When preparing to buy a home that will have a mortgage, borrowers are required to come up with a down payment and closing costs. That money can come from different sources. The first is the borrowers have saved the money and have it already in a checking or savings account. The next way is 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
There are unfortunate situations, such as a divorce, where a local mortgage company like Indigo Mortgage can be a true advocate. A local New Mexico lender like us will be much more attentive to your needs as a borrower when compared to any other national or out-of-state lender. There are many pieces to a puzzle
In New Mexico, it’s a common practice among family members to sell their homes to their loved ones instead of on the open market. This type of sale helps to maintain ownership of the family’s property and ensure that the home is passed down to future generations. This presents an excellent opportunity for both family
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
Credit scores play a significant role in mortgage lending. In today’s rate environment, a better score equals a better rate. It’s currently a slow time for real estate, which makes it the perfect opportunity to focus on raising your credit scores. By improving your scores now, you’ll be better positioned to borrow money for a
A reverse mortgage is a loan that’s usually secured by a residential property that enables the borrower to access the unencumbered value of the property. If you’re in the right situation, it’s an opportunity that can allow you to purchase a home without ever having to make a mortgage payment. To qualify, buyers must be
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%
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
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