Indiana Mortgage Rates
Check Current Mortgage Rates
INDIANA CONFORMING 30 YEAR FIXED RATESToday's Average: 3.97% What does this mean?
About Mortgage Rates in Indiana
Potential home owners in Indiana from Indianapolis to Richmond are all trying to find the best mortgage package. Details such as points, closing costs, lowest interest rate and fixed or adjustable rates are all a concern. With the state boasting almost 3 million housing units and 71% of them occupied by the owner, banks are competing vigorously for your business.
Allow Mortgage 101 to help secure the best possible mortgage for your future Indiana home. Whether with the lowest possible monthly payments or lowest interest expenses, all our loans are designed to save you money. This goes for first time home buyers or those refinancing an existing home.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Mortgage Refinancing in Indiana
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
Other Mortgage Terms
Annual Percentage Rate (APR) - The measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate it provides consumers with a good basis for comparing the cost of different loans.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.