There are lots of great reasons to call the Hoosier state home, including top universities, unique towns like Shipshewana and some of lowest home prices in the country.
Ready to find your perfect home in Indiana? Start with Benzinga’s guide to the best mortgage lenders in the state.
The 6 Best Mortgage Companies in Indiana
Here are our picks for the top 5 mortgage lenders in Indiana.
1. Best for Self-Employed Borrowers: CrossCountry Mortgage
CrossCountry Mortgage makes it easy for all types of home buyers to get approved for a mortgage. Their flexible requirements can help you get financing, with no employment or income verification and no minimum DTI. CrossCountry Mortgage offers traditional loan terms, as well as more flexible mortgage payment plans with their 40-year loan program.
It’s also easier to get approved if you’re self-employed. Tax returns are not required and you’ll only need 1 year of self-employment income history and a minimum credit score of 580. CrossCountry Mortgage can also help you get approved on assets alone, like your bank statements, stocks and bonds, or retirement accounts.
CrossCountry Mortgage is licensed to lend in California, Colorado, Connecticut, DC, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and Washington.
2. Best for First-Time Home Buyers: Chase
Many first-time home buyers benefit from working directly with a loan officer and Chase’s many branches make that easy. Its experienced loan officers can walk you through the loan process and guide you to the right mortgage.
Chase also offers online prequalification. It offers extensive educational resources and calculators you can use to be fully informed about the process. Chase offers conventional, jumbo, VA and FHA loans.
3. Best for Self-Employed Professionals: Quicken Loans®
Self-employed professionals can find flexible terms with Quicken Loans. Apply online through its Rocket Mortgage® by Quicken Loans® platform and talk to a loan expert by phone or chat if you have any questions.
Check out Quicken Loans’ interest rates on its website to simplify comparison shopping. It has several loan options, including conventional, FHA and VA loan products.
4. Best Online Lender: Guaranteed Rate
Guaranteed Rate offers a digital mortgage process. Many of its customers can even close online. This helps streamline the process so you can own your home sooner rather than later.
If you have questions, talk to a loan expert by phone or by email. You can even research prospective neighborhoods on the Guaranteed Rate website. It includes essential information like home price trends and school ratings.
Guaranteed Rate offers conventional, jumbo, interest-only, FHA and VA home loans.
5. Best for FHA Loans in Indiana: Ruoff Mortgage
Ruoff Mortgage’s headquarters are in Fort Wayne, so it’s familiar with the needs of Indiana residents. Ruoff has 25 years of industry experience to ensure your FHA mortgage process goes smoothly.
Start the mortgage process online or with a local loan officer. If you’re interested in an Indiana home buyer program, Ruoff Mortgage is an approved lender. It also offers VA, USDA, conventional and jumbo loans.
6. Best for VA Loans: Veterans United
Veterans United has been the top VA purchase lender for 4 years running. Customers report excellent service and loan experts are available around the clock to answer your questions. Veterans United can help you decide whether a VA loan is right for you.
Veterans United offers VA loans to buy a new home or refinance your current house. Get a free quote online and check out educational materials to help you navigate the mortgage process.
How do home loans work? Here’s a quick guide to what you need to know.
A mortgage type refers to whether your mortgage is associated with a federal program. Here are a few common mortgage types.
- Conventional mortgages aren’t associated with a federal program. Some conventional mortgages are qualified mortgages, so they follow rules set by Freddie Mac and Fannie Mae. Other conventional mortgages are non-qualified and lenders have a lot of freedom. Non-qualified mortgages are a good fit for some borrowers, but review the terms carefully before you sign.
- FHA mortgages have to follow guidelines set by the Federal Housing Administration. These mortgages are designed to help a wide range of people buy homes. They have low credit score requirements and low minimum down payments.
- VA mortgages follow rules established by the Department of Veterans Affairs. These loans are a benefit for veterans and current service members who meet service requirements. These loans typically have no down payment requirement and credit history flexibility.
A mortgage term refers to how long your mortgage will last if you just make the minimum monthly payments. Here are a few common mortgage terms.
- A 30-year fixed-rate mortgage lasts for 30 years, so it has relatively low monthly payments. The interest rate is the same for as long as you have the mortgage and your payments never change.
- A 15-year fixed-rate mortgage lasts for 15 years. That means you have higher payments than you would with a longer term but you’ll own your home sooner and pay less in interest. The interest rate and monthly payments stay the same for all 15 years.
- A 5/1 ARM is a type of adjustable-rate mortgage (ARM). A lender can change your interest rate on a predetermined schedule. That means your monthly payment can also change. Most ARMs start with a fixed-rate period. A 5/1 ARM starts with a fixed rate for 5 years. After that, the lender can adjust your interest rate once per year.
Which Mortgage Lender is Best for You?
How do you find the best mortgage lender? Here are a few qualities to consider.
- Local expertise: Local lenders have the inside scoop on the housing market in your area. They may already have relationships with appraisers, which can also speed things along. National lenders may have more loan options and more availability.
- In-person customer service: Is it important to you to have a dedicated point of contact? Or do you prefer to handle everything online? Look for a lender that fits your service preferences.
- Competitive rates: Even a small difference in interest rate can save you (or cost you) thousands over the life of your mortgage. Choose a lender that has great rates and outstanding service.
Lender Credit Score Minimums in Indiana
Your credit score is a 3-digit number that gives lenders a sense of how you handle credit. Lenders typically have a minimum credit score requirement. If you’re below that credit score, you may need to improve your score before you can qualify for a mortgage.
Lenders also use credit scores to decide on your interest rate. Here are the minimum credit scores for several Indiana lenders.
|Lender||Minimum credit score required|
|Caliber Home Loans||620|
Current Mortgage Rates in Indiana
Lenders change interest rates frequently. Rates change due to what’s happening in the economy. If the economy is doing well, interest rates tend to be higher since there’s more competition for funds. If the economy slows down, lenders lower rates to encourage consumers to borrow money.
At Benzinga, we update our rates frequently so you have the most relevant information. Here are the current mortgage rates in Indiana.
Average Days to Close on a Loan
Home loans follow a process. Once you submit your application, your lender needs to confirm your financial information. In most cases, lenders also order an appraisal to confirm the value of your home.
Once your lender has all the information, it will make a decision. If you’re approved, you’ll make an appointment to close on your loan. You’ll sign your loan documents and pay the balance of your down payment at the appointment. Once you’ve signed everything, your home is officially yours.
Here are the average days to close for several Indiana lenders.
|Lender||Average days to close|
|Caliber Home Loans||45|
Choose the Right Mortgage
You have a lot of options when it comes to your mortgage. If you prefer predictability, you may want a fixed-rate mortgage. If you’re planning to move relatively soon, the low initial rates of an ARM could be a good fit. Evaluate your options and goals to choose the mortgage that fits comfortably into your budget.
Get Ready for Take Off
Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.
You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.