Finding the Lender that's Right for You

Are you in the market for a new house in Albuquerque? Looking for a beautiful new place to live in and around New Mexico? Maybe you want to upgrade from that downtown apartment and get a house in the suburbs, you just don't like that great oak tree that's in your front yard, or it could be you don't like your neighbors and their obnoxious dog that barks and howls all through the night.

Whatever the reason, you know that it's time to move. The problem is that you are carrying a mortgage and not sure about home values, what you can sell it for, and if you will qualify for a new mortgage in the current market. What now? You may be thinking, now you need to see a mortgage lender. But, who can you trust?

Here are some tips to help you understand how you can select the lender that is right for you and has your best interests as their priority.

What is a Lender?

Just so you know the terminology, a mortgage lender is a company that lends out money to a borrower so that they can purchase a home or possibly refinance the one they already own to get better interest rates or terms. A lender also works with investors, businesses, and churches to handle their lending needs.

When buying a property, you will basically have a mortgage company pay for the property and then you will be paying the mortgage company back (with interest!) through monthly mortgage payments.

Every company is going to handle things differently and look at certain factors, such as your credit score, income, etc., to decide if they want to lend you the money or not. Because different companies have a wide range of policies and follow their own unique way of how the process is undertaken, it is best to talk to a few different companies, ask others, and do your research online to find out which one aligns with what you feel comfortable with, especially when it comes to values and how they treat customers. 

Pay Attention to the Little Things

Something to watch out for, when reviewing various companies, is to be sure to read reviews and the fine print! Don't fall victim to the vicious claws of predatory lenders as they do not have your best interests in mind.

While you would think that the recent issues in the industry would have seen them close up shop, the reality is that challenging times just have them change their contracts and policies to become more deceiving. Be sure to ask around and get others’ referrals as a starting point.

A Christian-Based Mortgage Lender

At Indigo Mortgage, our customers are important to us and we hate to hear that there are still many mortgage lending companies tarnishing our industry. We are a Christian-based mortgage company that applies our faith and Christian values to every transaction and relationship we have to ensure a level of stewardship unmatched by other lending companies.

If you are ever in the market in the Albuquerque area or surrounding areas of New Mexico, be sure to give us a call at (505) 836-5700 and we will happily help you get into the house of your dreams!

Posted by Indigo Mortgage at 4:13 PM 1 comment:

Learn More about the FHA Streamline Program and Refinance Your Home Today with Indigo Mortgage!

At Indigo Mortgage, we are here to help you get the best possible interest rates by seeing if you qualify to refinance with the FHA's Streamline program. You may ask, what is the FHA Streamline? Simply put, it is an efficient Federal Housing Association program that allows qualified home owners to easily refinance and get the assistance they need. That’s important in a market that has seen so many homeowners struggle.

The Benefits of Streamlining

Here is one of the best benefits of all -- you can skip, hop jump, or otherwise pass over two whole mortgage payments! The rates are so low they are practically on the floor.

In addition, there is no appraisal. Streamline users receive free credit towards any and all closing costs plus there are no income requirements. We won't even look at your debt not to mention there are no fees! Not for application, none upfront, none hidden where you find them later on – simply no fees! Sounds great, right?

Do You Qualify?

Well, do you!? Is your credit score at least 620? Are you currently employed? Do you have a history of paying your mortgage on time? If you answered yes to all of these questions, then you may just qualify for the streamline program. That’s a relief, right? If you don’t qualify based on one or more of these questions, contact us anyway and let’s see how we can help you.

Now for the Technical Stuff

In every mortgage loan process, there are still technical things to address. A streamline refinance helps to lower an FHA home owner’s monthly principle and interest payments on their mortgage. The program will typically allow no cash back to the borrower except in the case of minor and necessary adjustments at closing, but the amount is not to exceed $500.

Another requirement is that, while the lender may advertise and accept streamline applications anywhere in the country, they must be approved by Direct Endorsement and a Homeownership Center as well as be licensed to conduct business in the state of the property, if required by the state.

As stated earlier, appraisals are not required as part of the FHA Streamline Program, and the FHA also does not require repairs to be made on the refinancing property except if there is lead paint on the property that must be removed. However, the lender may legally require a repair to be done on the property if it is stated in the loan.

We Care

Indigo Mortgage is here to help, so if you have any more questions on the FHA Streamline or would like to get things going with refinancing your property or take advantage of any other service we offer, contact us at (505) 836-5700. Also feel free to come on in and visit Albuquerque's friendliest and best mortgage loan provider today.

Posted by Indigo Mortgage at 8:37 AM No comments:

Get a 100% Refinance on Your VA Loan

Right now, the U.S. Department of Veteran’s Affairs has some great news for Vets who would like to refinance their mortgage loans. If you are currently an active service member or are a prior military veteran, you can refinance your mortgage and make use of the lower interest rates that are now being offered.

The best part is that you can get 100% of your mortgage refinanced, and you can do it with no out-of-pocket expenses.

What Do I Need?

If you already have a VA loan on your home, you can take advantage of this refinancing without another Certificate of Eligibility. You may need another credit check because the lender wants to be sure that you are still credit worthy.

There may also be another appraisal to be sure that your home still has a similar market value. You will need to provide proof that you are the occupant of the property or that you previously occupied it. As you can see, these requirements make this program a little bit different from other refinance programs.

What Does IRRRL Stand For?

IRRRL stands for Interest Rate Reduction Refinance Loan. You may have read somewhere that these loans are also referred to as a “Streamline” or “VA to VA” loan. You do not have to go to any special lender to get an IRRRL.

You don’t even have to go to the lender you currently finance your home through. Indigo Mortgage is pleased to be a part of this 100% refinance program so we would be happy to assist you with this refinance opportunity.

Can I Add Home Improvement Money to My Refinance?

Yes, but you can only add up to $6,000 and this must be applied to energy efficiency improvements. If you are wondering what the maximum amount that can be refinanced, the answer is that the loan may not exceed the sum of the outstanding balance on the existing VA loan, plus allowable fees and closing costs, including funding fee and up to two discount points. The improvement amount allowed is then above these amounts.

Where Can I Get Assistance?

You can get further information from the website for Veterans’ Affairs or you can give Indigo Mortgage a call and get the details from us. We value our veterans’ service and hope that we can make your refinance simple and smooth. Check our website for information of refinancing or for information on first-time loans.

On the Loan Center page, click on one of the links to get a list of documents you will need for various types of mortgage loans. Talk to one of our loan officers if you still have questions.

Let us, at Indigo Mortgage, help you take care of your refinance or your first-time purchase.

Posted by Indigo Mortgage at 9:36 AM 1 comment:

How Will My Bank Statements Affect My Loan Application?

You’ve found the greatest little house in the world. You’ve called the real estate office and made and offer on the house. You hope your financials will be okay, but you’re just not sure. What can you do to make sure that your next call is to the moving company?

When the mortgage company asks for information, they just want to be sure that you will be able to easily make those monthly payments. Your W-2s, bank statements, and cancelled checks all paint a picture of your reliability. Almost everyone has a few NSF checks among the records.

You’re not the only that has made a few late payments. That alone will not affect your ability to purchase a new home, but your lender may ask you for more information. It’s necessary and helps get you that pre-qualification that makes shopping for a home that much more enjoyable and ensure the Realtor that they have a good prospect who is ready and able to buy.

Mortgage lenders want your business. They will work with you to be sure that you are comfortable with the terms of the loan and that they can be certain you will be able to make those payments on time without over extending yourself or your family.

What if I’m Pre-Approved?

Even if you have been pre-approved for the loan, you may still be asked to provide further information in the form of tax returns or paycheck stubs. Don’t worry. It isn’t personal.

If you are a first-time buyer, you lack a track record for payments other than rentals. Your rental receipts may show that you are paying regularly on time. Be sure you keep them to prove your responsibility. In the current economy, your mortgage lender is looking out for you as well as for bank. Indigo Mortgage has many different programs to help get you into a home of your own and we want to make sure we put you in the right program for your situation.

What Does Indigo Ask to See?

Indigo Mortgage has a quick list of the documents that we ask for. Go to the Indigo Mortgage web site and click on the link where it says list of documents. You can print a copy for your own use to help you put together your document package.

Having the documents ready will save you time when you come in to talk to our loan specialists. Before you know it, you will be ready to go on that house you have already become attached to and may have started picking out paint colors.

What if I’m a Veteran?

If you are a veteran who is looking for a VA loan, there is a special list for you on the Indigo Mortgage web site. You may need to produce some additional documents so be sure to check the list.

Let’s Get Started!

From Conventional and FHA loans, we have a program that will help you turn that dream home into a reality. And, because everything we do as a faith-based mortgage company is built on a solid foundation of moral principles and integrity, you can be rest assured that no one cares more about your mortgage loan than we do!

Posted by Indigo Mortgage at 11:51 AM 1 comment: