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Today's Mortgage Rates in Indiana

Today’s mortgage and refinance rates plus current home buying and refinance advice for Indiana residents

Buying a home in Indiana

In Indiana, it is a requirement that a seller fills out a disclosure form. Indiana Code 32-21-5 says the seller must disclose any known fact about the property and its condition. In the past, Indiana law supported "let the buyer beware," so that the purchaser had all the responsibility to hire an inspector to expose the condition of the home. But, in recent years, the Indiana legislature has become much more protective of the buyers’ rights. Now the courts have begun to hold the seller responsible if they knowingly held back information about defects from a prospective buyer. To the best of their knowledge, the seller is required to notify the buyer of any known material defects that may devalue the property in the future, such as a defective foundation. The buyer is taking the seller’s word on trust regarding the accuracy and comprehensiveness of disclosures. Unfortunately, not all sellers will be completely candid. It's always wise to hire a home inspector, no matter which state you're buying in.

Refinancing a home in Indiana

It’s as easy to refinance in Indiana as it is in most other states. There appear to be no legal obstacles for you to overcome. Indiana Legal Services, a non-profit corporation, publishes a short “Refinancing Mortgages” guide, which you might find useful, although it’s dated. One point it raises is your choice between a fixed-rate mortgage (FRM) and an adjustable-rate mortgage (ARM). ARMs have been out of fashion for many years, in spite of coming with significantly lower mortgage rates than FRMs. Home buyers and those refinancing have been worried about the inherent risk they bring. If interest rates rise, so do your monthly payments. That remains true, but your payment can fall when interest rates fall, too. And, for more than a decade, interest rates have only gone down. So people who got an ARM over the last 10 years have seen their payments drop nicely. Might they start to go up again? Nobody knows for sure. But most experts think it’s unlikely anytime soon. Most financial advisors today recommend locking in a fixed-rate mortgage while rates are ultra-low.

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