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Wednesday, 20 July 2016 19:52

Interest Rates Approaching Historical Lows

Over the past few weeks, interest rates have again been hovering around historical lows. These low rates are allowing borrowers to come off the fence to look into a refinance or to pursue a purchase loan.

With these extremely low rates, Indigo Mortgage has seen the amount of lender credits increasing with FHA and VA mortgages. Lender credits, where the lender pays money towards the borrowers closing costs, can save borrowers thousands of dollars. Not all lenders offer lender credits, so do not assume that a low rate from a lender is the best deal out there. Ask your lender about lender credits or call Indigo Mortgage to see what we have to offer.

With home owners gaining more equity, there has been an increase in applications for cash-out refinances. Borrowers are cashing out their equity at very low rates to consolidate a 1st and 2nd mortgage, pay off high interest credit cards, or for home improvement.

Because rates are so low, borrowers assume that they are being offered the lowest rates available, but by shopping their loan around they will find that rates vary by up to ¾ of a percent and closing costs by a few thousand dollars. Once again, do not assume that your lender, bank, or out-of-state lender is offering the best rates and terms. For the best rates possible, shop around your mortgage and go with a local lender like Indigo Mortgage.

Published in Blog
Wednesday, 06 July 2016 15:44

KKOB on July 5

Understand what to do in the low-rate mortgage environment that we are in today.

With interest rates once again hitting all-time lows, lending offices are getting overwhelmed with loan applications. The lending market is much different than even two years ago, with the government increasing the timelines required for disclosures and closings.

Having a local lender like Indigo Mortgage by your side gives you the opportunity to meet with your lender face-to-face whenever you need to. Remember to stay local with Indigo Mortgage.

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

Many prospective home buyers may have never gone through a mortgage application process. For homeowners hoping to refinance, it may have been some time since they’ve done so.

And because of the changes to the mortgage industry since the lending meltdown in 2009, borrowers might be uneasy about applying for a mortgage. In an age of electronics and computers, it’s becoming a virtual and impersonal world and this can also cause anxiety in the application process.

Most experts agree that when applying for a mortgage, it should be done with a professional who can walk borrowers through the process and answer questions. Many of the large on-line out of state and national lenders simply have application takers, not someone who is educated about the process, and willing to take the time to educate borrowers on their loan options and the loan process.

At Indigo Mortgage, we get phone calls from borrowers shopping their loan around and many times hear “You are the first company to explain the loan in such detail.”

With so many rules and regulations, it’s important to understand why the borrower is being asked for certain documents and letters of explanation. It’s one thing to be told that you must supply the information and quite another when you understand why those documents are being requested.

For example, large deposits in bank accounts must be verified and explained, because of laws against money laundering. Many time borrowers are asked to explain any past credit issues; the reason is to understand if borrowers have corrected these problems or if they are recurring.

A detailed account is usually requested for the last 2 years of the addresses where the borrowers have lived. The reason for that is to get a payment history and make sure all rent or mortgage payments were made on time.

In addition to these items that verify your information, a loan officer may find that the borrower qualifies for loan programs that might save some money. If so, it’s also important that the borrowers understand the benefits and the drawbacks of each. With all of these factors, using a local lender makes applying for a mortgage much easier for borrowers.

Published in Blog
Thursday, 12 May 2016 17:24

Be Aware of Misleading Advertising

Online Advice from Indigo Mortgage

Indigo Mortgage’s owner, Ben Lucero recently noticed that his business name was coming up related to other lenders who focus on the practice of online lending. However, it appeared that the term “INDIGO MORTGAGE” was also appearing in those ads for loan service.

Many online advertisers utilize a concept called “conquesting”. Conquesting your competitor is a simple practice in the online advertising world. Within an online advertising campaign, companies simply use a competitor’s business name as a “keyword”. When the keyword is searched, the result will bring up your online advertisement in addition to theirs. This concept is quite common and legal. If used improperly, however, it is a clear violation Google Advertising polices and is unethical. If used to deceive and steal customers, this practice can also be illegal.

So, Indigo Mortgage asks you to protect yourself from unscrupulous advertisers by making sure that you’re connecting to our local company and not a faceless, online mortgage company.

One clear way to know for sure if you do connect to someone online—Indigo Mortgage will NEVER ask for personal information (like your social security number) over the phone. When you connect with Indigo Mortgage, we only ask for personal information when you are ready to move forward with the lending process. And, that’s typically after our introductory meeting to determine if a new loan is completely right for you and your family. Contact Indigo Mortgage directly at 505-836-5700.

Published in Blog
Thursday, 12 May 2016 16:44

KKOB on May 10

Beware of Imposters

Published in Radio
Friday, 22 April 2016 20:03

KKOB on April 19

Purchasing a New Home

Published in Radio
Friday, 15 April 2016 15:26

KKOB on April 12

Indigo Mortgage: True Local Mortgage Company

Published in Radio
Tuesday, 23 February 2016 20:13

KKOB on February 23rd

Caution: Reverse Mortgages

Published in Radio
Tuesday, 16 February 2016 21:01

KKOB on February 16th

Problems with Online Lenders

Published in Radio
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