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
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 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.
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
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
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 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 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
Even now as we all deal with a global pandemic, the Colorado real estate market remains very competitive. With mortgage rates at historic low interest rates, many people are making offers on homes. This is a “seller’s market”, when the number of homes on the market is fairly small versus the amount of people trying
As homebuyers know, the mortgage interest rates have declined to the lowest in history during the summer of 2020, but there are still some challenges to consider for people buying or refinancing a home. The first challenge affects home owners who took advantage of a forbearance, which is when your mortgage lender allowed you to
We’re living in extraordinary and unusual times in 2020. And, if you’re in the market for a home as well, it can add a whole other dimension to the buying process. Indigo Mortgage Colorado wants to advise you on the difference between an interest rate and an APR (Annual Percentage Rate) and why it’s important
Mortgage rates are at historic lows and the current market inventory is still tight. Can having an important asset like a pre-approval or a pre-qualification when looking for a home help during this time? Indigo Mortgage Colorado knows the real estate market is very competitive. You can set yourself apart by using a pre-approval or
With rates for home loans reaching historical lows once again, many are wanting to make new home purchases or refinance their existing home mortgage loans. At Indigo Mortgage, we want to give Colorado borrowers some advice on what questions to ask and what information they need to receive a quality mortgage rate quote. When it
At Indigo Mortgage Colorado, we consider ourselves true mortgage brokers. Here are a few things that set our team apart from other types of mortgage lenders and home mortgage companies. According to research done by the Consumer Financial Protection Bureau, when it comes to Freddie Mac and Fannie Mae loans, 50-75 percent of borrowers do
Over the last week here in mid-March 2020, there have been dramatic swings in the stock market as well as with mortgage interest rates. With that being said, it can be confusing when it comes to the decision to refinance or not. A week and a half ago, the expert mortgage brokers at Indigo Colorado
At Indigo Colorado, we consider ourselves true mortgage brokers. Below we will explain the key differences between a broker and other types of mortgage companies. There are 2 types of mortgage companies, mortgage brokers, and the “other guys”. We say this because the mortgage brokers are the ones working for the borrower and representing the