In another blog, we talked about mortgage servicers and touched on what they do. Today, we will look at the law that governs servicers and that law is called RESPA. RESPA, short for Real Estate Settlement Procedures Act, is a federal consumer protection law. It makes sure that servicers cannot change or modify the terms
As consumers know, mortgage interest rates continue to be at the lowest levels in history. This has given many New Mexico home owners and potential home owners the incentive to take advantage of these low rates. Because there are so many loan applications in the pipeline, all lenders are experiencing a major back log. Borrowers
With so many New Mexico veterans taking advantage of the Veterans Administration loans to purchase homes, there is some mis-information about what exactly the “zero down” VA loan means. The VA purchase loan indeed offers the veteran a zero down payment, meaning the VA will allow financing of 100% of the property’s purchase price. But
In 2020, even during a global pandemic, the real estate market is very competitive and with mortgage rates at historic lows, many people are making offers on homes. We are in a time when it’s a “seller’s market”, as the number of homes on the market is fairly small. One way to set your offer
With COVID -19 disrupting the mortgage market, there have been many unexpected changes. Below is an update as to where things are in the mortgage industry, according to the Indigo New Mexico team. As consumers know, mortgage interest rates have declined and are currently the lowest in history. With that being said, there are still
With rates for home loans reaching historical lows once again, many are wanting to make new home purchases or refinance their existing home mortgage loans. At Indigo Mortgage, we want to give New Mexico borrowers some advice on what questions to ask and what information they need to receive a quality mortgage rate quote. When
It is evident that COVID-19 has had a huge impact on many areas of life, specifically the job market and employment. The team at Indigo Mortgage New Mexico is here to inform you of changing loan programs during the pandemic. Because of the uncertainty, COVID-19 has had on people’s employment, many loan programs are harder
During these uncertain times, there are many options available for homeowners when it comes to their home mortgage loan, specifically mortgage forbearance. The team at Indigo Mortgage is here to help educate you about mortgage forbearance and to help you decide if it is right for you. Right now, many large mortgage companies are offering
With everything going on, it is important to stay patient. This is something we want to encourage our mortgage borrowers to do when going through the process for a home loan. Here’s why. The mortgage market is currently experiencing a lot of changes. This is due to the effects of COVID-19 on the production side
At Indigo Mortgage New Mexico, we consider ourselves true mortgage brokers. Here are a few things that set us apart from other types of mortgage lenders and home mortgage companies. According to research done by the Consumer Financial Protection Bureau, when it comes to Freddie Mac and Fannie Mae loans, 50-75 percent of borrowers do