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Tuesday, 09 October 2018 15:55

Lock Your Interest Rate

Albuquerque’s Mortgage Rates are on the rise and this worries borrowers who are shopping for a home. Indigo Mortgage has a new loan product called Lock and Shop. Lock and Shop allows borrowers to purchase a home with the opportunity to lock in today’s mortgage rates before they even find a home. In the past, borrowers had to have the home under contract before locking in a mortgage rate. But because we are in a rising rate environment, this loan allows the borrower to lock in a rate for up to ninety days. The rate is preserved for this term and the mortgage loan must close within that rate’s lock period. If for some reason the rate drops in that lock period, we will float down the rate for the borrower.

At Indigo Mortgage we caution home buyers from using lenders who are out of state. Most than likely, their rates will be higher than what we can offer. However, if the interest rate is the same, it’s much more convenient for a borrower to stay local. With an out of state lender, it can (and will be) frustrating trying to coordinate a loan with voice mail and people who are not familiar with or invested in the transaction. Why not stay local if we can offer the same or better rates to Albuquerque and New Mexico home buyers?

Published in Blog
Friday, 09 September 2016 19:52

Beware of Low Interest Mail and Web Offers

Many of our clients have mentioned receiving quoted mortgage rates that are extremely low in the mail or online. When we get calls like these, we like to talk to our clients and ask a few simple questions to establish what type of mortgage loan is being quoted.

It is important to take into account what kind of mortgage program is being quoted, as FHA and VA loans have much lower rates than a conventional loan and may not apply to most mortgage programs. What will it cost to achieve these low rates? Are there origination or discount fees required to obtain this rate? Is the rate being offered as an adjustable rate mortgage, or a 10-15 year mortgage? Mortgages with shorter time spans usually have lower interest rates than that of a 30-year mortgage.

One thing to always keep in mind when receiving offers of this sort is that when rates are quoted without seeing a credit score, they are assuming a score of 740 or better. If the actual credit score is less than 740, then the rate will be higher.

The best way to ensure that you are getting the best rate is to shop around your mortgage. If you have any mortgage related questions or have received mortgage offers, come and talk to an expert at Indigo Mortgage.

Published in Blog
Thursday, 01 September 2016 15:05

KKOB on August 30

It's important to understand a few things when seeing extremely low mortgage rates online, in the mail or on the radio.

There are a few questions you can ask that will help you sort through these offers and make an educated decision when choosing your mortgage lender.

Come to Indigo Mortgage and we can help walk you through these questions to ensure you don't get stuck in a mortgage with unknown costs or an adjustable rate without explanation.

Published in Radio
Thursday, 25 August 2016 16:12

KKOB on August 23

Indigo Mortgage has partnered with United Wholesale Mortgage to offer New Mexicans a 1% down payment mortgage.

The way it works is the buyer goes into a traditional 3% down loan, but only pays 1% and United Wholesale Mortgage gifts the other 2%.

This shouldn't be mistaken as a second mortgage, as it is a true gift from UWM. The buyer must have a minimum credit score of 700. Contact Indigo Mortgage today to learn more about this offer and to see if you qualify.

Published in Radio
Wednesday, 24 August 2016 22:57

Partnership with United Wholesale Mortgage

Indigo Mortgage has teamed up with United Wholesale Mortgage (UWM) to offer our fellow New Mexicans a 1% down payment mortgage loan. A 1% down payment is much different than any other loan on today’s market.

The underlying loan is the conventional 3% down loan program, but the borrower only puts down 1% and the other 2% is gifted by United Wholesale Mortgage (UWM). This is a true gift and shouldn’t be mistaken as a 2nd mortgage.

In other words, the borrower is walking away with 2% equity at closing. For example, on a $200,000 loan, the borrower would put down $2,000 and UWM would gift them the other $4,000. There are no income limitations, but the borrower must have a minimum credit score of 700.

We introduced this program this week and we already have several borrowers that have qualified. The interest rate on these mortgages are the same as conventional loans, and this is a great opportunity for homebuyers. Call Indigo Mortgage today at 505-836- 5700 to see if we can qualify you for this 1% down payment purchase loan.

Published in Blog
Tuesday, 23 August 2016 22:49

KKOB on August 16

The veterans refinance mortgage program allows veterans to refinance a mortgage that is not currently a VA loan, then Indigo Mortgage can finance 100% loan to value into the new loan.

If a veteran wants to refinance and pay off debt at any time, we have lenders that allow 100% loan to value as well.

Indigo Mortgage closes more VA loans than any other company in New Mexico, because we are dedicated to helping veterans obtain the loans they need.

Published in Radio
Thursday, 11 August 2016 16:54

KKOB on August 9

Indigo Mortgage is excited to announce that we have partnered with the Lobos in a promotion called The Hero of the Game to recognize and thank veterans for their service.

To nominate your Hero of the Game, just go to www.golobos.com/hero and write a brief summary on why your nominee should be recognized to be the hero of the game.

Once a winner is chosen for each football game and select basketball games, the nominee will receive the VIP experience and 4 tickets to the game they are being honored at.

Published in Radio
Thursday, 21 July 2016 17:26

KKOB on July 19

Interest rates are again approaching historical lows.

With these low rates, borrowers have come off the fence to begin looking at refinancing or a purchase loan. Indigo Mortgage has seen an influx of lender credits, which can save borrowers thousands of dollars, with both FHA and VA mortgages.

By shopping around your mortgage and going with a local lender, you can ensure that you are getting the best rates possible. Remember that not all lenders offer lender credits, and you should ask before beginning the process or come to Indigo Mortgage to see the number of options that we provide borrowers.

Published in Radio
Thursday, 14 July 2016 14:48

KKOB on July 12

Veterans must beware of rates that seem too good to be true.

Beware of scams that claim interest rates that are extremely low in the 2.5% or 2.75% range. These rates usually do not include closing costs or origination fees.

Veterans must make sure to read the fine print when receiving deals like this in the mail from mortgage companies. We urge you to stay local with New Mexico's #1 VA mortgage broker Indigo Mortgage, so we can help advise veterans on these deals and always do right by the veteran.

Published in Radio

As many New Mexicans have noticed, mortgage interest rates are the lowest they have been in 3 years and are again approaching all-time lows. Because of this many people are jumping into the mortgage market either to purchase a home or refinance an existing mortgage.

Lenders, title companies and realtors are all getting overwhelmed with loan applications and because of that, customer service for the homebuyer is suffering. We hear from our title companies and lenders, that they have many people working overtime to get files through underwriting and on to funding. Compliance requirements have also increased and timelines tend to suffer because of the added disclosures and waiting periods.

Indigo Mortgage has also had a huge increase in applications and we have hired 2 new processors and 2 loan officers in the last year alone.

To make your loan application and mortgage process smooth, Indigo Mortgage offers these helpful suggestions:

The first thing is to make sure you understand what the lender needs from you and be sure to return it to the lender in a timely fashion. Try not to piece meal items back to the lender; it’s helpful if you can return all the items at one time. Also have patience; the mortgage lending environment is much different today than even 2 years ago, as the government has increased the timelines required for disclosures and closings.

And as always, it is much better to use a local mortgage broker like Indigo Mortgage, as we are always on the side of the borrower and you can always meet us face to face and meet with us anytime you need assistance throughout the loan process.

Published in Blog
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  • 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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