The Importance of a Licensed Broker

If we can think of one thing that is more stressful than the complicated process of buying a house itself, we have got to say that it would have to be working with unknowledgeable, unprofessional broker. Now you might be thinking, Indigo Mortgage has a license, doesn’t everyone need one?

Technically no, not every single legal lender is required to have a license; under some circumstances, these companies can get away with just being registered. However, even a licensed, registered and so-called legitimate company can be completely unprofessional.

Today, we are going to talk about just that and the importance of working with a highly professional company such as ourselves.

Registered Brokers and Licensed Brokers

All legitimate lenders must be registered with the Nationwide Mortgaging Licensing System or NMLS for short. While some companies can get away with just being registered, most like us must undergo a stringent education program with testing and continued education every year.

Completion of this required learning keeps us licensed and better able to serve you. While most brokers are required to be licensed and registered, some get away with just being registered. Here are the exclusions and the reasons they fall short.

The loan officers employed by federally banks and even credit unions do not have to undergo the required classes; legally, all they must do is register with the NMLS. We are not looking to demean these institutions, but, at Indigo Mortgage, we believe that the training is there for a reason.

Not only does it ensure the laws and procedures of issuing loans to borrowers are followed, but it is also more professional to be properly trained. This is why all of our loan officers are required to go through the schooling and testing and then continue their education every year in order to be employed with us.

The Bottom Line

At Indigo Mortgage, all of our employees have undergone the specific and required training for their field in the industry. We believe that it is the most effective way to deliver results and be viewed as a professional company in a very competitive industry.

To our readers, customers, and family, we care and don’t want to hear more stories about people going with an uninformed, under professional company that only cares for profit and treats their customers like numbers and not family. With Indigo Mortgage, you are not just another client -- you are a friend.

Posted by Indigo Mortgage at 11:17 AM No comments:

 

The Refinance Rush: How to Determine if You Should Start Running Toward it or Away

Since the announcement of the streamlined refinance program, there have been hundreds of thousands of applications for refinancing. This new feature allows those who qualify to refinance their loan to the country’s current very low interest rates.

Many people have done it and many people want to, but how do you know if you should? In this blog, we are going to do our best to break down this streamlined refinance and help you to figure out if it is the best move for your current situation.

How to Qualify

The first order of business is simple. What are the requirements and do you meet them? In order to qualify for the streamlined refinance you must have not refinanced your loan since May 2009; if you have refinanced sooner then you don’t qualify.

However, if you have not, then you do in fact qualify for this program. So, if you have made it this far, then chances are you are either really intrigued or you have discovered you do in qualify for the Streamlined Refinance. So, what now -- do you jump in on the refinance rush or not?

Deciding if Refinancing is Right Path for You

Everyone’s situation is different, and we obviously cannot hope to cover them all, but there is one variable that is always going to be detrimental when deciding if it is in your best interest to refinance. Will it save you money, in the short term, the long term, or both?

People refinance most often so that they can get a better interest rate, which will lower their monthly payment and save them money over the life of the mortgage loan.

Remember when you bought a home how you got your rate locked in because it was the best you could get at the time?

Well now, due to your credit improvements and interest rates being at an all time low, you can potentially refinance your mortgage loan down to a record low interest rate.

The goal is to save money and no matter what your credit was before, so long as you have made every payment on time, it will have improved. Typically, with improved credit come potentially lower interest rates through refinance, but with interest rates already at a ridiculously low rate, having good credit only makes it better.

So, in short, the ultimate all around rule with refinancing is to ask one question: Will this save me money in the long run? After all, you are trying to benefit your life and make something great.

If you have any questions, please feel free to contact Indigo Mortgage today so that we can help you determine if a refinance is right for you.

Posted by Indigo Mortgage at 5:20 PM 1 comment:

 

The Jumbo Mortgage Loan Makes its Comeback

Over here, at Indigo Mortgage, we know that the housing economy is a buyer’s market, something that we have said before and will surely say again, but it’s the truth. It’s a fact that is great for you or anyone else looking for a new home whether for a second home purchase, real estate investment, or a new place for you; now is the time to buy.

In past blogs, we have discussed FHA loans, VA loan requirements, and many other things, but today we are going to talk to you about the jumbo loan because this is a mortgage loan product that is on its way back up and coming back into favor once more.

Defining a Jumbo Mortgage Loan

Essentially, it is a very large mortgage loan and is, in fact, any mortgage loan exceeding $417,000. Maybe you are thinking that it’s too much and that you could never pay it back and maybe you are thinking what we are thinking.

We are thinking that in this current buyer’s market, you can procure a mansion like estate near the beach for a half of a million -- something that many others have thought. Undoubtedly, this is the reason why the jumbo loan is regaining its popularity at a very rapid pace.

The VA and Jumbo Loans

In the past, we have in talked about the Veterans Affairs and their various loan requirements for military personnel and family. And, we are now proud to inform you that the VA also gives out jumbo loans.

By offering a jumbo mortgage loan, the VA can broaden the areas and types of homes that a veteran can have available to them, allowing more expensive and nicer properties to be bought by our soldiers. Like all VA loans, there are specific requirements that must be made for a soldier to qualify, certain amount of service years, honorable discharge, etc.

The jumbo loan is a great opportunity for people that are looking to buy a more upscale property in the current housing market. Whether you are a qualified soldier or civilian, the jumbo loan could be right for you. If you are interested in the jumbo loan, be sure to contact your local mortgage provider and inquire about the loan.

If you don’t have a mortgage provider or are looking to use a different company, feel free to contact our office during business hours so our friendly and informative staff can answer any questions you might have about jumbo mortgage loans, how to qualify, interest rates on a jumbo loan and what is involved in having this type of mortgage loan.

Posted by Indigo Mortgage at 2:04 PM 1 comment: