Are you aware of the difference between an Interest rate and an APR and why it’s important to know what the APR is when you’re buying a home? The difference between APR and interest rate is this: the APR (annual percentage rate) is not just the interest rate but rather is a marker that illustrates the total
At Indigo Mortgage, we get Colorado borrowers who call and say they have received emails or ads with mortgage interest rates to purchase or refi their home as low as 1.75%. They ask if we can offer them that kind of low interest rate. Our response is that we can offer any interest rate they
As 2021 wraps up, you’ve probably heard the news that the Federal Reserve has had meetings and announced their plan to address rising inflation across the United States. There are a few actions that the Federal Reserve can take to try to lessen inflation, namely raising the federal funds rate and quantitative easing. Today, the
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
Good news for Colorado homebuyers! The private corporations chartered by Congress to provide stability and affordability to the mortgage market, Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) have raised the maximum loan limit from $548,000 to $625,000. This means a borrower can now take a mortgage up
We know that borrowers are bombarded daily with ads for mortgage loans from that national lender whose name rhymes with “Pocket” and big internet lenders saying they can manage their home’s purchase and mortgage. But can big internet lenders really service local borrowers like a local lender can? We say this because a local lender
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
When we meet with potential home buyers, we always review not only what will be needed at closing for their down payment, but also what their share of the closing costs will be. These home buyers have often already met with another lender but that lender didn’t say anything about closing costs that the buyer
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
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
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
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,
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
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
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