Published in Radio
Friday, 11 April 2014 20:23

KKOB on April 11

The Veteran's Mortgage Cash-Out Program is Coming Back!

Published in Radio
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From The Blog

  • Reverse Mortgage and What Seniors Should Expect +

    Indigo Mortgage has learned that seniors in Albuquerque either have an idea of what a reverse mortgage is and have Read More
  • The Pre-Qualification Process and Why It's Important to Stay Local +

    Preapproval is necessary for the home-buying process. In fact, it’s so necessary that realtors in Albuquerque are hesitant to show Read More
  • Full-Refinance or Taking Out a Second Mortgage Equity Loan? +

    Interest rates are falling again, and many Albuquerque homeowners are now deciding on what they should do with the equity Read More
  • New Mortgage Rate Updates +

    Homeowners in Albuquerque who are looking to refinance have some good news as interest rates over the last few weeks Read More
  • First Time Home Buyer Loans +

    Many mortgage lenders make offers for first-time home owner loan programs or first responder programs. However, they embellish what those Read More
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