Indiana Mortgage Rates

March 5, 2015 01:40 PM Eastern

Refinance rates now in INDIANAPOLIS, IN [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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Find great deals from Indiana mortgage lenders on this page. The Indiana Department of Financial Institutions is responsible for regulating lenders within the state.

Indiana Mortgage Rates

Mortgage rates can differ between states because of local economies, lending laws and competition between lenders.

 Buying a Home in Indiana

Real estate prices in Indiana have appreciated more slowly over the last 30 years than in other parts of the country—only 140% overall--but they also did not take as big a plunge during the recession as they did in some states.

Despite some ups and downs since 2008, Indiana home prices have dropped only 5% from their all time high, and are forecast to continue inching up at a rate similar to the rest of the nation. Homes in Indiana are very affordable. Depending on the county, 80 to 96 percent of Indiana homes are affordable to households earning the median income.

Indiana offers home buyers a number of state-, regional- and community-based programs that can help them find ways to make homeownership a reality. The following is a partial list:

 FHA Mortgages

FHA loans in Indiana are capped at $271,050 in most counties in Indiana, but in some of the metropolitan areas limits are higher. In Jasper County, the maximum loan size is $410,000, and in Dearborn County and Clark County, $337,500 and $302,500, respectively.

 VA Home Loans

If you are eligible for VA financing, lenders may be able to offer you a VA mortgage four times the VA guaranty, up to 100% of the cost of the house. The cap on VA loans throughout the state is $417,000.