Home Mortgage Loans in Northwest Indiana

Are you looking for home mortgage loans in Indiana? Compare our mortgage options below or check rates and apply online!  You can also visit any of our locations in Northwest Indiana to ask questions or start your application there.

Adjustable Rate Mortgage (ARM)

This low-interest-rate mortgage offers you an affordable payment.

  • Interest rates are based on a published index rate
  • Flexible terms
  • Low minimum down payment

Conventional Fixed Rate Mortgage
 
This mortgage loan offers a fixed rate and payment for the life of the loan, allowing you to budget for the future.

  • Payment fixed for the life of the loan
  • No prepayment penalty
  • Interest rate and points may be locked in for 30 days
  • Loan is not assumable
  • Flexible terms
  • Private mortgage insurance (PMI) may be required

Construction Loans
 
Building a home?  We offer construction as well as permanent loans to help you build your dream home.  However, if your best move is to stay where you are, a Renovation Loan could be right for you.  Our experienced lenders will work with you on finding the best loan to get you started right away.

  • 6 to 12-month terms
  • Flexible, local draws

Home Equity Line of Credit (HELOC)
 
Whether you want to buy a new car, make home improvements, finance an education, or just go on a dream vacation, we can assist you with your home equity needs.  Enjoy the flexibility and convenience of accessing cash, whenever you need it.

  • Quick loan processing
  • Interest may be tax-deductible (consult your tax advisor)
  • Conveniently access funds when needed
  • Customized payment schedule available
  • Interest-only payments available

Also Available
 
  • Refinance Programs
  • Renovation loans
  • Second-Home and Investment Property Loans
  • Land Loans

We pride ourselves on personal service.  Contact Holly today!

Why choose Alliance Bank

Alliance Bank has faithfully dedicated itself to preserving the traditions of community banking and business in Northwest Indiana.  You can enjoy the ease and convenience of modern banking when you choose us as your mortgage lenders in Indiana.  We offer a welcoming and professional staff of mortgage lenders who are ready to help and advise you with the mortgage lending process.  The bottom line is, we work for you!

  • Get the same services at lower cost and with personal attention.
  • Put your money to work growing your local economy.
  • Decisions are made right here.
  • Share a commitment to your community.
  • Support productive investment.

Your home is where our heart is!

You can always count on Alliance Bank to do anything and everything in our power to make your home buying dreams real.  That's because we live where you live, play where you play.  And as your neighbor, we recognize that more home ownership means a growing, thriving community.  That's a dream we can all invest in.

FAQs About Home Mortgage Loans

 
How do I apply for a home mortgage loan?
 
Simply call or drop by your local office and ask to speak with one of our mortgage loan officers.  The same officer will work with you throughout the entire process, from application to close, and will be available to answer your questions. Or apply online!
 
Am I qualified for a mortgage?

To determine what type of mortgage you might qualify for, we will review your credit report, income, and various other factors.  When the process is complete, your mortgage officer will explain to you which type of loan would best suit your needs.

Will I get a fixed rate of interest?

Depending on your current financial situation and your individual needs, your mortgage officer will work with you to find the best mortgage program for your circumstances.

How long does the process take?

Usually allow four to six weeks' time from application until closing.
*We are experiencing temporary delays due to COVID.

Will Alliance Bank refinance my current mortgage?

In a word, Yes!  Of course, as always, upon qualification.

Common Closing Costs

The following information is meant to eliminate much of the confusion sometimes present as closing time draws near.

  • This is not a Good Faith/Loan Estimate.
  • The costs listed below are typical fees associated with a mortgage closing.
  • Depending on your loan program, there may be additional costs involved with your mortgage.
  • These costs will be documented and explained before your loan closing.

Types of Closing Costs
Title Search & Title Insurance ($500 - $1,000)
The Title Search proves that the owner of the house actually owns it.  The Title Insurance is to guard against the possibility of error by whoever performed the title search on the home.  Errors in this area are pretty rare, but when they do occur, they are catastrophic for all parties concerned.  The cost of this policy is dependent on the loan amount.  If the loan is a purchase transaction, the seller will typically pay for part of the cost of the policy.

Appraisal Fee ($500)
All lenders require an opinion of the current market value of the home being purchased or refinanced.  The appraisal is done by an independent appraiser.  Once the appraisal is done, this fee must be paid even if the loan is not granted

Loan Origination Fee ($750)
This fee covers the cost of processing your loan request.

Recording Fee ($59 - $110)
The fee covers the cost of recording your mortgage and other documents with the county courthouse.  The cost may vary if a mortgage release, deed, or sales disclosure needs to be filed.

Flood Certification & Life of Loan Tracking ($22)
A flood certification report identifies the flood hazard status of the subject property, with life of loan monitoring for future map revisions.

Property Tax Tracking Fee ($73)
 
Escrow (varies)
If your Loan to Value is more than 80%, Private Mortgage Insurance (PMI) will be required.  In this instance, escrowing your insurance and taxes will be required.  If you do not have PMI, you may still elect to escrow.  An escrow cushion will be collected at closing to cover any accrued expenses.  Homes in a flood plain are required to escrow flood insurance.

Prepaid Interest (varies)
Depending on the date of your mortgage closing, prepaid interest may be collected.


5 Must-Dos before Buying a Home

Take these steps before applying for a home mortgage loan to improve your chances of getting approved.

Review Your Credit Score

An acceptable credit score is very important.  Your credit bureau report can be obtained annually by visiting Annual Credit Report or calling (877) 322-8228 to ensure you're not being unfairly penalized for old, paid, or settled debts.
 
Figure Out How Much House You Can Afford
 
Get a home that's financially comfortable.  Home mortgage expenses should not exceed 28% of your gross monthly income.  Try on that financial obligation long before you sign the mortgage papers.  Calculate the mortgage payment for the home in your intended price range, along with the increased expenses such as taxes, insurance, and utilities.  Then save the difference between that and what you're paying now.  

Save for Down Payment and Closing Costs

Depending on your credit and financing, you'll need to save enough money for a down payment.  Typical down payment amounts range from 5% to 20%.  You'll also need money to pay closing costs, which will vary depending on your loan program.

Build a Healthy Savings Account

The Amount you save should be over and above your money for the down payment and closing.  Your lender wants to see that you're not living paycheck to paycheck.  That money will also help you with maintenance and repair issues that come up when you own a home.

Get Pre-Approved for a Mortgage

Have everything in order.  Before the real home shopping begins, you will want to get pre-approved for a mortgage loan.  Typically realtors will request that you get a pre-approval letter before showing you a home.  Obtaining a pre-approval allows you to find out how much you can afford.


Get Started Today!

Check out our current mortgage rates and apply online today!  You can also visit any of our Indiana locations in Francesville, Monon, Rensselaer, Winamac, Monticello, Otterbein or Oxford.