When purchasing a home, it’s very important to take the interest rate of the home loan into consideration, however, there are also other things to consider when looking for a mortgage.
As of March 2020, mortgage interest rates are at a historic low in New Mexico. It is also a seller’s market. These two things create a tough situation for those looking to buy. More people are waiting to buy a home with a low-interest rate, but there is also a limited amount of homes available. In this situation, the buyer is better served to stay with a local mortgage lender versus big banks or national lenders.
The issue here is a matter of time. Once the buyer puts in an application with a larger bank or national lender, it’s really hard to say how long it will take for them to receive a response. When you need things to move quickly, can you really depend on them to get the job done in time? When dealing with a local mortgage broker, they understand the importance of time when it comes to the current local market. They are well equipped and ready to act quickly in a market that requires quick action.
As you can see, choosing a local mortgage lender to assist you with the purchase of your new home is the right way to go, especially in a market like New Mexico’s. Why take chances with a national lender or large bank if a local lender can beat their rates and fees? At Indigo Mortgage New Mexico, we urge you to stay local. No one cares about your mortgage loan more than we do!