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
When it comes to VA loans, Indigo Mortgage in New Mexico are experts. The Indigo team is here to educate buyers on VA or Veteran purchase loans and to help them better understand what these types of loans cover. The VA or Veterans mortgage loan is the best mortgage loan on the market, as it
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,
We specialize in VA loans in New Mexico. At Indigo Mortgage, we recently discovered some interesting information about VA rates and closing costs. A recent national survey compared VA interest rates and closing costs nationwide. This survey analyzed the top ten VA lenders nationally and compared them to smaller local VA lenders such as Indigo
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
In today’s real estate market with very limited homes for sale, many New Mexico borrowers are choosing to build a home and take out a construction loan to do so. Many homebuyers aren’t familiar with construction loans so let’s look at them today. Indigo Mortgage has been offering construction loans since our inception in 2003
The rising Mortgage interests rates we’re seeing in mid-2022 mean that its more important now than ever for Veterans to shop their mortgage around to get the best VA Mortgage. There are still some bad actors out there taking advantage of veterans and charging high interest rates and very high fees. As we’ve mentioned recently,
Even mortgage brokers get refinance offers touting low mortgage interest rates from mortgage companies! Recently, Ben Lucero, the owner of Indigo Mortgage, received a mortgage refinance flyer in the mail, touting a 1.75% interest rate for a cash-out refinance. So he turned the flyer over and read this in the fine print: “a 10 year
It’s now mid-August 2021 and we’ve seen two recent changes in mortgage loans. Recently Fannie Mae and Freddie Mac did away with their added fee for refinances. The fee was issued on all loans during the early months in 2021 but they just dropped it. What this means for borrowers is that rates are even
Time for an update on options for Veterans Administration loans. First, the VA did away with down payments for VA Jumbo loans, those above $548,250. In the past, for Jumbo loans, the veteran was required to put down a certain percentage amount based on their guarantee available from the VA. This is no longer required,