According to the National Association of Realtors, home sale numbers will remain at a historically high plateau in 2006. Although mortgage interest rates are rising slightly, they should remain favorable, and therefore should not negatively affect the volume of home sales. Officials also believe that the growing economy and job market will counteract the high interest rates.
Quick Indianapolis Housing Facts
Percent of Homeowners in Indianapolis: 71.4%
Percent of Renters in Indianapolis: 28.6%
Median Indianapolis Household Income: $41,567
Average Indianapolis Credit Score: 676
Best City to Live in Indiana: Fishers, Dyer
Median Indianapolis Home Value: $94,300
How Much Real Estate Can I Afford in Indianapolis?
As a prospective homebuyer, the first step you must take is to find out where you stand in the housing market. Luckily, we can help you begin this process. First, take a few minutes to ponder the following questions:
- How much am I willing to spend on monthly mortgage payments? If you currently rent, keep in mind that mortgage payments will probably be a little more than rent payments.
- What kind of payment plan will work well for me? Fixed Rate and Adjustable Rate programs are very popular, so you may want to consider those first.
- What are the property taxes like in Indianapolis?
- What are the interest rates in the area of Indianapolis I want to live in?
Once you’ve answered these questions, you are ready to start number crunching. Check out our online mortgage calculators. We have a couple different ones, so you can either use the one that best answers your questions, or you can try all of them and get a well rounded idea of you financial situation. At this point, we know you will feel confident about your place in the housing market, and you will be ready to take your next step.
Refinancing in Indianapolis
Refinancing is a great financial tool. The purpose of refinancing is to trade your interest rate or payment plan for one that is more favorable for you. Some people refinance when market interest rates drop 2% below the one they are paying. Other people refinance when their credit scores improve enough to qualify them for lower rates. Whatever your situation or reasoning for refinancing may be, a refinance should always benefit you.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.