The Best Mortgage Lenders in Kokomo, IN
Compare verified mortgage lenders serving Kokomo, Indiana. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Kokomo
Featured Mortgage Lenders
Mike Elmore
Ruoff Mortgage
Ruoff Mortgage is one of Indiana's most respected mortgage lenders with deep roots in the Kokomo community. Founded in Fort Wayne and now serving statewide, they maintain a strong local presence with their Kokomo branch. They're consistently rated among the top mortgage lenders in Indiana with exceptional customer satisfaction scores. Their team of local loan officers provides personalized service with competitive rates across all loan types, specializing in both purchase and refinance transactions. Their long-standing reputation for reliability and excellent communication throughout the loan process makes them a top choice for Howard County homebuyers.
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Kokomo Mortgage Center
Teachers Credit Union
Teachers Credit Union has been serving Indiana communities since 1931 and maintains a strong presence in Kokomo with multiple branches. As one of Indiana's largest credit unions, TCU offers highly competitive mortgage rates and exceptional member service. Their local mortgage specialists provide personalized guidance through the entire homebuying process, with special programs for first-time homebuyers and competitive construction loans. TCU's not-for-profit structure often results in lower fees and better terms than traditional banks, while their deep community involvement and longstanding reputation make them a trusted local choice.
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Fairway Independent Mortgage Corporation - Kokomo
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation operates a prominent Kokomo branch that serves Howard County and surrounding areas. As one of the nation's largest mortgage lenders with a strong local presence, they combine national resources with personalized local service. Their Kokomo team has extensive experience with Indiana's housing market and offers competitive rates across all loan programs. They're particularly noted for their efficient processing and excellent communication, with many customers praising their ability to close loans quickly. Their comprehensive digital platform combined with local expertise provides an optimal balance for modern homebuyers in the Kokomo area.
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Frequently Asked Questions
Common questions about mortgage lending in Kokomo, IN
What are the current mortgage rates like in Kokomo, IN?
Mortgage rates in Kokomo typically align with national averages but can be slightly lower due to Indiana's affordable housing market. As of recent trends, conventional 30-year fixed rates in Kokomo range from 6.5% to 7.25%, though rates vary by lender, credit score, and loan type. Local credit unions like Financial Partners Credit Union often offer competitive rates specifically for Howard County residents.
Are there any first-time homebuyer programs available specifically in Kokomo?
Yes, Kokomo homebuyers can access the Indiana Housing and Community Development Authority's (IHCDA) programs, including the Next Home program which offers down payment assistance and competitive interest rates. Additionally, the City of Kokomo occasionally offers local grant programs for homebuyers in targeted neighborhoods. These programs can provide 3-4% of the home's purchase price in down payment assistance.
How does Kokomo's manufacturing-based economy affect mortgage lending?
Kokomo's strong manufacturing presence with employers like Stellantis and GM creates stable employment that lenders view favorably, but income verification is crucial. Lenders may pay extra attention to overtime and bonus income common in manufacturing jobs. During industry downturns, some lenders might be more cautious with loan approvals in the area, so documenting stable employment history is important.
What are the typical property taxes for mortgage payments in Kokomo?
Howard County property taxes average about 0.87% of assessed value, which is relatively moderate for Indiana. For a $200,000 home in Kokomo, expect annual taxes around $1,700-$2,000, adding approximately $140-$165 to your monthly mortgage payment. These taxes are typically included in your escrow payment along with homeowners insurance.
Are there special mortgage considerations for buying in Kokomo's historic districts?
Yes, purchasing in designated historic areas like the Old Silk Stocking District may require additional considerations. Some lenders might require specialized inspections for older homes, and you may need to budget for potentially higher insurance costs. However, these properties sometimes qualify for historic preservation loans or tax incentives that can offset additional costs.
Why Choose a Mortgage Lender in Kokomo?
Local Market Knowledge
Lenders who understand Kokomo's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Indiana.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Kokomo and get competitive rates on your home loan.