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,
As we approach the end of first quarter in 2021, New Mexico homeowners with a VA loan have seen the very low interest rates available for VA Streamline loans, also known as Interest Rate Reduction Refinance Loans (IRRRLs). Streamline loans are a great opportunity for Veterans to refinance their existing mortgage into today’s lower interest
As veterans already know, VA mortgage interest rates are the lowest in history. Veterans know this because they are bombarded by internet ads, direct mail, and their own current mortgage company calling them daily about refinancing. Here are some simple guidelines. A veteran is eligible for a “streamline” interest rate reduction refinance loan (IRRRL), if
There are several steps in the actual mortgage process, as a home loan moves from application to funding. At Indigo Mortgage, we have developed a system to streamline that process and keep your mortgage moving quickly. To do that, we have created three departments: origination, set up, and processing. Indigo Mortgage is a mortgage broker,
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
A new independent national survey was recently conducted, looking not only at VA interest rates but also comparing closing costs. The survey looked at the top 10 VA lenders nationally and compared them to smaller VA lenders. The results showed that the big national VA lenders, the big names you recognize, are clearly taking advantage
A VA Streamline IRRL loan, also known as a VA IRRL (for “interest rate reduction loan”) is a loan designed for a veteran to refinance his or her current VA loan into a loan to get a lower interest rate and lower monthly payment. The IRRL refinance must be a VA to VA refinance. It’s
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