See Mortgage Rate Quotes for Your Home
Whether you're looking to buy a home in Indianapolis or Zionsville, Indiana homebuyers have several mortgage lenders available in-state and online. To simplify the process of finding a lender, we've identified the best lenders for several different scenarios. For a custom rate, enter your details in our quote box above.
- Best Mortgage Rates in Indiana
- Best Mortgage Lender for First-Time Homebuyers
- Best Online Mortgage Lender
- Best Lender for In-Person Service in Indiana
- Best Lender for a VA Home Loan
Best Mortgage Rates in Indiana
We found that the lowest mortgage rates in Indiana were offered by direct lenders that primarily service home loans online. Direct and online lenders tend to have lower rate estimates than traditional banks due to low operating costs and their need to stay competitive in the market.
Lowest Mortgage Rates for Indiana
|Home Point Financial||4.50%||4.50%||$811||$0|
Estimates on a 30-year fixed rate mortgage for $200,000 with 20% down payment and 740 credit score. Estimates include origination fees and points but don't include other closing costs.
Sebonic Financial offered the lowest rates and monthly payment but had the highest fees by a significant margin. When considering the fees, ConsumerDirect Mortgage and goodmortgage.com may be more attractive options. However, selecting a mortgage just based on fees and rates is not an approach we would recommend. In addition to cost, you must weigh the reliability and transparency of the lender to find the best mortgage lender for your situation.
Other important factors to consider are the range of products offered by the lender and the eligibility requirements. If you're a first-time homebuyer that can't put a lot of money down, you might want to consider a lender that provides FHA loans. If you're a veteran, you should find a lender that offers VA loans. In order to help figure out which lender is right for you, we searched through dozens of companies to identify the best lenders for each type of borrower.
Best Mortgage Lender for First-Time Homebuyers: Bank of America
Although Bank of America requires the highest down payment, we found it to be the best mortgage lender for first-time homebuyers in Indiana due to its low rates and online educational tools.
First-Time Purchase Mortgages in Indiana
|Lender||Rate||APR||Monthly Payment||Down Payment|
|Bank of America||4.25%||4.80%||$1,028||5.0%|
Estimates for a 30-year fixed-rate mortgage for $200,000 with a minimum down payment and a 740 credit score.
Many first-time homebuyers don't have 20% to put down on a home, which is why multiple lenders offer specific loans for these types of buyers with significantly lower down payments. Bank of America allows first-time homebuyers to put down 5% on their home, which is more than the other lenders on our list but still helps alleviate some of the cost. Opting to pay a lower down payment means the borrower will have a higher monthly payment and will have to pay private mortgage insurance for a longer period of time.
In terms of locations, Bank of America has only three branches throughout the state but offers exceptional online services if you would rather complete the process at home. The lender provides educational tools to help you understand the different components of buying a home with videos and infographics, in addition to a chat feature and call center if you have any questions.
Best Online Mortgage Lender: Guaranteed Rate
Compared to other online lenders that serve Indiana, Guaranteed Rate offered the lowest home loan rates and had the most comprehensive website. The lender provides several loan options, a knowledge center and mortgage calculators to help find the best options for your borrowing needs.
Guaranteed Rate Mortgage Loan Rates
|30 Year Fixed||4.50%||4.60%||$811|
|15 Year Fixed||3.88%||4.05%||$1,174|
|30 Year VA Fixed||4.25%||4.64%||$787|
|5 Year ARM||4.13%||4.94%||$775|
Estimates for a $200,000 home purchase loan with a 20% down payment and a 740 credit score. After a set period of time, the APR and monthly costs for ARMs can increase based on changes in the index rate.
Guaranteed Rate's website offers a simple tool so you can see estimates of the rates you would receive if you were to apply for a home loan. After putting in basic information about your potential home, location and credit score, Guaranteed Rate displays various loan options that you could qualify for. If you see a loan you like, you can apply for it with a few simple clicks. On the other hand, if you need more guidance before applying, you can call the lender or use the knowledge center to help decide on the best loan option for you.
Best Lender for In-Person Service in Indiana: Chase
Chase is the most prevalent bank in the state of Indiana with more than 150 locations. Chase not only provides branches throughout Indiana but also allows you to find home lender advisers on their website to meet with based on your location.
Mortgage Products at Chase
Estimates for a $200,000 home purchase loan with a 20% down payment and a 740 credit score.
Although Chase doesn't have the most cost-effective mortgage options, the lender's rates are still fairly competitive. With the addition of locations if you want in-person service, it is a great mortgage lender option. It provides several loan types including FHA, VA and jumbo loans and gives guidance as to which loan to pick based on what you can afford and the type of home you want to finance.
Chase extends deals to first-time homebuyers who finance new homes using new or existing Chase deposit accounts. These incentives include cash back if you sign up for automatic mortgage payments. So, if you already bank with Chase and you qualify for the benefits, you should consider taking out a home loan from them.
Best Lender for a VA Home Loan: Navy Federal
We recommend using Navy Federal Credit Union if you want a VA loan. Navy Federal specializes in services specifically for veterans and their spouses and offers the lowest rates.
Best VA Lenders in Indiana
|Lender||Rate||APR||Monthly P+I||Estimated Fees and Points|
|J.G. Wentworth||4.25%||4.48%||$787||$795 (lender fee)|
|Wells Fargo||4.50%||4.81%||$1,047||$10,956 (includes closing costs)|
Estimates for a fixed-rate 30-year VA loan of $200,000 to $225,000 with a 0% down payment, a VA funding fee of 2.15% to 3.30%, and a credit score of 740.
Navy Federal gives borrowers access to a real estate network trained in finding homes for veterans and includes educational tools on their website to aid future homebuyers in the process. You could even qualify for cash-back rewards based on the cost of your home. Additionally, if you are quoted a lower rate from another lender, Navy Federal has pledged to match the rate or deposit $1,000 into your bank account.