Today's Mortgage Rates
|Product (Rate Program)||Rate||APR|
You might be wondering if there are great deals on mortgage loans and refinances out there just for Hoosiers. You'll be pleased to learn that residents of Indiana can find low rate mortgages from reputable mortgage lenders. But finding those programs isn't always easy, especially if you aren't familiar with mortgage basics. You might know that the annual percentage rate (APR) is a useful comparison tool for mortgages that have different closing costs. You may also know that a low-payment mortgage doesn't automatically have a competitive interest rate, and that you should compare mortgages on the full set of terms. But the list of issues like these that could derail your mortgage search if you're not educated is a long one. Fortunately, Mortgageloan.com has the resources to guide you on your quest. These resources include an Indiana broker directory, more than 100 mortgage calculators, a database of informative articles, and more.
Home Equity Loans
Do you have equity in your home that you'd like to turn into cash? A home equity loan will do just that. The home equity loan is a fixed-rate second mortgage. They're commonly used to fund a one-time expense. Since a refinance can accomplish the same thing, homeowners often find themselves choosing between one and the other. A home equity loan makes sense when you already have a competitively priced mortgage, or when you want to save on closing costs.
Indiana borrowers, who are low on buying power in the short-term, might consider an adjustable-rate mortgage (ARM) or refinance mortgage. This is because ARMs begin with a low monthly payment that remains in force for a certain time period. Once that period expires, the rate becomes variable, and is adjusted at regular intervals. It's important for ARM borrowers to have the ability to absorb any potential rate increases that occur after the initial rate expires.
An early step in your mortgage search should be to become familiar with comparing market rates for different loan types. You'll likely learn that second mortgages have higher rates than refinances, and that most ARMs start with a lower rate than most fixed-rate mortgages (FRMs). Knowing this, you can start fine-tuning your budget. Mortgage calculators will be invaluable in this effort. Use them to run the numbers on different mortgage types, mortgage rates, and loan amounts. While you're doing this, consider how long you intend to own the property, and if you have any improvement plans. These will be factors in what loan you choose, and how much money you'll borrow. Once you understand which options look right for you, start browsing through the Indiana broker directory. Select several to contact and make sure that you have a few ink pens ready to fill out those applications. As you start receiving your offers, compare them to one another as thoroughly as possible. Be open with your lender about your questions and concerns.