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Preapproval is necessary for the home-buying process. In fact, it’s so necessary that realtors in Albuquerque are hesitant to show a home to a potential home-buyer unless the borrower has already been pre-approved for a mortgage.

Similarly, the pre-approval is involved in a mortgage application. You will provide detailed information on your application about your income, debts, and assets. The lender will do an evaluation and determine if you qualify to purchase a home. If you qualify, they’ll provide you with an estimate of price ranges for a home.

Unfortunately, buying a new home is not like purchasing a new pair of shoes on the internet. This is a good analogy when it comes to one of those big online companies that promise a new mortgage with a few easy clicks on their website.

There are many interested parties in a purchase transaction, and they all depend or revolve around the mortgage company. If you need a timely pre-qualified letter or assurance that the loan will close on time, an automated online lender will not accommodate all of those interested parties of a purchase transaction. You will need someone who will pick up the phone when realtors need information or when the borrower has questions. A local Albuquerque mortgage broker, such as Indigo Mortgage, will be just as fast and work to get you a better rate with lower fees. Indigo Mortgage is also always available to answer questions. If you’re looking for a pre-qualification, stay local in Albuquerque

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Published in Blog
Tuesday, 16 April 2019 15:37

KKOB - April 16th, 2019

<>Ben Lucero speaks about prequalifying for a loan and why it's important to stay local
Published in Radio
Tuesday, 19 June 2018 17:39

KKOB on June 19

Do online lenders really make the mortgage process easier? Ben Lucero weighs in and discusses why it's best to stay local for your purchase!

Published in Radio
Tuesday, 03 April 2018 20:21

KKOB on April 3

Today on KKOB, Ben Lucero offers advice to borrowers who are looking to purchase. He discusses the importance of staying local when looking for a pre-qualification. Listen to learn more.

Published in Radio
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, 12 September 2017 15:46

Prequalification vs. Preapproval

If you’re a first-time homebuyer or if it’s been a while since you’ve purchased a home, you likely have a lot of questions about the mortgage process. Indigo Mortgage is always here to provide information and expert advice on all mortgage related topics. One thing that many people ask us about is the difference between prequalifying for a loan, and getting preapproval on a loan. These are two very different things.

Prequalification: When a borrower wants to prequalify for a mortgage, they submit a full mortgage application. The lender will then pull a credit report and collect income verification, such as bank statements. The lender will then analyze that information and, if it meets all criteria, the lender will issue a prequalification. This will give the borrower an idea of the mortgage amount they’re eligible for.

Preapproval: The preapproval process goes further than prequalification. All financial information collected from the borrower in the prequalification process is submitted to an underwriter. The lender will then be able to tell the borrower exactly how much they qualify to borrow. When you are preapproved for a mortgage, you will receive an exact loan amount in writing, so you can look for a home at or below that price level. This can make your home-shopping experience so much easier. In a competitive market, it may also give you an advantage if the home you love has multiple offers, because your financing is already assured.

When you’re shopping for a home, call Indigo Mortgage for your prequalification or preapproval.

Published in Blog
Monday, 17 July 2017 06:00

Keep Your Purchase Local

Many out-of-state and big institutional mortgage lenders promote their fast pre-qualifications and ease of use, but sometimes these offers can be misleading. Borrowers may get a fast pre-qualification, but when it’s time to actually get the mortgage done, the story can change. When borrowers work with out-of-state lenders, they may never speak to the same originator who took their loan application ever again. Borrowers are left with impersonal communication with an office a thousand miles away. At Indigo Mortgage, we always tell our borrowers the importance of working with a local lender, as purchasing local has many advantages.

When borrowers work with a local mortgage broker, their loan originator is easily accessible, willing to take time to answer any questions that come up, and always available for a face-to-face conversation. A local mortgage broker like Indigo Mortgage is willing to take time to speak with the borrower, realtors, sellers, and title companies involved, to ensure a smooth mortgage process for clients, from application to funding.

Not only are the lending experts at Indigo Mortgage always there for customers, but we have a track record of finding the best rates and terms on the market. So don’t work with an out-of-state lender or a large national bank. Contact Indigo Mortgage for personalized help with your loan.

Published in Blog
Tuesday, 18 July 2017 12:35

KKOB on July 18

This morning on KKOB, Ben Lucero explains why working with a local mortgage broker has major advantages over borrowing from a big bank or national lender.

Published in Radio
Monday, 10 April 2017 22:54

KKOB April 11

Today on KKOB, Ben Lucero discusses how shopping your mortgage around can potentially save you thousands of dollars on a veteran or FHA loan.

Published in Radio
Monday, 10 April 2017 22:46

Lender Credits Shop

At Indigo Mortgage, we always encourage borrowers to compare mortgage loans, shop around, and negotiate. No matter how far along in the process you are, it’s never too late. Even if you’ve prequalified with another lender, Indigo Mortgage can likely still help you save money on your mortgage loan.

One way that we can help veterans and FHA borrowers save money, is by providing lender credits. Lender credits are granted by Indigo Mortgage to help borrowers cover their closing costs. Lender credits can be especially beneficial for borrowers that do not have sufficient funds available for initial closing costs. If the lender you are working with does not offer lender credits, contact us, we can often find a way to provide them and assist you with your closing costs.

Many times, borrowers will come to Indigo Mortgage after prequalifying elsewhere. We are typically able to lower their rate by .5%, or match another lender’s rate and offer lender credits. We encourage all borrowers to shop around, and come to us for help with comparing mortgage options. Indigo Mortgage could help you save thousands of dollars!

Published in Blog
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From The Blog

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    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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