Indianapolis Mortgage Rates And 5 Reasons To Refinance Now

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Picket Fence HouseMortgage rates in Indianapolis are so low right now; you have to be crazy not to get in on this. People refinancing right now are saving hundreds of dollars a month, so why wouldn’t you want to save money too? Here are five undeniable reasons why refinancing in Indianapolis right now is the best way to save yourself hundreds.

Reason 1: FHA reduces PMI rate

We’ve been telling you since it happened WAY back in January. The FHA has lowered the PMI threshold on their loans from 1.35 percent to .5 percent. What does this mean for you? LOWER PAYMENTS! FHA Loans are great, especially for people that don’t have a lot of money to put down on their first home purchase or that want to refinance and take some cash out. Since the reduction in the PMI rate, you now have a smaller interest payment added to your monthly loan. It’s saving people hundreds of dollars every month whether they’re refinancing or purchasing all by itself.

Reason 2: Low rates can’t last forever

It’s a common mistake that people make. They see a trend and assume that it’s permanent. “Well, interest rates are low, they’ll stay low,” they say. Unfortunately, it’s just not true. Interest rates are a living, breathing thing, and they change according to movements in the market. While we would love to give everyone that walks through the door a rate in the 2’s, it’s not up to us. The market is constantly adjusting to outside forces. Banks and the government’s decisions way on the market everyday and eventually those decisions may lead to higher interest rates.

Reason 3: Consolidate your debts

Making one payment sounds almost too good to be true, right? Well, you can do that RIGHT NOW with a cash-out refinance from The Home Loan Expert, Ryan Kelley. We take all of your current debts, work up a lower interest rate mortgage for you, and fold them into that new mortgage. We even write the checks to your creditors for you. Did you sign up for a crazy-high interest rate credit card from a department store? Wouldn’t you rather pay that debt off at 3% rather than 15%? A cash-out refinance loan can help you solve that problem.

Reason 4: Ditching an ARM

Do you have an Adjustable Rate Mortgage? Well, with how low rates are right now, you probably feel pretty good about it, right? The problem lies when the ride ends. Your payment will start to rise along with the interest rates. If you are currently in an ARM why roll the dice? You KNOW that rates are as low now as they’re going to get. Why not convert that adjustable rate mortgage to a fixed-rate mortgage? A fixed-rate mortgage can help your budget monthly by giving you cost certainty. You like making this low payment now, right? Lock it in!

Reason 5: If you’re ready for your first house, there’s never been a better time.

There are three real factors to consider when buying your first house.

  • Do you want to buy a home?
  • Are you financially prepared?
  • Is your credit score where it needs to be?

If you have those questions answered, it’s just a matter of knowing that you want to buy. Interest rates are low and home values are rising. United States home values have gone up 3.9% over the past year and Zillow predicts they will rise 2.6% within the next year. This means that you want to buy now while the values are still rising, in order to maximize value. Between lower rates and rising value, home ownership is a no brainer right now.

Get Started

Remember, nobody makes it easier to refinance or purchase a new home in Indianapolis than The Home Loan Expert, Ryan Kelley. Call us today to get the lowest interest rate on your mortgage, and take advantage of these great rates and values. Apply online or call (317) 550-1515 to apply over the phone.