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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, 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, 24 January 2017 21:56

Pre-Qualify for a Loan Now

Now that it’s a new year, many interested homebuyers are starting to look at their financing options. At Indigo Mortgage, we believe that now is a great time to pre-qualify for a mortgage if you’re thinking of a Spring or Summer move. The prequalification process should tell borrowers their rate, how their total payment is derived, as well as provide them with a list of closing costs.

The prequalification process is fairly simple. You supply Indigo Mortgage with information about your finances, like your debt, income and assets. We evaluate this information, and we can tell you whether you qualify, what your expected interest rate will be, likely closing costs, and explain how your total monthly payment is derived.

There are four factors that go into a total monthly payment. It is determined by a combination of your principal and interest payments, homeowner’s insurance payment, property taxes, and mortgage insurance (if you are putting down less than 20%). We also explain the closing costs and whether or not lending credits will be involved.

At Indigo Mortgage, we believe education is important. We offer seminars to explain the mortgage process to first-time homebuyers and prior homeowners alike. We want every borrower to feel confident that they understand the homebuying transaction and feel equipped to make an offer.

Pre-qualification is only the beginning of the homebuying journey. At Indigo Mortgage, we recommend working with a local lender so you can expect to receive timely answers to any questions you may have along the way. We search daily for the best rates and terms for each borrower so we can get our customers the best deals available on the market.

Published in Blog
Wednesday, 13 January 2016 17:34

KKOB on January 12th

Understanding the Pre-Qualification Process

Published in Radio

Typically, the start of the new year is when people begin to look for a new home, so it’s a great time for Indigo Mortgage to talk to you about the mortgage pre-qualification process in detail so you know what to expect.

Most lenders today consider a pre-approval to be giving the borrower an answer as to whether or not they are qualified, what their rate will be, and a list of closing costs. That part of the pre-qualification is only half of what borrowers actually need. The pre-qualification should also cover just how the total payment is derived.

There are 4 factors that go into a total monthly payment: The principal and interest payment, the homeowner’s-insurance payment, property taxes, and if they are putting down less than 20 %, you will also have mortgage insurance. Additionally, the borrower would benefit if they understood the total closing costs involved in the loan, who pays what, and if there are lender credits involved.

Many of the first-time home buyers Indigo Mortgage talks to have been pre-qualified with other lenders, and did not know anything about their mortgage or closing costs; they just knew what their rate was and that they were pre-qualified. Indigo Mortgage always puts home buyers through a home-buyer’s seminar, whether they are a 1st-time buyer, or a prior homeowner who just needs a refresher. This way, the borrower can feel confident that they understand the whole purchase transaction and are equipped to put in an offer.

Because the pre-qualification is only the start of the purchase process, it’s important to use a local lender to be accountable to the borrower and realtor on a moment’s notice, and to provide timely answers. Once the loan is in underwriting, it’s important that the borrower talk to someone familiar with their loan every time they call, and they can simply drop off all paperwork at the local office. None of this is possible with an out-of-state lender or big bank.

If you have any questions regarding the home-buying process, or are ready to get started, contact us at Indigo Mortgage, your friendly, local lender.

Published in Blog

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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