Churning a mortgage – that’s how the mortgage industry refers to a scam performed by some lenders across the country. Here’s how it works: because interest rates for home loans are at rock bottom low rates, these lenders offer borrowers a rate lower than a borrower’s current rate. However this rate is not the lowest
In mid-August 2021, we’ve seen two 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 over the last few months in 2021 but they just dropped it. What this means for borrowers is that rates are even better for
Every day, we talk with borrowers who are shopping their mortgage around and who say, “I don’t want my credit report pulled again, it will drop my credit score.” That’s actually not the case. The rules for credit reporting agencies state that if the same type of entity (such as multiple mortgage companies) are pulling
As we are seeing home mortgages and refinances at all-time highs, don’t be too quick to accept an offer from a national mortgage lender, without reading the small print. Most recently national lenders are attempting new tactics to entice homeowners with low rates and nearly impossible requirements to qualify. Not long ago a borrower came
Let’s look at recent changes impacting Veterans Administration loans. First, the VA ended the requirement for down payments for VA Jumbo loans, those above $548,250. Previously, the veteran was required to put down a certain percentage amount based on their guarantee available from the VA, if they were taking out a Jumbo loan. This is
Mortgage rates are still at historic lows, but all lenders are not equal in how they offer those low rates. It’s important to not only get the best or lowest interest rate available but more importantly to know what it costs to get that low rate. If you’re refinancing a mortgage or getting a new
Just because you could get a lower interest rate doesn’t necessarily mean it’s a good time to refinance your mortgage. Often borrowers call us at Indigo Mortgage and ask, “Does it make sense for us to refinance?” We take this question very seriously. Borrowers really just need someone, to be honest with them and help
Many mortgage borrowers in the Colorado market have heeded our call to shop their mortgage around for the best rates and lowest fees. That’s especially important when dealing with that “quick in pocket-sounding lender” or the VA lender that is supposed to “unite” veterans. Borrowers call us because they want to compare offers to see
Because Indigo Mortgage Colorado has the VA mortgage loan center, many, many veterans over the years have come to trust us to offer ethical and honorable VA mortgages. Like other consumers, veterans shop their mortgages around to find the lowest interest rates and fees. When we see a VA mortgage loan proposal from the “Quick”
Now, in the summer of 2021, the real estate market is extremely competitive, homes are selling very quickly, and at the same time, mortgage rates are at historic lows. That means that many people are making offers on the same home. One way to set your offer apart is to accompany your offer to the
If you’re shopping for a mortgage or a refi on your home, you’re probably aware that the large national mortgage companies with names like “quick” or the one whose name rhymes with “pocket” are one and the same company. We want to caution borrowers to not be so quick in making a decision to use
In today’s competitive mortgage market, when a lender pulls a credit report on a borrower, the credit bureaus (Experion, Equifax and Transunion) are selling that borrower’s information to other internet lenders. Some unscrupulous lenders then try to solicit borrowers already in a mortgage application with another lender, offering what seems to be a better deal.
A recent change is affecting mortgages on investment properties and second homes. Fannie Mae and Freddie Mac, companies chartered by Congress to purchase mortgages from financial institutions and repackage them for investors, has made it more difficult and more expensive for lenders to offer mortgages on these types of properties. Fannie Mae and Freddie Mac
In a recent blog, we talked about mortgage servicers and what they do after your home loan closes. Let’s look at the law that governs those servicers which is called RESPA. RESPA, an abbreviation for Real Estate Settlement Procedures Act, is a federal consumer protection law. It makes sure that servicers cannot change or modify
What happens after the closing process for your home’s mortgage? Mortgage companies seldom talk about the process after your loan closes or what borrowers need to know after they sign the home loan. Today, most mortgages are not serviced by the company that funds the mortgage. Mortgages are usually sold on the secondary market to
In April 2021, the Veterans Administration has announced an expansion to the VA home loan eligibility for those with National Guard service. This broadens the eligibility for certain members serving in the National Guard. Learn more about the qualifications here. Now, certain National Guard members will have access to the Veterans Administration home loan program
Consider this important question: if a local mortgage broker can offer what an internet lender can do and more, why not use the local company? If your perception is that the internet lender can offer lower interest rates on your mortgage, we encourage you to shop and compare! At Indigo Mortgage, we can most often
Recently, we wrote that taking out a mortgage for your Colorado home is not like buying a pair of shoes. Yet some internet lenders, like the one that rhymes with “pocket”, treat people like they are a commodity, just buying another pair of shoes on the internet. We frequently have borrowers who call and say
Some mortgage lenders today are treating the process of getting a mortgage, the biggest financial transaction of most people’s lives, as if as easy as buying a pair of shoes on the internet. Everyone has seen the television ads – “just click this button and get a mortgage”. Just because they make it look easy,
By now, as we approach the end of first quarter in 2021, veterans in Colorado have seen the very low interest rates for VA Streamline loans or what we call IRRRLS, Interest Rate Reduction Refinance Loans. This of course is a great opportunity for Veterans to streamline their existing mortgage into those lower interest rates