Best Mortgage Lenders in Indiana

Best Mortgage Lenders in Indiana

For most Hoosiers, buying a home is the single biggest purchase they’ll ever make. With repayment plans lasting decades and small rate differences translating into thousands of dollars in interest, it’s important to start with the right lender. To help you start, we’ve identified the best among dozens of mortgage lenders available in Indiana. Read more about our picks below or complete the form above for an instant look at your personalized estimates.

The Best Mortgage Rates Among Indiana Lenders

If you’re trying to get a home loan in Indiana, take a look at our reviews below to get an idea of what some of the most competitive lenders in the state are offering. Keep in mind that comparing lenders based on rates alone won’t capture all of the factors that might impact your mortgage. You should consider each lender’s reputation for customer service, unique terms and closing costs. We’ve outlined our top choices for mortgage lenders below in accordance with how well they met borrower needs. Take a look at our selections to help inform your mortgage shopping experience.

Best Mortgage Lender for First-Time Homebuyers: Chase Bank

{“align”:”left”,”buttonColor”:”primary”,”buttonIcon”:”lock”,”buttonText”:”Learn More”,”category”:”mortgages”,”className”:””,”cloudinaryImageName”:”referral_logos/us/banking/chase-2″,”cssNamespace”:”AffiliateBanner”,”context”:””,”disclaimers”:[” “],”isButtonSquare”:false,”isUnavailable”:false,”link”:””,”name”:”Chase”}

We consider Chase Bank a great choice for first-time homebuyers looking for guided face-to-face consultations from experienced loan officers. Chase is the most established bank in Indiana, with more than 160 branches located throughout the state. Chase can also link you to mortgage loan advisers in your area through a search tool on its website. No other mortgage lender offered as many branch locations or originated as many mortgage loans in Indiana over the past five years.

Although Chase doesn’t have the cheapest mortgage options on the market, the bank still offers fairly competitive rates. The lender’s biggest selling points are its unparalleled branch network in Indiana and the experience level of its loan officers. Chase Bank offers several types of loans including FHA, VA and jumbo loans, and it gives guidance for 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. If you already bank with Chase and qualify for benefits, it’s worth checking with Chase for a quick mortgage quote.

Best Mortgage Lender for Refinancing: PNC

PNC Bank

{“align”:”left”,”buttonColor”:”primary”,”buttonIcon”:”lock”,”buttonText”:”Learn More”,”category”:”mortgages”,”className”:””,”cloudinaryImageName”:”referral_logos/us/banking/pnc-2″,”cssNamespace”:”AffiliateBanner”,”context”:””,”disclaimers”:[” “],”isButtonSquare”:false,”isUnavailable”:false,”link”:””,”name”:”PNC Bank”}

PNC Bank takes the top slot for mortgage lenders when it comes to refinancing, thanks to its low rates and exclusive home equity and second-mortgage options. PNC quoted us lower rates than national bank Wells Fargo and online lending powerhouse Quicken Loans. It also offered extremely attractive interest rates on its home equity loan products, over a percentage point lower than what we were quoted through Chase Bank.

Read about:   How to Get a SunTrust Mortgage

Regardless of what existing mortgage you have, PNC can refinance it into any number of mortgage types, including jumbo, FHA or even VA loans, at both fixed- and adjustable-rate terms. This makes PNC an excellent choice regardless of whether you’re trying to save money for the long run or cash out and minimize payments in the short term. PNC’s Rapid Refinance Loan offers low closing costs and quick closings at any PNC branch near you. Finally, PNC’s HELOC offers a fixed-rate lock option on two draws at any given time, helping you guard against unexpected hikes in interest rates.

Best Online Mortgage Lender: Guaranteed Rate

Guaranteed Rate

{“align”:”left”,”buttonColor”:”primary”,”buttonIcon”:”lock”,”buttonText”:”Learn More”,”category”:”mortgages”,”className”:””,”cloudinaryImageName”:”referral_logos/us/banking/gauranteedrate-2″,”cssNamespace”:”AffiliateBanner”,”context”:””,”disclaimers”:[” “],”isButtonSquare”:false,”isUnavailable”:false,”link”:””,”name”:”Guaranteed Rate”}

Compared to other online lenders that serve Indiana, Guaranteed Rate offered the lowest home loan rates and had the most helpful website. The lender provides several loan options, a knowledge center and mortgage calculators to help find you the best options for your borrowing needs.

Online mortgage lenders like Guaranteed Rate standardize their services across states, so borrowers in sparsely populated regions receive the same quality of customer service as homebuyers in Fort Wayne. This is highlighted by the fact that Guaranteed Rate achieved one of the lowest ratios of complaints-to-originations achieved by any national lender, at a rate of 0.04%. That beats out major competitors like Wells Fargo, which scored an average of 1.17%.

Guaranteed Rate’s website offers a simple tool that helps you estimate the rates you might receive if you were to apply for a home loan. After entering basic information about your target home, location and credit score, Guaranteed Rate displays various loan options for which you could qualify. 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 which loan option is best for you.

Best Mortgage Lender for VA Loans: Navy Federal Credit Union

Navy Federal

{“align”:”left”,”buttonColor”:”primary”,”buttonIcon”:”lock”,”buttonText”:”Learn More”,”category”:”mortgages”,”className”:””,”cloudinaryImageName”:”referral_logos/us/banking/navyfederal-2″,”cssNamespace”:”AffiliateBanner”,”context”:””,”disclaimers”:[” “],”isButtonSquare”:false,”isUnavailable”:false,”link”:””,”name”:”Navy Federal”}

We recommend using Navy Federal Credit Union if you want a VA loan, thanks to its reputation for customer service and competitive interest rates. Navy Federal caters specifically to veterans and their spouses, and it offers lower rates when stacked against major competitors that also focus on current and former military service members. This makes Navy Federal an ideal choice for prospective homebuyers stationed at NSWC or the Grissom Air Base.

Navy Federal gives borrowers access to a real estate network trained in finding homes for veterans and includes educational tools on its website to aid future homebuyers in the process. You could even qualify for cash-back rewards based on the cost of your home. For enterprising borrowers who want the lowest rates possible, Navy Federal has pledged to match lower rates offered by competitors, or they’ll deposit $1,000 into your bank account.

Read about:   What Is a 30 Year Fixed FHA? | Home Guides

Best Mortgage Lender for Poor Credit: Ruoff Home Mortgage

Ruoff Home Mortgage

{“align”:”left”,”buttonColor”:”primary”,”buttonIcon”:”lock”,”buttonText”:”Learn More”,”category”:”mortgages”,”className”:””,”cloudinaryImageName”:”referral_logos/us/loans/ruoff-1″,”cssNamespace”:”AffiliateBanner”,”context”:””,”disclaimers”:[” “],”isButtonSquare”:false,”isUnavailable”:false,”link”:””,”name”:”Ruoff Home Mortgage”}

Our No. 1 pick for borrowers with poor credit is Ruoff Home Mortgage, due to its participation in the Indiana Housing & Community Development Authority’s (IHCDA) homebuyer assistance programs. These help low-income and first-time homebuyers qualify for the home of their dreams.

Ruoff underwrote the most FHA-sponsored mortgages of any lender in Indiana over the past five years, totaling more than 9,397 FHA loans between 2013 and the time of this writing. FHA loans are specifically designed to help borrowers with low income and poor credit obtain a home. Borrowers may be able to qualify with credit scores as low as 580.

Ruoff Home Mortgage is also a great regional lender when compared against other lenders in the area like Caliber Home Loans. Ruoff outclasses its competition in terms of its record for customer service. Over the past five years, Ruoff recorded fewer than 10 customer complaints through the Consumer Financial Protection Bureau. By comparison, Caliber Home Loans received more than 2,700 complaints over that same period.

How We Chose the Best Mortgage Lenders in Indiana

We evaluated the following criteria while comparing mortgage lenders in Indiana.

  • Total cost: interest rates and closing costs
  • Product: terms, programs and specialty
  • Servicing: transparency, complaint data and branch network

While interest rates played an important role, we also scrutinized each lender’s closing costs, terms and fees. Each lender was reviewed on the basis of total cost rather than interest rates in a vacuum.

We also looked for any competitive advantages that a lender exhibited that weren’t common in the industry. For example, most lenders offer conventional fixed-rate mortgages, but there’s a smaller universe of lenders that specialize in government programs like FHA, VA or USDA loans, or even state-sponsored financing assistance. Each lender’s relative expertise played a large role in determining whether it was selected as one of our top picks.

Our team also reviewed customer service records and publicly available complaint data to try to predict how likely it was for you to run into issues during the mortgage process. Each lender’s total number of customer service complaints were totaled and contrasted against its total number of loan originations over the past five years. The resulting ratios were then sorted and ranked according to magnitude.

Finally, we looked at each lender’s geographic reach. A borrower in Howard County is unlikely to have access to the same number of lenders as a borrower in Hamilton County. As a result, each lender’s branch network was scrutinized and viewed in relation to its overall records for customer service. This helped us determine how accessible each lender was to borrowers across the state.

Read about:   Mortgage Special Offers from Navy Federal Credit Union

Most Popular Home Loan Companies in Indiana

The five most popular mortgage companies in Indiana are listed below. These lenders are ranked in order of number of residential mortgages originated over the past five years, based on data supplied by S&P.

Top 5 Biggest Indiana Residential Mortgage Lenders, 2013–2019

Rank Company Mortgage originations Average mortgage amount
1 Chase Bank 32,269 $134,034
2 Ruoff Home Mortgage Company 29,429 $143,276
3 Quicken Loans 27,856 $138,132
4 Wells Fargo 24,065 $156,394
5 Caliber Home Loans 20,931 $151,261
Company Mortgage originations Average mortgage amount
Chase Bank 32,269 $134,034
Ruoff Home Mortgage Company 29,429 $143,276
Quicken Loans 27,856 $138,132
Wells Fargo 24,065 $156,394
Caliber Home Loans 20,931 $151,261

While these lenders controlled the majority of the market share in Indiana, we may have excluded them from our best lender categories for a number of reasons. When reviewing lenders, we looked at a variety of lender characteristics in addition to origination volume. If you’re shopping for a mortgage in Indiana, it may be helpful for you to use our chart as a point of comparison.

When mortgage shopping, always remember to review each lender on a holistic basis by comparing its records for customer service, closing costs, and any unique terms they offer. There may also be other important factors that matter to you that were not covered in our article. Make sure you evaluate each lender based on your personal financial needs.

Mortgage Brokers Near Me in Indiana

Licensed mortgage brokers who are well-acquainted with your target neighborhood can save you both time and money when it comes to shopping for the right mortgage loan. They can shop your loan across multiple lenders to get the rates and terms that work best for you. Mortgage brokers differ from mortgage loan officers, who work on behalf of a mortgage company and only sell loans from their employer’s portfolio. Conversely, mortgage brokers act as free agents on your behalf and cross-sell your loan to obtain your best terms possible.

See below for a list of licensed mortgage brokers in your area.

Name Address Phone number
Indiana Mortgage Company Inc. 3900 S Walnut St Suite A, Bloomington IN 47401 (812) 323-3008
Diamond Mortgage, LLC 10735 Sky Prairie Street, Suite 300, Fishers IN 46038 (317) 842-7744
Integrity Mortgage & Financial Services 3205 Cascade Dr., Valparaiso IN 46383 (219) 548-2255
Xpress Mortgage Crown Point, IN (219) 663-5107
Indy Mortgage 8103 Knollview Ct, Indianapolis IN 46256 (317) 590-6310
GVC Mortgage 600 E Carmel Dr, Suite 155, Carmel IN 46032 (317) 564-4906
Jim DeCamp Mortgage Broker 438 S. Emerson Ave, Suite 212, Greenwood IN 46143 (317) 507-5494
Hallmark Home Mortgage 1221 S. Creasy Lane, Lafayette IN 47905 (765) 446-2930
Northwest Mortgage 10339 Dawsons Creek Blvd, Fort Wayne IN 46825 (260) 471-3434
Nathan Soliday Mortgage 190 W. Becks Mill Rd, Salem IN 47167 (812) 620-0046

Leave a Reply

Your email address will not be published.