Do You Have To Get A Mortgage At A Bank To Buy An Indianapolis Home?

Do You Have To Get A Mortgage At A Bank To Buy An Indianapolis Home?

If you have never purchased a home before you may be wondering whether you need to buy an Indianapolis home using a bank mortgage or whether there are different options available. There are certainly other choices than just banks for mortgages and in some cases they may be much cheaper!

Here are some of your options for getting a home loan.

Credit Unions

A credit unit can be a great resource for a mortgage when you want to buy an Indianapolis home. You need to belong to one of the unions first before you can make an application for one. There are a lot of different credit unions - one to meet almost anyone's needs. Just look on the Internet and find out which ones in the area you qualify to work with and check their loan terms. In some cases you will see lower rates or better features offered on the mortgages offered.

Internet financial websites

While it is important to be careful when looking at Internet financial institutions, there are some reputable companies out there that can give you a great mortgage to buy an Indianapolis home. If you consider ING, for example, it is totally Internet-based, yet does have a stand-up reputation in the financial world. There are others as well. Simply do your homework to find a banking company that you can trust on the net.

Private loans

As long as you are borrowing money from people that you know very well, stay away from this type of loan entirely. The rates are high and there may be conditions attached that do not work in your favor.

It is always wise to go shopping for a loan to buy an Indianapolis home at the right price. Don't just settle for the rate that your bank is offering. You do have choices and in many cases you can end up saving thousands of dollars over the course of the years.


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