Best Mortgage Lenders in Indiana in 2018
Whether you're looking to buy a home in Indianapolis or Zionsville, Indiana homebuyers have several mortgage lenders available in-state and online. Find out which companies we've identified as the best lenders in Indiana or use the table below for the lowest rates.
These estimates are for a 30-year fixed rate mortgage with a house price of $200,000, 20% down payment and 740 credit score in Indiana. You can click on one of the lenders above or see our lender recommendations for the state.
Best Mortgage Lenders in Indiana
See Mortgage Rate Quotes for Your Home
We found that the lowest mortgage rates in Indiana were offered by direct lenders that primarily service home loans online. However, selecting a mortgage just based on rates is not an approach we would recommend. In addition to cost, you must weigh the reliability and transparency of the lender. 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
Consider this if you want a mortgage lender with comprehensive online services and a few branches in the state.
Although Bank of America requires the highest down payment on our list, it also offers an Affordable Loan Solution mortgage with a down payment as low as 3%. 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 3% to 5% down on their home, depending on the type of loan the borrower qualifies for. 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
Consider this if you want the convenience of an online lender with high customer satisfaction ratings.
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
|Loan Type||Rate||APR||Monthly P+I|
|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
Consider this if you need access to in-person services to complete your mortgage process.
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
|Loan Type||Rate||APR||Monthly Payment|
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
Consider this if you'd prefer an affordable VA loan lender with a real estate network to help you find a home.
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|
|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.