As consumers know, mortgage interest rates continue to be at the lowest levels in history. This has given many New Mexico home owners and potential home owners the incentive to take advantage of these low rates.
Because there are so many loan applications in the pipeline, all lenders are experiencing a major back log. Borrowers can expect longer turn times to get a mortgage from application to funding. Even getting a lender to pick up the phone or to get someone to talk to can be a challenge.
At Indigo Mortgage, we recommend borrowers have patience as experts believe interest rates will remain at record lows at least through the end of summer.
Even when a borrower has put in a mortgage application, it can be frustrating as there may be long periods of no communication as every department in the loan process is overwhelmed with files. We see that even appraisals are taking longer to be completed as appraisers are just as overwhelmed.
Our advice is to use a local lender like Indigo Mortgage who will be more accountable and will always work harder for the borrower than an online mortgage company. And please, try to exercise patience as low mortgage rates will be sticking around for a while.

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