If you’re self employed and preparing to purchase a home, you might find that some mortgage processes are harder for you. Some lenders are hesitant to loan hundreds of thousands of dollars to a self-employed business owner, especially if your company is not very old. At Indigo Mortgage, we have access to mortgage loans that
As mortgage rates start to decline, many borrowers naturally aim for the lowest rate possible when refinancing. While this instinct makes sense, it’s crucial to look beyond just the rate. Focusing solely on securing the lowest rate without considering the costs involved can lead to costly mistakes. At Indigo Mortgage, we advise borrowers to take
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
Recently our biggest wholesale lender, United Wholesale Mortgage (UWM), announced that they are allowing Indigo Mortgage to offer a 1% down payment for mortgages for first-time home buyers. This is a huge win if you’re looking to purchase your first home in Albuquerque, Rio Rancho, or across New Mexico! The program requires a 3% down
Recently FHA and VA have reduced their mortgage insurance (MI) premiums and funding fees. Mortgage insurance is a policy that the lenders require if a homeowner doesn’t have the required threshold of equity, typically 20 percent. The MI policy protects lenders in case the borrower defaults on the mortgage. In the case of FHA, they
Solar panels installed on or around homes have grown in the New Mexico region, which is positive. The negative part of solar panels is that most Albuquerque homeowners don’t realize that when they finance or lease these panels, it affects their home’s title and is considered a second mortgage. At Indigo Mortgage, we want to
You’ve heard the old saying about a wolf in sheep’s clothing? That’s how we feel about predatory lending and the companies that don’t ethically take care of home buyer’s mortgage applications. We might sound like a broken record but we want to advise borrowers to be very wary of the big national lender predator, the
The inside scoop from Ben Lucero at Indigo Mortgage: I was listening to a radio ad the other day and the lender was saying that they offer a “no closing cost mortgage”, that the lender would pay all the closing costs for the borrower. This is actually a scam. I say that because I had
When we meet with potential home buyers, we always discuss not only what their down payment will be, but what their share of the closing costs will be. Often, these home buyers have already met with another lender yet the other lender didn’t say anything about closing costs that the buyer would pay. These buyers