A home purchase is a huge financial commitment. When it comes to finding the right mortgage lender, it pays to shop around, but what questions should you ask? Indigo Mortgage New Mexico is here with tips on how to shop for your mortgage. At Indigo Mortgage, we always advise borrowers to shop their mortgages. Rates
Homes in New Mexico are selling fast. Home interest rates are significantly higher in the current housing market than in the past. Here’s what you need to know, according to the team at Indigo Mortgage. Today, rates on conventional home loans are in the upper six and low sevens, which is nowhere near the low-interest
Purchasing a home can be a huge undertaking. The current housing market is booming, with homes selling faster than buyers can put in offers. At Indigo Mortgage New Mexico, we urge buyers to shop local when it comes to your home loan; here’s why. The team at Indigo has always encouraged borrowers to shop around
When purchasing a home, the mortgage loan limit and the interest rate helps determine what home you can afford. With the housing market at a steady increase, it’s important to fully understand what is available to you before purchasing a home. Here are a few updates to current loan limits that the Indigo Mortgage New
In today’s housing market, home interest rates are steadily rising. Due to the increased interest rates, some homeowners may choose adjustable-rate mortgages (ARMs) over traditional fixed-rate mortgages. The experts at Indigo Mortgage in New Mexico can help you better understand which home mortgage type is best for you. An adjustable-rate mortgage (ARM) is when the
Purchasing a home is a huge financial commitment. When it comes to finding the right mortgage lender, it pays to shop around. Some buyers are unaware of what’s going on in the current housing market. The number of mortgage loan applications has significantly dropped for lenders in the past few weeks. This means lenders are
In today’s housing market, owning a second residence is not uncommon. Before purchasing a second home, it’s important to know the difference between a second home and an investment property. Although they may seem the same, they are not. A second home is exactly that, a second home. A second home is a residence where
As we’ve mentioned during the last few weeks, the rise in the mortgage interest rates has caused a big drop in the number of mortgage loan applications. Some lenders are now chasing profits, trying to keep their net revenue the same while doing fewer deals. Many national lenders are chasing these profits by charging a
When purchasing a home, there are many rules and requirements a borrower must follow. Previously, we touched on the source of funds and laws that are designed to prohibit money laundering. Let’s expand on how lenders verify the funds in bank accounts and investment accounts. When funds to close a home loan are required, mortgage
When you’re getting ready to purchase a home and need funds for the down payment and closing costs, it’s important that borrowers follow the rules in mortgage lending. One important factor is the source of funds. Where did the funds for closing come from? Source of funds falls under the Federal anti-money laundering law. In