At the end of the first quarter of 2021, the real estate market is very competitive and since mortgage rates are still at historic lows, many people are making offers on homes. Since there aren’t many homes on the market, they are selling quickly. One way to set your purchase offer apart is to accompany
With mortgage rates being at or near historic lows, Colorado homeowners always want the lowest mortgage rate they can get on a new home loan or a refinance. But be careful that you don’t make the low rate your idol. What does that mean? It means that you can make a big mistake by focusing
Mortgage rates have indeed come off their recent record low, but they are still in a historically low range. So, the question we get daily from Colorado homebuyers and those looking to refinance is “When are the rates going up again?”. Last year, we said that the mortgage experts predicted the interest rates would go
Today’s real estate market in early 2021 is definitely hard to navigate if you are a home buyer. Not only is it a sellers’ market with increased prices on a limited inventory of homes, but with mortgage rates at historic lows, many more buyers have jumped into the market. That adds up to more stress
Veteran Administration (VA) mortgage interest rates are the lowest in history, as veterans already know. They know this because they are being bombarded about refinancing with online ads, direct mail, and calls from their own mortgage company. Here are some easy guidelines about the “streamline” interest rate reduction refinance loan (IRRRL). A veteran is eligible
If you’re purchasing a home or property, or refinancing your current mortgage, you already know that interest rates are the lowest in history. This is a great opportunity for homeowners and new home buyers to take advantage of these low rates, and save thousands of dollars over the life of their loan. At Indigo Mortgage
Let’s review the actual mortgage process and how the home loan moves from application to funding. At Indigo Mortgage, we have developed a system to streamline the loan process. To do that, we have created three departments: origination, set up, and processing. Indigo Mortgage Colorado is a mortgage broker, which means that we represent the
As consumers know, the current mortgage interest rates are at the lowest levels in history. Those great rates have given many home owners and potential home owners the incentive to take advantage of the low rates to purchase a more expensive home or to refinance. Because of that demand, there are so many loan applications
At Indigo Mortgage, we often get calls from Colorado home owners who are considering a mortgage refinance but want to know if it’s the right thing to do. We take those conversations seriously; these are real people making serious decisions that impact the financial future for themselves and their families. Here are some important questions
With so many Colorado veterans taking advantage of the Veterans Administration loans to purchase a property, there is some confusion about exactly what the “zero down” VA loan means. The VA purchase loan does indeed offer the veteran a zero down payment needed on the home; that means the VA will allow financing of 100%
Indigo Mortgage Colorado’s owner, Ben Lucero, shares some recent success stories for VA loans! “Recently, I had a veteran call me and say he got an offer from a local credit union for a VA streamline loan, but he was disappointed in the interest rate they offered and the amount of closing costs. He said
When you’re ready to find a new home loan or to refinance your mortgage, you could go to your bank or credit union, use an online lender, or a mortgage broker. What are the benefits of a mortgage broker? The first thing to remember about a mortgage broker is that 100% of the time, a
With so many Colorado home owners refinancing because of historic low interest rates, we are seeing more issues with second mortgage liens. Second mortgage liens can come in many forms, including home improvement loans, solar system loans, lines of credit, and tax liens. All liens have an impact on a mortgage refinance because they will
Recently the feds have announced they are raising the new maximum loan amounts for conventional mortgage loans, effective on January 1st 2021. That means loans can go to a larger amount without being considered a jumbo loan, which carry higher interest rates. The current loan limit for conventional loans is $510,000; beginning in 2021, that
When you’re buying a home and applying for a mortgage, avoid any upfront application fees. Today, some mortgage lenders are charging borrowers an upfront application fee, often $500-$600, when they apply for a mortgage. The lender tells the borrower that this fee will be credited towards the appraisal of the property. Upfront application fees are
Recently, an independent national survey was conducted that evaluated VA interest rates and compared closing costs. The survey looked at the top 10 national VA lenders and compared them to smaller VA lenders. The results showed that the big national VA lenders, names you’d recognize, are clearly charging veterans more than small lenders – the
It’s important to know that there are many different parties involved in the home buying process. There’s usually a seller, a buyer, 2 realtors, a Title company, and the Lender. All of those people depend upon the lender to get the loan financed and closed on time. Ideally, they will all be in constant contact
A VA refinance loan is called a “VA Cash Out” in several refi situations: when the veteran is refinancing more than their current payoff and getting cash in hand, when he or she is consolidating a first and second mortgage, or when they are paying off other liens or consolidating debts. These are all considered
A VA Streamline loan, also known as a VA IRRL (for “interest rate reduction loan” is designed to allow a veteran to refinance his or her current VA loan into a loan with a lower interest rate and lower monthly payment. This type of refinance must be a VA to VA refinance. It’s called a
Homeowners with a conventional mortgage who are working to refinance their loan to a lower interest rate have a new fee that will be added. We’ve advised for the last few months that this fee was coming and it’s here. The fee is known as the Adverse Market Fee and it adds a .5% fee