Indiana Mortgage Rates
Compare Indiana mortgage rates and choose the best option for your needs.
Purchase
Purchase
Purchase
Purchase
- Minimum 620 credit score needed to prequalify
- 0% down USDA loan for rural homebuyers
- 97% of borrowers would recommend to friends or family
- 0% Down VA Loans for Veterans & Military
- Secure preapproval quickly with 24/7 access
- Competitively low VA rates, no PMI required
- Over 300,000 verified 5-star reviews
- Attention Wells Fargo customers: Special benefits and discounts available
- Get a custom mortgage rate quote in minutes with no credit impact
- As low as 3% down on a fixed-rate mortgage
- Rates have fallen, the time is now to move on your home purchase.
- Complete our Digital Mortgage experience for painless pre-approvals.
- Understand your home affordability options today with our mortgage experts.
- See personalized rates and loan options for your next home purchase.
- Fed finally cuts rates!
- Down payments as low as 1%
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Mortgage in Indiana: Top Lenders in 2024
If you're looking to purchase a home in Indiana, using a mortgage loan can be the most convenient option, regardless of the type of property you're interested in, you should be it a residential estate or an apartment. However, it's important to note that the terms and conditions of home loans can vary significantly among different mortgage lenders. To help you make an informed decision, we will review some of the top-rated lenders and assess which ones are worth considering in this guide. Additionally, you can use our mortgage calculator to estimate your future expenses.
IN Mortgage Lenders Comparison
All of the lenders we have reviewed are reputable companies with a history of providing reliable services and offering competitive rates. To provide you with comprehensive information, we will compare these lenders based on various key criteria, including the APR (Annual Percentage Rate), the minimum down payment required, minimum requirements for eligibility, and other relevant factors. This comparison will help you make an informed decision and choose the lender that best suits your needs and financial situation.
Gateway Capital Mortgage
Gateway Capital Mortgage is a reputable mortgage lender operating in multiple states. Their website advertises highly competitive rates, such as 4.902% for a 15-year mortgage, 5.578% for a 20-year mortgage, and 5.594% for a 30-year mortgage. However, it is important to note that the website does not provide detailed information about the specific assumptions that are considered in these rate calculations.
Gateway Capital Mortgage sets a minimum credit score requirement of 620 for borrowers, indicating that a relatively good credit history is necessary to qualify for their loans. Additionally, they have a minimum down payment requirement of 5%, which means that borrowers must be prepared to contribute at least this amount towards the purchase price of their home.
The company was founded in 2005, suggesting that they have been in the industry for a significant period of time and have accumulated experience in mortgage lending. Furthermore, Gateway Capital Mortgage has received an A+ rating from the Better Business Bureau (BBB), indicating a strong track record of customer satisfaction and ethical business practices.
Considering these factors, Gateway Capital Mortgage appears to be a promising option for individuals seeking a mortgage loan, with competitive rates, reasonable credit score requirements, and positive customer feedback.
| Pros: | Cons: |
|---|---|
| Competitive rates. Gateway Capital Mortgage offers attractive interest rates, including lower rates for shorter-term mortgages. This can potentially save borrowers money over the life of their loan. | Limited information on rate calculations. While Gateway Capital Mortgage advertises attractive rates, the lack of detailed information on the assumptions behind these rates can make it challenging for borrowers to fully understand and evaluate their mortgage options. |
| Established company. With over 15 years of experience in the industry, Gateway Capital Mortgage has built a solid reputation and track record, which can provide borrowers with confidence and trust in their services. | Down payment requirement. Gateway Capital Mortgage sets a minimum down payment requirement of 5%. While this is a relatively reasonable amount, it may still pose a financial challenge for some borrowers who may prefer lenders with lower down payment requirements or alternative loan programs. |
| Minimum credit score requirement. While a credit score of 620 is required, it is relatively attainable for many borrowers. This means that Gateway Capital Mortgage may be accessible to a wider range of individuals compared to lenders with higher credit score requirements. | Limited geographic availability. Although Gateway Capital Mortgage operates in multiple states, it is important to verify their availability in specific regions within Indiana. Some lenders may have limited coverage in certain areas, so it's essential to ensure they serve the desired location. |
| Positive BBB rating. Gateway Capital Mortgage has received an A+ rating from the Better Business Bureau (BBB), indicating their commitment to customer satisfaction and ethical business practices. This can give borrowers peace of mind knowing that they are working with a reputable lender. |
Securitas Mortgage, Inc
Securitas Mortgage headquartered in Louisville, KY, is a lending company that provides a range of loan options. One of the notable features is the ability to purchase a single-family home or condominium with a down payment requirement of only 3.5%, which can be advantageous for borrowers seeking a lower initial payment.
Securitas Mortgage is licensed to operate in several states, including Florida, Georgia, Indiana, Kentucky, and Tennessee. This regional coverage allows borrowers in these states to access their mortgage services.
It's important for potential borrowers to thoroughly research and compare the terms, rates, and eligibility criteria offered by Securitas Mortgage, ensuring it aligns with their specific needs and financial situation.
| Pros: | Cons: |
|---|---|
| Variety of loan options. Securitas Mortgage offers a variety of loan options, providing borrowers with the flexibility to choose a mortgage product that suits their needs. | Limited geographic presence. While Securitas Mortgage operates in multiple states, its geographic coverage is limited to Florida, Georgia, Indiana, Kentucky, and Tennessee. If you're outside of these states, you won't be able to secure a mortgage through Securitas Mortgage |
| Low down payment. With a down payment requirement of only 3.5%, Securitas Mortgage makes homeownership more accessible for borrowers who may not have a large amount of savings for a substantial down payment. | Lack of detailed information. The provided description lacks detailed information about the specific terms, rates, and fees associated with Securitas Mortgage's loan products. It's crucial to thoroughly research and obtain all relevant information before making a decision. |
| Regional coverage. Securitas Mortgage is licensed to operate in Indiana, ensuring that borrowers in the state can access their mortgage services conveniently. | Limited customer reviews. The availability of customer reviews or feedback about Securitas Mortgage's services in Indiana is unknown, which makes it challenging to assess the experiences of previous borrowers. |
Paddio®
Paddio® is a mortgage lender based in Springfield, Missouri, providing a range of loan options for homebuyers. Their offerings include purchase, refinance, FHA, VA, and USDA loans. Borrowers have the opportunity to make a down payment as low as 3.5% for Home Ready, Home Possible, or FHA loans. Alternatively, conventional loans, which are a widely used financing option, typically require a down payment ranging from 3% to 20%. It is important to note that Paddio mortgage services are not available in New York (NY), Nevada (NV), New Jersey (NJ), and Utah (UT).
| Pros: | Cons: |
|---|---|
| Loan options. Paddio® offers various loan programs, including purchase, refinance, FHA, VA, and USDA loans. This gives borrowers the flexibility to choose the loan that best suits their specific needs and financial situation. | Limited service area. Paddio® does not offer mortgage services in New York (NY), Nevada (NV), New Jersey (NJ), and Utah (UT). If you reside in any of these states, you will need to consider alternative lenders for your mortgage needs |
| Low down payment options. With Paddio®, you may be eligible for a down payment as low as 3.5% for Home Ready, Home Possible, or FHA loans. This can be beneficial for borrowers who have limited savings for a down payment. | Lack of detailed information. The provided information does not specify the specific terms, interest rates, or fees associated with Paddio® mortgages. It's essential to gather complete details and compare them with other lenders to ensure the most favorable terms for your mortgage. |
| Common financing option. Paddio® also provides conventional loans, which are widely used financing options for homebuyers. These loans typically require a down payment ranging from 3% to 20%, providing flexibility based on your financial capabilities. |
Average Mortgage Rate in Indiana from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Indiana.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Indiana
| Criteria | Amount, $ |
|---|---|
| The median home value in Indiana | $193,003 |
| The income required to buy the median priced home in Indiana | $31,623 |
| The monthly mortgage payment required to buy the median priced home in Indiana | $732 |
| The median household income for Indiana | $63,738 |
Things to Consider When Choosing a Mortgage Lender
Taking out a mortgage loan involves a significant long-term commitment, typically spanning 15 to 30 years. Therefore, it is crucial to carefully evaluate your options before finalizing an agreement with a specific lender. Several key factors should be considered when selecting a lending entity.
Type of Lender
Basically, there are two main choices when it comes to obtaining a mortgage: traditional banks and online mortgage lenders. Banks often provide competitive interest rates, but they often have rigorous credit evaluation processes. The approval process can take longer, and meeting their eligibility criteria can be challenging. On the other hand, online lenders operate more efficiently, with quicker turnaround times, and typically have less stringent requirements for borrowers.
APR and Fees
Like any loan, a mortgage comes with costs beyond the interest rate. These additional expenses encompass various fees, such as origination fees, mortgage insurance fees, closing costs, and more. Currently, the average mortgage rate for a fixed-rate 30-year loan in Indiana is 6.58%. It's important to consider all these factors when evaluating the overall cost of a mortgage.
Terms and Conditions
When obtaining a mortgage, it's essential to take into account the minimum down payment requirement, which typically ranges from 0% to 20% depending on factors such as the loan type and your current circumstances (military, employed, self-employed, etc.). Additionally, the lifespan of the loan, which represents its total length, is another crucial parameter to consider. The most common options for mortgage loan terms are 15 and 30 years. These factors play a significant role in determining the terms and affordability of your mortgage.
What Mortgage Lender is the Number One in Indiana?
Determining the best mortgage lender in Indiana can be challenging due to the extensive list of reliable options available. The choice ultimately depends on various factors and individual preferences. Rocket Mortgage is recognized as one of the industry leaders, having processed a loan volume of $11.5 billion in 2021. However, it's always advisable to explore a comprehensive list of recommended lenders to make an informed decision that aligns with your specific needs and requirements.
First-Time Homebuyer Programs in Indiana
For first-time homebuyers in Indiana, there are various governmental programs designed to enhance mortgage affordability. These programs include:
- Federal Housing Administration (FHA) loan program: Under this program, homebuyers receive insurance from the federal government, with the insurance fee being included in the overall loan cost. In exchange, borrowers enjoy advantages such as a low interest rate and lenient credit requirements. For instance, a FICO score as low as 500 and a debt-to-income ratio of 50% are acceptable.
- USDA loan program: Geared towards individuals residing in rural areas, this program enables participants to secure a mortgage loan with a zero down payment. However, the annual income of applicants must not exceed 115% of the average income in their region.
- VA loan programs: These loans are insured by the Department of Veteran Affairs and are available to former military personnel and their spouses. VA loans provide unique benefits and flexible terms to eligible veterans, making homeownership more accessible.
Pre-Approval: What Does It Mean?
Preliminary approval serves as a confirmation of a potential homebuyer's creditworthiness and acts as a signal to home sellers that lenders are prepared to approve a mortgage loan for the buyer. To obtain a pre-approval, individuals are required to provide supporting documentation that demonstrates their financial capability. Typically, this includes earning statements, account statements, a W2 form, or other forms of income verification covering a period of at least two years. Additionally, completing the Uniform Residential Loan Application form is necessary to initiate the pre-approval process.