When it comes to your home mortgage, a low-interest rate is great, but sometimes it can be too good to be true. Here’s why you should proceed with caution when jumping into a program with a national lender.
As we had mentioned in our previous blog, interest rates are currently at a historic low. This means that national lenders are heavily advertising and enticing homeowners to refinance. Although refinancing is a great idea for homeowners trying to take advantage of a lower interest rate, doing so through a national lender may not be the best idea. These lenders depend on individuals not shopping around when it comes to their mortgage. They may advertise a lower rate, but it is not necessarily the best rate available. Often times, those rates will carry thousands of dollars in fees. This, unfortunately, can prevent homeowners from receiving the lowest rates with the lowest possible fees. It’s important to not assume larger lenders are always the best when it comes to your home loan. We encourage homeowners to take their time and shop their home mortgage around.
At Indigo Mortgage New Mexico, we make it our goal to find you the best possible rate with no hidden fees or small print. If you are looking to shop locally, reach out to the team at Indigo Mortgage! No one cares more about your loan than we do.