Best of
Best Indiana Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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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.
at Quicken Loans
at Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
Ideal choice for convenience and quick-response customer service. Quicken Loans provides just about all the services your neighborhood lender does — with online convenience.
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 more than 60% of working Americans.
- Offers custom fixed-rate loan terms that are between eight and 30 years.
- Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.
Cons
- Doesn't offer home equity loans or HELOCs.
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
at SoFi
4.0
NerdWallet ratingat SoFi
National / Regional
Regional
Min. Down Payment
10%
Ideal for young professionals and self-employed borrowers looking for a lender that considers non-traditional income.
Pros
- Provides an entirely digital mortgage application to make the process easier for borrowers.
- Considers non-traditional income, such as restricted stock units, and works with self-employed borrowers.
Cons
- Doesn't offer government-backed loans, like FHA or VA.
- Does not offer home equity loans or HELOCs.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, including those with little money saved for a down payment. SunTrust's online portal offers information and tools in English and in Spanish.
Pros
- Offers a complete online suite of mortgage application tools and loan tracking.
- Has plenty of loan options to choose from and competitive interest rates.
- Provides customer service in its physical locations, online, via chat and by phone.
- Has a Doctor Loan Program for medical professionals who have high earning potential but little cash for down payments.
Cons
- Has a limited number of physical branch locations in 11 states and Washington, D.C.
- Does not consider alternative scoring data, such as rent or utility payments, in standard underwriting.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who meet robust guidelines.
Pros
- Works with most borrowers as long as they have good credit scores and incomes.
- Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
- Has a 95% customer satisfaction rate, according to company data.
Cons
- Charges some fees, such as a $1,290 lender fee which includes a $150 application fee.
- Offers many products, which might confuse or overwhelm borrowers.
- Several click-throughs required for personalized rates.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and seeks borrowers whose credit histories don't fit the mold of traditional banking.
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full online mortgage application, rate quotes, document upload and loan tracking.
Cons
- Services not available in all 50 states.
Min. Credit Score
600
Min. Down Payment
3%
Ideal for borrowers looking for a wide variety of mortgage options, including fixed-rate home loans, adjustable-rate mortgages and VA loans.
Pros
- Wide variety of terms, including 10-, 15-, 20-, 25- and 30-year fixed-rate mortgages and ARMs with 3/1, 5/1, 7/1 and 10/1 terms.
- Offers Fannie Mae and Freddie Mac programs for low- to moderate-income home buyers.
- VA lending is one-third of J.G. Wentworth’s business. A number of loan officers and other employees are former service members.
- Focus on automation includes an entirely online loan application process, digital document uploads, loan tracking and signatures as well as pre-qualification letters by email.
- Licensed in all states except for Hawaii, Missouri, Montana, Nevada and New York.
Cons
- Does not offer home equity loans or lines of credit.
- Physical locations in 14 states only.
- Not licensed in Hawaii, Missouri, Montana, Nevada or New York.
at Chase
at Chase
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers who want to talk to a loan officer in person or on the phone, and for homeowners who want to refinance their mortgages in 60 days or less. Chase offers a full line of mortgage products and account management tools.
Pros
- Allows electronic submission and tracking of documents.
- Existing Chase customers can get discounts.
- Offers a wide selection of purchase and refinance mortgages.
Cons
- Charges rate lock, origination and underwriting fees.
- You have to speak with a mortgage banker to get complete info on products and requirements.
National / Regional
National
Min. Down Payment
3%
Ideal for borrowers who want lots of options and a quick turn time. Fairway Independent Mortgage offers a full selection of home loans along with a comprehensive mobile app for a fast and easy application process.
Pros
- A robust suite of loan products.
- Licensed in all 50 states.
- Close in as little as 10 days using the Fairway app.
Cons
- Limited branch locations.
- Mortgage rates not posted on website.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Ideal for anyone who appreciates smartphone app service, support and time savings. A fully digital home loan experience with a large variety of mortgage products.
Pros
- The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
- With your authorization, accesses asset statements from 98% of U.S. financial institutions.
- Tells you the loan amount you’ll qualify for within minutes.
- Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.
Cons
- Doesn't offer home equity loans or HELOCs.
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
at SoFi
4.0
NerdWallet ratingat SoFi
National / Regional
Regional
Min. Down Payment
10%
Ideal for young professionals and self-employed borrowers looking for a lender that considers non-traditional income.
Pros
- Provides an entirely digital mortgage application to make the process easier for borrowers.
- Considers non-traditional income, such as restricted stock units, and works with self-employed borrowers.
Cons
- Doesn't offer government-backed loans, like FHA or VA.
- Does not offer home equity loans or HELOCs.
Summary of Best Indiana Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | first-time home buyers | 620 | 3% | at Quicken Loans |
SoFi NerdWallet rating at SoFi | first-time home buyers + online experience | N/A | 10% | at SoFi |
 SunTrust | refinancing | 620 | 3% | Read review |
 Guaranteed Rate | refinancing | 620 | 3% | Read review |
New American Funding at New American | lower credit scores | 620 | 3% | at New American |
 J.G. Wentworth | lower credit scores | 600 | 3% | Read review |
Chase at Chase | face-to-face support | 620 | 3% | at Chase |
 Fairway | face-to-face support | N/A | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | first-time home buyers | 620 | 3% | at Quicken Loans |
SoFi NerdWallet rating at SoFi | first-time home buyers + online experience | N/A | 10% | at SoFi |
SunTrust | refinancing | 620 | 3% | Read review |
Guaranteed Rate | refinancing | 620 | 3% | Read review |
New American Funding at New American | lower credit scores | 620 | 3% | at New American |
J.G. Wentworth | lower credit scores | 600 | 3% | Read review |
Chase at Chase | face-to-face support | 620 | 3% | at Chase |
Fairway | face-to-face support | N/A | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
Last updated on July 2, 2019
Methodology
NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. 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 2019
- Quicken Loans: Best for first-time home buyers
- SoFi: Best for first-time home buyers + online experience
- SunTrust: Best for refinancing
- Guaranteed Rate: Best for refinancing
- New American Funding: Best for lower credit scores
- J.G. Wentworth: Best for lower credit scores
- Chase: Best for face-to-face support
- Fairway: Best for face-to-face support
- Rocket Mortgage: Best for online experience
