Since early in 2023, we’ve seen higher interest rates for mortgages, across New Mexico and the United States. Rates reached over 7.50%, a dramatic growth from the 2.50% rate we saw in 2020. Now as we approach the summer of 2024, in the short term, high interest rates are persisting but most experts believe that
If you’re self employed and trying 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
Most experts predict mortgage interest rates will decrease around April/May 2024. When rates come down, they will be about 1.5% to 2% lower than they currently are (6-7%). Those who took out a mortgage in the past two years may consider refinancing to take advantage of the lower interest rates. This could save them hundreds of dollars
The Federal National Mortgage Association, or “Fannie Mae,” was established in 1938 to expand access to loans for families, including those in the New Mexican market. They “don’t originate mortgage loans or lend money directly to borrowers. Instead, [they] purchase mortgage loans made by lenders, who are then able to use those funds to offer
Purchasing a new home is more involved than it may seem. If you watch television commercials that have people seemingly push a button to finance their home purchase, you should know that obtaining a home mortgage is not that simple. The commercials sound like it’s as easy as buying a pair of shoes online, but
When looking at the current housing market, it’s important to understand what you’re looking at, especially if you are interested in purchasing a home. For Veterans, these details may be a little different. The experts at Indigo Mortgage in Albuquerque are here to help you better understand the current New Mexico VA Rate Survey. Recently,
2023 is around the corner, which means the housing market is bound to change. Indigo Mortgage New Mexico has a few market updates for the new year. Fannie Mae and Freddie Mac recently announced that the max mortgage loan limit is increasing in 2023. The max mortgage loan limit is going from $647,200 to $715,000.
The housing market has been very competitive this year. Interest rates have increased exponentially, causing borrowers to think twice about proceeding with their mortgage applications. With that being said, many mortgage lenders are offering temporary rate buydowns. The team at Indigo Mortgage is here to explain rate buydowns and how they work. Buydowns have become
As you know, the housing market can change in the blink of an eye. With it, it changes mortgage rates and loan limits. As of 2023, a new loan limit will be available to borrowers. If you are in the market for a new home, the team at Indigo Mortgage is here to provide you
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