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Tuesday, 12 June 2018 15:25

Stay Local for Your Purchase

Finding and getting a mortgage is a lengthy process. Many national institutional lenders promote their fast pre-qualifications and ease of use, but do they really make the process easier?

Getting a mortgage isn’t like buying a pair of shoes online, it’s not a quick, one-time interaction. You will inevitably need to communicate with your lender, realtor, seller, and title company repeatedly over the course of weeks or months. Out-of-state lenders and banks, though they might give homebuyers a fast prequalification, are not easy to work with after the initial prequalification. When borrowers engage a national or out-of-state lender, they will often never speak to the same person again. The originator who took their loan application is no longer in the picture, and borrowers are left with impersonal communication with an office a thousand miles away.

Internet lenders and big institution banks are typically not willing to take time with any of the important people involved in the mortgage transaction. It’s much easier to work with a local mortgage broker like Indigo Mortgage who is accessible at any time, to all parties – realtors, sellers, buyers and the title company. Borrowers can meet us face-to-face, drop by our office anytime, and talk with the same person from application to funding.

Published in Blog
Tuesday, 20 March 2018 16:17

Aggressive and Dishonest Lenders

Many borrowers come to Indigo Mortgage and tell us that they are constantly bombarded with solicitations from large out-of-state lenders. When consumer credit report agencies like Equifax, Transunion and Experion pull credit reports, they automatically sell borrower’s information to lenders nationwide. Many of these big lenders take this information and use it to contact people out of the blue, and their approach is sometimes pushy.

In one extreme case, a lender contacted a borrower offering a loan with a very low fixed rate. Before he knew it, the lender had sent an appraiser to his home. Other lenders were calling him every hour. Interestingly, while the lender was offering was a low interest rate, there were over $11,000 in hidden closing costs! This refinance would have cost our borrower thousands of dollars, and it wouldn’t have improved his situation at all. We advise our borrowers never to use a lender that contacts them out of the blue.

Sadly, this is something that many of our customers have experienced before coming to Indigo Mortgage. Unlike large out-of-state lenders, local brokers like Indigo Mortgage care about you and your loan. We are nearby, so we are always available to thoroughly answer any questions you might have about your loan. When you work with Indigo Mortgage, you work with the same person throughout the entire loan process, no call centers, no ever-changing customer service representative. At Indigo Mortgage, we value education, and we do our best to make sure you have as much helpful information as possible when you’re shopping for a mortgage.

Published in Blog
Tuesday, 27 February 2018 22:19

Reverse Mortgage Education

Most seniors have seen the ads on television, received the emails or the postcards in the mail. Advertisements for reverse mortgages are everywhere. At Indigo Mortgage, unlike large national lenders or big banks, we advise caution for seniors considering reverse mortgages. We know that there are many factors to take into account and many questions to ask before deciding if a reverse mortgage is right for you.

Indigo mortgage cares about your mortgage. We never want our customers to enter into a loan that isn’t right for them. It is important that seniors have the opportunity to ask as many questions as they need because reverse mortgages are so different from other types of mortgages. That’s why when seniors approach us with questions about reverse mortgages, we take great care in making sure they know exactly what to expect. We even require our customers to go through a counseling session with an FHA approved reverse mortgage counselor. The counselor is not affiliated with Indigo Mortgage or any other lender, their goal is simply to educate.

Our approach to reverse mortgages is very different from national lenders or online companies. When you work with Indigo Mortgage, your personal loan officer is local. We’re here for you, available for a phone call or a face-to-face conversation whenever you need. In contrast, many large out-of-state lenders do not take time to answer questions directly, and often you are not able talk to the same person throughout the loan process. We encourage you to contact a local mortgage broker like Indigo Mortgage for more information about reverse mortgages.

Published in Blog
Monday, 13 February 2017 23:32

Not So Rocket Fast

Obtaining a mortgage is not like buying a pair of shoes from Amazon. We’ve all seen the commercials for a quick loan, promising that it only takes a few clicks to get approval. But it’s really not that simple. At Indigo Mortgage, we advise borrowers to be cautious of national lenders that advertise easy, quick, one-size-fits-all loans.

Mortgages can be extremely complicated with many variables. Every mortgage application is unique, and requires the full attention of a licensed and trained mortgage broker. There is no way an automated loan service can answer all of your questions for you. Indigo Mortgage strongly encourages working with a local lender that can provide in-depth, face-to-face answers to your unique questions.

Working with a local mortgage lender means that your broker understands your personal circumstances and provides you with personalized help. National lenders that promise fast loans neglect the personal element of conducting business in person. We believe lenders should treat clients like people, not just digits on an internet application.

While national online lenders promise convenience and expediency, we still advise working with a local broker, and shopping around to make sure you’re getting the best rates and terms on your mortgage!

Published in Blog
Tuesday, 01 November 2016 17:51

KKOB November 1

Working with a local lender has some distinct advantages. Ben Lucero of Indigo Mortgage discusses why choosing a local broker over a national bank or online lender provides borrowers with lower rates, more options, and unmatched customer service.

Published in Radio
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
Wednesday, 29 June 2016 14:42

KKOB on June 28

With mortgage rates at the lowest they've been in 3 years, many people are jumping into the mortgage market.

Lenders, title companies and realtors are becoming overwhelmed with the amplitude of loan applications.

With the market booming, customer service is suffering. Indigo Mortgage has hired 4 new employees in the last year alone to keep up with demand. When applying for a loan, keep in mind the volume of applications coming in to lenders. When applying for a loan, try to return documents needed in a timely fashion and all together.

Be sure to stay local with Indigo Mortgage and rest assured that your lender is on your side.

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
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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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