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: