If you have a real estate contract or a lease to own contract, how do you refinance that property? Let’s distinguish the differences of a real estate contract or REC and a lease to own contract. On a REC, the borrower’s name goes on the title to the property along with the seller; that title
If you’re planning to purchase a home or apply for a new mortgage or refi soon, there are some things you really should not do. At Indigo Mortgage, we call them “The 10 Commandments of Lending”. Presented with some levity, these are things that may cause problems during a mortgage application: • Thou shalt not
In the last several weeks, we’ve received a number of phone calls from home buyers who’d heard Indigo Mortgage on the radio and wanted a second mortgage proposal. They’d all applied online with that national lender who’s name rhymes with “pocket”, thinking they’d get a good deal. Each of these borrowers said they questioned if
Many times, we get potential borrowers who say they are shopping their mortgage around. That’s great, that’s what we’ve advised since we opened in 2003. Most often when they tell me they’re getting several offers on their home loan, one of them involves a national online lender. You know the companies—their names make you think
In early October 2021, we are beginning to see mortgage interest rates rise from the historical lows of the last year. However, many online lenders are still offering those low rates from a few weeks ago, BUT these lenders are not being forthcoming in what it’s costing to now get that low interest rate. They
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
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
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
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
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
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
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%
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