The heart of Middle America is one of the most beautiful places in the world. Rolling fields of wheat and other grains make this seemingly untainted place one of the most desirable places on earth. In the heart of the heart of Middle America resides Indiana, which is home to a vast amount of historical sites, great educational institutions, and a fantastic location that is close to virtually every location in the Midwest all the way to the east coast. Convenience aside, Indiana is simply a great place to be. There is nothing quite like the friendliness present in the Midwest. With all of these marvelous attributes combined it is no wonder that housing prices are increasing in Indiana. This means that many Indiana residents are living from paycheck-to-paycheck in order to afford their mortgage payments each month. Fortunately, however, there is the option of refinancing available to homeowners. Refinancing allows homeowners access to new, innovative interest rates and packages that may not have been available when their homes were purchased originally. This, consequently, frees-up equity and allows for lower monthly payments.
Quick Indiana Housing Facts:
- Percent of homeowners in Indiana: 71.4%
- Percent of renters in Indiana: 29.6%
- Median annual income in Indiana: $42,206
- Average credit score in Indiana: 676
- Best Indiana city to live in: Fishers, IN
- Median Indiana home value: $94,300
When to Refinance in Indiana
The refinancing process is a delicate one. There are a few things that, if not addressed or researched properly, can make refinancing a disastrous and counterproductive process. The goal of refinancing is to save money, which means that prior to committing to the process of refinancing one must price out the actual savings that will result from refinancing. First, start by pricing out how much money you will spend in interest, fees, and otherwise for the life of your current loan. Then, use the same formula, but plug in the new numbers for the new loan that you will obtain by refinancing. In the event that your original loan amount is less than the amount you estimated after refinancing, refinancing might not be for you. You will also want to make sure that there are no fees or penalties associated with paying your initial loan off early. If there are penalties, you want to make sure that you consider them when determining how much money you will save through refinancing.
How much house can I afford in Indiana
One of the biggest problems facing Indiana homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for Indiana residences. We work with local and national lenders to make sure that you get the best rate possible.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.