BEST OF
9 Best Indiana Mortgage Lenders of 2021
Looking to get a mortgage in Indiana? These are among the best mortgage lenders in Indiana for first-time home buyers and borrowers with low credit scores. Others rank high for online mortgages, refinancing and face-to-face lending.
Whether you're looking for a home in South Bend or Kokomo, mortgage shopping requires research. NerdWallet has done the groundwork to help you make the right decision.
Here are some of the top lenders and the areas they excel in, such as working with first-time home buyers, helping borrowers with lower credit scores, offering the convenience of online lending and providing face-to-face support.
Whether you're looking for a home in South Bend or Kokomo, mortgage shopping requires research. NerdWallet has done the groundwork to help you make the right decision.
Here are some of the top lenders and the areas they excel in, such as working with first-time home buyers, helping borrowers with lower credit scores, offering the convenience of online lending and providing face-to-face support.
Summary of Best Indiana Mortgage Lenders of 2021
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for first-time home buyers | 620 | 3% | at Quicken Loans | |
Best for first-time home buyers + online experience | 660 | 10% | at SoFi | |
Best for refinancing | 620 | 3% | Read review | |
Best for refinancing | 620 | 3% | at Guaranteed Rate | |
Best for lower credit scores | 620 | 3% | at New American Funding | |
Best for VA loans | 580 | 0% | Read review | |
Best for face-to-face support | 620 | 3% | at Chase | |
Best for face-to-face support | 620 | 3% | at Fairway Independent Mortgage | |
Best for online experience | 620 | 3% | at Rocket Mortgage by Quicken Loans |
at Quicken Loans
at Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
- Instantly verifies employment and income for many working Americans.
- Offers custom fixed-rate loan terms that are between eight and 30 years.
- Provides a wide variety of loan types, including renovation loans and all government-backed mortgage products.
Cons
- Quicken Loans doesn't offer home equity loans or HELOCs.
- Quicken's lender fees can be stout and they don't offset those fees with particularly low mortgage rates.
at SoFi
Min. Credit Score
660
Min. Down Payment
10%
Pros
- Provides an entirely digital mortgage application.
- May consider vested restricted stock units as income.
- SoFi members may qualify for a $500 discount on mortgage fees.
Cons
- Does not offer government-backed loans, such as FHA or VA.
- Requires users to create an account to see customized mortgage rates.
- SoFi mortgages are unavailable in eight states.
Min. Credit Score
620
National / Regional
National
Pros
- Offers a complete suite of online mortgage application tools and loan tracking.
- Sample rates and fees are easy to find on the website.
Cons
- Customized rates aren't available online without starting an application.
- Branches are limited mostly to the Southeast.
at Guaranteed Rate
at Guaranteed Rate
Min. Credit Score
620
National / Regional
National
Pros
- Offers the ability to securely upload and digitally sign loan documents.
- Displays detailed sample rates for many of its refinance loan products.
Cons
- May charge an application fee.
at New American Funding
at New American Funding
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full online mortgage application, rate quotes, document upload and loan tracking.
Cons
- Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.
Min. Credit Score
580
Min. Down Payment
0%
Pros
- Offers extensive educational resources for military borrowers.
- Provides digital tools for a streamlined application process.
- Participates in some state down payment assistance and first-time home buyer programs.
Cons
- No mortgage rates displayed online.
- Doesn’t offer home equity loans or lines of credit.
at Chase
at Chase
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Allows electronic submission and tracking of loan documents.
- Carries a wide variety of mortgage types and products.
- Generally offers good rates and charges reasonable fees.
Cons
- Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.
- You have to speak with a home loan advisor to complete the application.
at Fairway Independent Mortgage
at Fairway Independent Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a robust suite of loan products, including a variety of renovation loans.
- Has a digital application that can be completed in 10 minutes.
- Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.
Cons
- Mortgage rates aren't posted online.
at Rocket Mortgage by Quicken Loans
at Rocket Mortgage by Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
- Estimates the loan amount you’ll qualify for within minutes.
- Offers document and asset retrieval capabilities.
Cons
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.
at SoFi
Min. Credit Score
660
Min. Down Payment
10%
Pros
- Provides an entirely digital mortgage application.
- May consider vested restricted stock units as income.
- SoFi members may qualify for a $500 discount on mortgage fees.
Cons
- Does not offer government-backed loans, such as FHA or VA.
- Requires users to create an account to see customized mortgage rates.
- SoFi mortgages are unavailable in eight states.
Last updated on January 22, 2021
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
To recap our selections...
NerdWallet's Best Indiana Mortgage Lenders of 2021
- Quicken Loans: Best for first-time home buyers
- SoFi: Best for first-time home buyers + online experience
- SunTrust (Truist): Best for refinancing
- Guaranteed Rate: Best for refinancing
- New American Funding: Best for lower credit scores
- Caliber: Best for VA loans
- Chase: Best for face-to-face support
- Fairway Independent Mortgage: Best for face-to-face support
- Rocket Mortgage by Quicken Loans: Best for online experience
