A VA Streamline IRRL loan, also known as a VA IRRL (for “interest rate reduction loan”) is a loan designed for a veteran to refinance his or her current VA loan into a loan to get a lower interest rate and lower monthly payment. The IRRL refinance must be a VA to VA refinance. It’s
Homeowners with a conventional mortgage who are working to refinance their loan to a lower interest rate have a new fee that will be added. At Indigo Mortgage, we’ve been advising that this fee was coming for the last few months and now it’s here. The fee is known as the Adverse Market Fee and
The difference between APR and interest rate is that the APR (annual percentage rate) is the total cost of the loan including interest rate and all fees. The interest rate is just the amount of interest the lender will charge you for the loan, not including any of the administrative costs. The APR is a
The real estate market is very competitive and with mortgage rates at historic lows many people are out there making offers on homes. One way to set your offer apart is to accompany your offer to the seller with a Pre-approval vs just a pre-qualification. This gives the seller confidence the loan is solid and
Interest rates are falling again, and many Albuquerque homeowners are now deciding on what they should do with the equity they’ve gained in their homes. Some homeowners are considering using that equity for home improvement projects, bill consolidation or for a college education. Whatever their needs may be, homeowners are looking to tap into that
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