Indiana Mortgage Rates

February 11, 2016 03:53 AM 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.

5/1 ARM

Interest Rate
2.625%
APR
3.280%
Monthly Payment
$804
Sebonic Financial
5/1 ARM
Interest Rate
2.625%
APR
3.280%
Monthly Payment
$804
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Sebonic Financial
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Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,721
Lender Credit $0
Total Closing Fees* $2,721
*Other 3rd party fees may apply
Sebonic Financial
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About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
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Lender Reviews

Sebonic was quick, inexpensive and easy

Yes, I recommend this lender

After receiving what I perceived as poor service at Quicken I walked away from them the week of the scheduled closing and went with Sebonic. As far as I am concerned it was a great decision as I closed quickly with a slightly better rate and lower closing costs. James Dawkins was assigned to push my loan through and he was very responsive and helpful. For the closing they sent a notary to my home and with a little help from James everything was done in about 45 minutes. This was probably about my 20th loan / refi and the first that was done almost entirely via the internet. The internet added a few twists to the process but overall it was painless.

By: Andrew (Pinehurst, NC)

Avoid at all costs

Started our refi 3 months ago, and for the second time, no one showed up for our closing, with no call, email, anything!!! WORST experience ever! Would gladly have paid thousands more if I had known! Started with after waiting 2 weeks for the appraisal, the first appraiser having a "family emergency" so had to wait another 2 weeks for another appraiser. We felt bad for the first guy, so we understood. This is when we first started to notice emails and phone calls not being answered. The only time we could reach anyone was to call their customer service line, and they would corner our rep. And then we would get circle answers, and promises of answers that never came. Then a glitch in paperwork came up due to a discharged bankruptcy years ago. Offered to handle it with guidance and were told they would take care of it. That was that. We were then told we would close Friday or Saturday, after only 6 weeks... Great! They will call us. No call Thursday. Friday we call 3-4 times, email, no answer. Still waiting by the phone Saturday, called, emailed, still nothing. We called and emailed Monday... No answer. Finally Tuesday for a "manager" who advised our rep was our of town and would get back to us the next day. Finally heard from him 2 days after that, and many emails and calls, and the bk paperwork came back to bite us. We had to handle this now. So we are now on our FOURTH extension, discussing something that was originally discovers the first week and we were told was not a problem. Then our rep gets in an "accident" so we are now dealing with the manager. We Also find out we will have to file the FIFTH extension, which they will it pay for but costs us almost another $900! WE took care of that, to avoid having to wait for them. We told them that day it would be 2 weeks. We close that, and they have done NOTHING to get it moving again. They needed the paperwork. So we send that to them on Friday, during business hours, for the second time because the attorney sent it to them as well. Monday was a holiday, Tuesday we call and email. I get an email back again asking for that paperwork. I send it a third time, and am told great, should close Wednesday since everything else is "done." Wednesday keep emailing and calling, all day. Re sending paperwork they have, but at least it's moving. Then... Nothing! Call customer care at 5:00 and reach the officers manager again to be told all looks good, we will call you in the morning to close tomorrow, we requested 12:00, she assured us that should be doable. Once we heard fro The closer, they advise they can't do that, so we agree on 8 pm. Bat 6:30 I happen to check my email to find an email for the manager asking for current credit card statements, which ones were not listed though. Ok.... I'm on the road, so I ask her if which ones, and if it can wait until I get home. I specifically ask if this will effect our closing since this is so last minute. She sends me the list, no other replace sw. I send her 4 more emails in the next hour asking if we are closing... I call the main line, customer care, and every other number we can find all with no answers. I have the email confirming the closing for tonight at 8 pm, and here it is 11:30 and no show still. Yes, I know they won't be here, and I am still hoping for tomorrow, but I'm so me I know I can't sleep. Please, save yourself the stress, sleepless night and frustration and take your business elsewhere. We started this June 16 and STILL have not closed, and can not get an explanation why.

By: Donna (Littleton, CO)

Owner

Yes, I recommend this lender

Overall experience was one of complete pleasure. Any delay in the process was caused by me and at that, it was only a month.

By: Haydee (Marietta, GA)
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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.