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
As a mortgage broker, Indigo Mortgage Colorado has access to the largest wholesale lender in the country and they have approved our company to offer a VA Purchase loan and a VA Streamline Loan with the 30-year fixed rate as low as 2.25%. That’s right– a VA purchase rate or a VA Streamline refinance with
The number of homes that have installed solar panels on or around people’s homes have really increased, especially in the west, and that’s a positive thing. However, one impact of solar panels that most homeowners don’t realize that when they finance or lease these panels, is the impact the panels have on their home’s title.
Mortgage rates are currently at all-time lows and many homeowners are taking advantage of that, refinancing to an even lower interest rate. But, we want to explain a new fee that lenders will be charging on conventional loans as of Oct. 1, 2020. Throughout 2019 and into the 1st quarter of 2020, mortgage rates were
At Indigo Mortgage Colorado, we get calls every day, asking “What’s your best interest rate?” We tell them it’s impossible to accurately answer that until we can get some basic answers from you first. One real piece of advice we suggest, is when you’re ready to make an inquiry about a refi or new home
As you’ve noticed if you’re in the market for a mortgage or a refi, mortgage interest rates have declined to the lowest in history and there are way more borrowers than there are lenders. Because of this, many of the large national companies that promise easy, online applications and funding are actually taking advantage of
Now, in September 2020, mortgage rates are about the lowest in history. Because of that, mortgage lenders in Colorado have been hit with a deluge of new applications which is causing a backlog across the mortgage industry. Overall it is taking longer to get an appraisal, the time needed for underwriting has been extended, and