Important Indianapolis Refinance News

Indianapolis Real Estate Market Overview

So before we get stuck into the your Indianapolis refinance lets have a look at the current market. I’m sure everyone reading this knows that it’s a buyer’s market at the moment. I don’t need to remind you of that. What I will point out is that for the most part housing prices haven’t had a huge decline in Indianapolis like other parts of the country. This is mainly due to the fact that they didn’t get the earlier appreciation like everyone else. What I can easily say is that I have never seen a better time to buy a home in Indianapolis (or a better time to get an Indianapolis refinance, but more on that later) . There are swarms of investors canvassing the area right now examining and analyzing the area in order to capitalize on the large proportion of homes for sale because of all the current foreclosures and the increased property taxes. They are all trying to advantage of the current housing glut, short sale and discounted home prices; and rightly so. If you’re in the position to take advantage of this situation then great, but not all of us are.

The large number for housing foreclosures unfortunately is not great if you currently own a home and are desperately trying to keep hold of it. The bottom of the market has dropped out and if you sell now you might have to sell it for less then you bought it. If you are struggling to keep up with your monthly mortgage payments then we have some good news, there is hope. You have the chance to take advantage of the current record low rates and refinance your current loan. By doing this you can reduce the term of your loan, reduce your monthly repayments, and maybe even get some extra cash for personal use.

Indianapolis Refinance Example

Here is an example of how a refinance may help you. The numbers and figures used are all specific for the Indianapolis area.

The average price of a single family home in Indianapolis is $119,500, and the average mortgage rate in Indianapolis in 2007 was 6.5% on a 30 year fixed rate mortgage. That means your mortgage repayments would be $1532 per month. At the moment you can get a mortgage refinance rate of 4.875% which means your monthly payments are reduced to $1,032. That’s a saving of $500 per month! Surely a refinance like this will help the majority of families from defaulting on their loan.

Indianapolis Refinance Resources

Here are some local lenders that you can talk to about getting your loan refinanced. This is all unbiased advise, we are not affiliated with these lenders in anyway, we just thought you might need some help getting started.

• Indiana Members Credit Union – Established since 1956. Credit unions give profits back to their members, hopefully equating to a cheaper refinance. Phone: (317) 788-0366
• National City Bank of Indiana – Well established and well known. A wide variety of mortgage and refinance options. Over 40 local branches throughout Indianapolis.

Here is some free advice and counseling services, make full use of these to better understand all your refinance options:

• INDIANA HOUSING FINANCE AUTHORITY – Phone: 317-232-7777
• INDIANA LEGAL SERVICE – Phone: 317-631-1395-248
• INDIANAPOLIS NEIGHBORHOOD HOUSING PARTNERSHIP – Phone: 317-925-1400-4618

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