As we are all witnessing, home values have increased exponentially in the last few years. If you’re currently not in the seller market, you’re likely sitting on a lot of equity. If you need to tap into that equity, you can do so in a couple of ways. You can either do a full refinance
Our biggest wholesale lender, United Wholesale Mortgage (UWM), recently announced that they are allowing partners to offer a 1% down payment for first-time home buyers’ mortgages. We have seen many borrowers benefit from this mortgage program. The program does initially require a 3% down payment, but UWM will grant an additional 2%, meaning a borrower can now
Using a local mortgage lender is imperative if you are buying a home from a relative or inheriting a property. Someone local will take the necessary time to meet all parties involved and devise a proper plan. Many buyers in this situation need to be made aware that a relative, the seller, can gift the
When borrowers are required to come up with a down payment and closing costs for their new home’s mortgage, the money can come from different sources. The first is when the borrowers have saved the money and have it already in a checking or savings account. The next way is borrowers can borrow against their
In today’s mortgage market, there are several options for down payments on a home purchase. Home prices are still quite high and mortgage rates are up there too, so finding any help to make your home purchase easier is what we’re all about at Indigo Mortgage. First-time home buyers can put as little as 1%
In today’s lending landscape, borrowers must be vigilant about maximizing their savings when seeking a mortgage on a new home. Lenders often charge borrowers exorbitant fees to maximize their profits. To secure the best rate possible, comparing offers from various lenders and communicating effectively with them is essential. Make informed decisions by asking questions like,
A jumbo loan refers to a loan that exceeds the amount of $726,000, which is the limit guaranteed by Fannie Mae and Freddie Mac, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FMCC), respectively. Due to this, New Mexico borrowers seeking jumbo loans have limited options when it comes to
In its latest requirement update for 2023, the VA has made significant changes regarding jumbo loans for eligible veterans. One notable change is the elimination of the need for down payments. Now, regardless of price, veterans can purchase a home without any down payment. This rule only applies if no other VA loans are active
Mortgage brokers offer benefits to those buying or refinancing a home. A mortgage broker is not tied to one lender so they are able to work on the side of the borrower, not the company that employs them. All other lenders, the loan officers, and processors work for the bank or the lender, not the
All the news about the Federal Reserve raising interest rates over the last few months may sound like doom and gloom but that increase doesn’t have the effect on mortgage rates that many people think. When the feds raise their rates, this will affect other kinds of credit like credit cards, home equity lines of