Indigo Mortgage, an Albuquerque, New Mexico mortgage company with four lending divisions to serve the residential, commercial, VA and reverse mortgage markets, announces that it offers mortgage loans with interest rates below 4% on a wide range of its home loan products for home buyers in New Mexico and other states. This follows recent news reports that the national 30-year mortgage rate has dropped to a record low of 3.56%, which is the lowest it has been since the 1950s. This presents a lot of opportunities for home buyers to get into an affordable mortgage loan and help to stimulate a housing recovery.
In commenting on Indigo’s mortgage rates and its concern over outlandish interest rates being offered by some mortgage companies, Benjamin Lucero, President, said, “We are proud to offer these record low interest rates on the majority of our home loan products as we are committed to providing the best home loan solutions for our customers. However, we want to stress to home buyers the need to be very careful when shopping for loans, including what type is offered, to ensure they are getting the most appropriate loan for them. At Indigo, we can help our clients navigate which interest rate and mortgage loan type is right for them. As a local lender, we offer a personalized approach to working with you versus turning to an online lender who is an unknown.”
Lucero added, “Recently, I have had many borrowers call me and say that they heard the interest rates for a mortgage are at 2.75% and are being advertised either online in mailers or phone calls. First, it is important to know what the cost of a mortgage at any interest rate. The lower the rate, the more it usually costs to buy down that rate for any given term whether that is 30, 15, or 10 years. For example, ethical lenders will offer interest rates with no origination or discount points used to buy down rates known as 0 plus 0 rates. A 30-year 0 + 0 rate is at about 3.75%; the 15-year rate is about 3%; and the 10-year rate is right at 2.75%. The 2.75% rate advertised online is one of two loans -- a 10-year fixed rate or it is an adjustable rate mortgage where the 2.75% is only fixed for 3 or 5 years and is not a true 30-year fixed rate mortgage. If online lenders are advertising rates below the record low, then they are most likely charging origination or discount fees to buy the rate lower. When shopping for a mortgage, always ask the lender if the rate being offered is 0+0 and if it is a fixed 30-, 15-, or 10-year loan or if it is actually an adjustable rate.”
About Indigo Mortgage
Headquartered in Albuquerque, New Mexico, Indigo Mortgage is a locally owned and operated mortgage company that is 100% certified NMLS (National Mortgage Licensing System) with expert mortgage brokers and loan originators. The company operates four divisions: New Mexico Residential Mortgage Division, New Mexico Commercial Loan Division, New Mexico VA Mortgage Loan Division and New Mexico Reverse Mortgage Loan Division. Indigo Mortgage was founded by Benjamin Lucero and operates on a philosophy of personal service, high integrity, fairness, and moral and ethical behavior. The company’s motto is: “Because nobody cares more about your mortgage loan.” For a quick loan analysis click here Quick Loan Analysis. For more information on their mortgage services, please visit www.indigomortgage.net.
