Indiana Mortgage Refinance
Nicknamed the “Hoosier State,” Indiana has a wide range of mortgage refinance options. “Hoosiers” interested in lowering their monthly mortgage payment can seek mortgage refinancing from a variety of lenders throughout Indiana. When determining which product is the best fit, Indiana homeowners should understand the difference between an adjustable rate mortgage (ARM) and a fixed rate mortgage. Fixed products provide stability and security—the borrower’s rate never changes throughout the life of the loan. ARMs offer a lower loan rate, however the rate changes based on market conditions; which impacts the monthly mortgage payment. Currently rates in Indiana for a 30 year fixed product run from 4.93% APR to 5.33% APR or 4.29% APR to 4.79% APR for a 15 year fixed mortgage. Interested in an ARM? A rate on a 5/1 ARM is from 3.91% APR to 4.06% APR. The 1,278,723 residents living in Indiana can take advantage of the wide home price and values throughout the state. The average property price in Indiana is approximately $140,554 with homes in Indianapolis (46227) selling for $408,908 or Fishers (46038) for $119,100. Home values are also different based on the city. For example, homes in Carmel (46032) are valued at $151,603 to $177,969. Home owners in McCordsville (46055) can expect their home values to be anywhere from $491,460 to $576,931.