In today’s real estate market, there’s limited inventory for people to “trade up” in the size or location of their home. High interest rates also discourage many homeowners from selling, as they would need to purchase a new home at a higher rate. As a result, some homeowners are choosing to stay in their current
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
Today, when homebuyers are preparing to apply for a mortgage, they see ads about how rocket-fast it is to apply for a home loan or a refi. The ads make it look like getting a mortgage is as quick as pushing a few buttons on a computer or smartphone, or having a quick chat on
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
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
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
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
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
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 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
When you are applying for a mortgage, if it seems too easy, it just may be. The experts at Indigo Colorado are here to explain to you the realities of a one-click mortgage, as promised by some online mortgage companies. Applying for a mortgage is not like buying a pair of shoes online. The mortgage
When it comes to getting a mortgage loan, low rates are great. But can they sometimes be too good to be true? Here’s what to look for when you see low rates being advertised. At Indigo Mortgage Colorado, we see borrowers come in stating that they are seeing low interest rates below 3%, usually around
At Indigo Mortgage Colorado, we believe knowledge is power. The more you know about the mortgage process and the state of the market, the more likely you are to find a great deal that works for your lifestyle. A recent study conducted by the Consumer Financial Protection Bureau delved into the shopping habits of home