If you plan on buying a home in Indiana, there are a few things you might want to consider when choosing a mortgage lender. Home prices are on the rise–not only in Indiana but around the country–and while quality of life factors like job opportunities and cost of living will also be important to your decision-making process.
While there may be some additional steps involved, buying a house in Indiana can still be relatively straightforward as long as you have some help from a trusted mortgage lender. They can provide information about mortgage options including fixed rate mortgages and adjustable rate mortgages.
At The Home Loan Expert, we work to make the loan and mortgage process as easy as possible, which is why walk you through all your options and provide expert guidance at every step of the mortgage lending process. And this is why we’ve curated a list of some of the best mortgage lenders in Indiana in 2022.
What is a mortgage lender?
A mortgage lender is a financial institution or mortgage bank that originates loans, which means they handle all aspects of the loan application process. This includes underwriting the loan, issuing it, and collecting monthly payments from you. Lenders have specific guidelines to verify your credit score and ability to repay a loan, as well as set the terms, interest rate, repayment schedule, and all key aspects of your mortgage.
Mortgage brokers, on the other hand, do not originate loans—they work with different lenders in order to help you find the right loan for your situation. They are paid a commission or fee by one or many of the lenders they work with; some also charge borrowers an origination fee for their services.
Once you’ve chosen your loan type, lenders can give you rates for each so that you can get an idea of what your monthly payments will look like over time. Due to recent changes in regulation, there is competition between mortgage lenders right now, which means they’re likely vying for your business by offering lower interest rates. This can mean big savings over several years when compared with higher interest rates offered in previous years.
Because of the volume of loans our team closes and the great relationships we’ve built, The Home Loan Expert is proud that we’re able to offer the most competitive interest rates and the newest programs–all while proving the most efficient mortgage process you’ll ever experience.
Best Indiana Mortgage Lenders in 2022
The Home Loan Expert
If you’re looking to get a home loan in Indiana, then The Home Loan Expert has got you covered. We’re one of the fastest-growing lenders in the nation, but our loan officers all live within the communities they serve—meaning you’ll get the resources of a big-time lender with the service you’d expect from a local!
We understand that the process can be a little bit overwhelming so we strive to keep things as easy and stress-free as possible. Getting your application approved is a breeze when you get started with their 5-Minute Loan Approval* application. Ensuring that the process is as personal as it is professional, we always work to put the customer and the community first.
Loans & Services:
- Adjustable-Rate Mortgages
- Bank Statement Mortgages
- Cash-Out Refinance
- Conventional Loans
- Debt Consolidation
- FHA Loans
- First Responder Loan Program
- Fixed-Rate Loans
- Home Purchase Loan
- Jumbo Home Loans
- No Income Verification Loans
- Union Loans
- USDA Loans
- VA Loans
- Zero Dollar
Pros:
- Personalized and hands-on service.
- It’s like working with a friend who’s also a home loan expert.
- Best in class closing costs
- Variety of loan and mortgage options
- Robust down payment assistance options
Cons:
- Given the number of loan choices available, some prior homework might be necessary in order to zero in on the best loan for you. But, we can help you with that!
Minimum down payment: Ranging from 3% to 0% (for VA members)
Start the approval process at Home Loan Expert today!
Hero Loan
Hero Loan–one of the fastest growing lending platforms in the country–serves active- duty military, veterans, and their families. As a direct-endorsed VA Lender, Hero Loan can close VA loans in as little as 14 days–compared to most lenders that take up to 60 days. They underwrite all VA loans in house, meaning lower mortgage rates and no upfront or out of pocket costs—that includes the appraisal.
Hero Loan has an enticing roster of loans and services that they offer. Apart from the standard VA loan, some of these also include:
- VA Streamline Refinancing
- Conventional Loan Refinancing
- VA Cash-Out Refinancing
- FHA Loans
After you’ve made your choice, you can use their website to fill out a few preliminary details and apply for the loan or service that you have chosen. From there, a loan officer will be assigned to you who will take you through the minutiae and explain the details of the loan that you are about to borrow.
In addition, they will also help you get the all-important VA Loan Certificate of Eligibility and fill out all the VA paperwork for you. After you’ve sorted out the necessary details, all that remains for you to do is wait till the loan is closed. But don’t worry–with Hero Loan that takes as little as 14 days (compared to the standard two months)!
Pros:
- Complete all VA paperwork for clients
- Underwrite all VA loans in-house
- Can close VA Loans in as little as 14 days
- No appraisal fees or out-of-pocket fees
Cons:
- Services are for active-duty military, veterans, and their families only
Minimum down payment:
$0 down payment
AmeriSave
AmeriSave has been around since 2002 and has financed over 390,000 homes in its twenty-year journey. It is also an approved Fannie Mae lender. AmeriSave’s methodology is largely online and hands-free.
This might not appeal to borrowers who are looking for a more hands-on experience and personalized when it comes to tackling their dreams of getting a dream home of their choice. However, AmeriSave has a decent selection of loans on offer and a low minimum down payment.
Loans & Services:
- Fixed-Rate Loans
- Adjustable-Rate Loans
- Cash-Out Refinancing
- Jumbo Loans
- FHA Loans
- VA Loans
- USDA Loans
Pros:
- Short prequalification time
- Great customer service
Cons:
- Fewer loan options
- Very hands-off process
Minimum down payment:
Ranging from 2.8% down to 0% (for VA members)
Chase Bank
Chase Bank is a giant when it comes to financial services in the United States. This bank has its fingers in all sorts of services, ranging from auto loans and personal banking to mortgages.
Borrowers have the option of beginning their mortgage applications online and can choose from a variety of mortgage types through the bank. Chase also offers a DreaMaker program for those seeking a low down payment, but it does come with special eligibility rules.
Loans & Services:
- Purchase Loans
- Refinance Loans
- Conventional Loans
- FHA Loans
- VA Loans
- Jumbo Loans
- DreaMaker Loan
- Fixed-Rate Mortgages
- Adjustable-Rate Mortgages
Pros:
- Private clients can get discounts
- DreaMaker program for lower down payments
Cons:
- Drawn-out refinancing process
- Only 35 states have home lending advisory licenses
- Larger organization, so can have a less personalized and customized process
Minimum down payment:
Ranging from 3.5% down to 0% (for VA members)
Truist
Truist (formerly known as SunTrust) is a digital mortgage provider that provides clients with banking and other loan services. They offer refinancing, various-term fixed mortgages, VA Loans, and more.
The Truist website lists various mortgage rates with regular updates. Truist mortgage holders can also access resources and information about monthly payments, assistance, and standard industry topics surrounding mortgages. The company also offers customer support through a digital app, email, or phone.
Loans & Services
- Home Equity Line of Credit
- 30-Year VA Loan
- 30-Year FHA Loan
- 30-Year Jumbo Loan
- 30- and 15-Year Fixed Loan
Pros:
- Interest rate transparency
Cons:
- Slow response times
- Poor customer service since merger
NBKC Bank
Formerly National Bank of Kansas City, NBKC is a bank tailor-made for small businesses and individuals. Over the years, it has pushed online banking over physical banking and as a result has only four physical branches in the United States.
Through its website, you have access to some useful tools like a detailed and layered mortgage calculator and a refinancing savings calculator.
Loans & Services:
- Conventional Loans
- VA Loans
- FHA Loans
- Adjustable-Rate Mortgages
- Jumbo Loans
- New Construction Loans
- Pilot Program
Pros:
- Slick and modern online experience
- Good customer service
Cons:
- No USDA or mobile home loans
- Only four physical branches that are located in Kansas City
Minimum down payment:
Ranging from 3% down to 0% (for VA members)
Fairway Independent
Fairway Independent Mortgage Corporation is a mortgage lender headquartered in Madison, Wisconsin that operates in all 50 states. It offers a wide variety of home loan products for purchase and refinance loans both online and via mobile devices.
Loans & Services:
- Conforming
- Jumbo Loans
- FHA Loans
- VA Loans
- Reverse
- Renovation
Pros:
- Option to close loan digitally instead of in person
- Multiple mortgages and term lengths available
Cons:
- No home equity loans, construction loans, or HELOC
- No ability to view interest rates online
Minimum Down Payment: 3% minimum down payment
Veterans United Home Loans
Veterans United Home Loans is a prime direct mortgage lender which specializes in VA mortgages, but also offers FHA, USDA, conforming, and jumbo mortgages. The VA Loans they offer include VA IRRRL (Interest Rate Reduction Refinancing Loan), which is used to convert an ARM to an FRM, and Cash-Out Refinance.
Unlike many other lenders, Veterans United Home Loans allows you to apply for mortgage credit data, which is not your primary credit data. For instance, you could potentially show proof that you usually take care of your bills on time. This makes this particular lender a good option if you have a lower than optimum credit score.
Pros:
- Convenient application online or at a brick and mortar location
- Has other loan options apart from VA Home Loans
- Can use alternative forms of credit (like utility bills) because you have a low or no credit score
Cons:
- No common loan types like the home equity loan, home equity line of credit loan, or construction loan
- Customized rates are not available online
New American Funding
New American Funding promises to make the American Dream of owning a home within arm’s reach for potential clients, through its varied roster of loans and services. They also focus on a digital, hands-free approach, so they aren’t the best option if you’d like some guidance through the mortgage lending process.
Loans & Services:
- Fixed-Rate Mortgage
- Conventional loan
- USDA Loan
- FHA Loan
- Buydown Loan
- ARM Loan
- Reverse Mortgage
- VA Loan
Pros:
- Lots of loan options to choose from
- Easy quote request mechanism
- Convenient customer service contact options
Cons:
- Higher interest rates than competitors
- Hands-free focus
- No equity line of credit option
Minimum Down Payment: 3%–3.5% depending on type of loan
Flagstar Bank
Flagstar Bank was founded in Michigan in 1987. Apart from mortgages, Flagstar also offers credit cards and checking and savings accounts. The bank is licensed to offer mortgages in all the states (including Washington, D.C.) and boasts 150 physical branches spread across a few of those states.
Flagstar is a good option for all kinds of hopeful borrowers, because the bank has a fair amount of loans available. However, a potential snag in the case of Flagstar might be the good credit score that you will need in order to be eligible for FHA and USDA loans.
Loans & Services:
- Conventional Loans
- FHA Loans
- VA Loans
- Jumbo Loans
- USDA Loans
- Fixed-Rate Loans
- Adjustable-Rate Loans
- Construction Loans
- Renovation Loans
- Medical Professional Loans
Pros:
- Healthy presence across the contiguous United States
- $1000 discount on closing costs to veterans and certain first responders
Cons:
- History of regulatory actions being taken against them
- Credit score requirements on the higher side for FHA and USDA loans
- Some unhappy customers
Minimum down payment:
Ranging from 3.5% down to 0% (for VA members)
PNC Bank
Serving Americans for over 160 years, PNC Bank has a history of experience and knowledge in mortgage lending, including their specialized loans like the 80-10-10 loan, PNC Community Loan, and others. They also offer credit cards, checking and savings accounts, retirement support, and loans for cars.
Loans & Services:
- Fixed-Rate Mortgage
- Adjustable-Rate Mortgage
- Jumbo Loans
- FHA Loans
- Specialized Loans
Pros:
- Competitive minimum down payment and interest rates
- Long history of offering loans
- Flexible loan options
Cons:
- Older business practices
- No comparison tool between loan options
- Non-transparent closing costs
Minimum Down Payment: 3% for fixed and adjustable-rate mortgages
Conclusion: What is the best mortgage lender in Indiana in 2022?
While there are many great home loan lenders in the state of Indiana, The Home Loan Expert is at the top of this list for a reason. Competitive rates, blazing fast approval, and closing times—coupled with excellent customer service and a wide selection of the most widely borrowed mortgages—makes The Home Loan Expert the best choice in Indiana.
Plus, As a direct mortgage lender, our customer-centered process has been streamlined from start to finish. Having the entire mortgage loan process contained under one roof allows us to quickly and efficiently close your loan.
Our ability to use the newest mortgage loan products and underwrite our own files allows us to approve loans that other mortgage lenders in Indiana just can’t. Get started today with our 5-Minute Loan Approval* application so you can purchase the Indiana home of your dreams!
The Home Loan Expert
