Apr

2025

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By Wesley Yu | Uncategorized | Comments Off

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⁵ 10-YEAR Payment Example: The payment for a 10-year term, loan amount $362000.00, Rate 5.125%, LTV 80% is $3862.00 for full Principal and Interest Payments with $5172.98 due at closing. The Annual Percentage Rate is 5.640%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

⁶ 15-YEAR Payment Example: The payment for a 15-year term, loan amount $362000.00, Rate 5.125%, LTV 80% is $2886.00 for full Principal and Interest Payments with $5162.12 due at closing. The Annual Percentage Rate is 5.485%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

⁷ 20-YEAR Payment Example: The payment for a 20-year term, loan amount $362000.00, Rate 5.875%, LTV 80% is $2567.00 for full Principal and Interest Payments with $4861.66 due at closing. The Annual Percentage Rate is 6.157%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

⁸ 30-YEAR Payment Example: The payment for a 30-year term, loan amount $362000.00, Rate 6.000%, LTV 80% is $2170.00 for full Principal and Interest Payments with $5419.14 due at closing. The Annual Percentage Rate is 6.228%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

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Fixed rates from 8.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 12/17/25 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

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Apr

2025

Love and Money: How Couples Manage Their Finances in the First Year of Marriage

By Pam O’Brien | Uncategorized | Comments Off

When couples get married, managing money can be a challenge. Who makes the decisions and pays the bills? Should you merge your money or keep it separate? How do you handle debt? To find out how couples navigate these tricky issues and more, in August/September 2024 SoFi surveyed 600 adults who have been married less than one year about how they approach finances in their relationship.

Our findings suggest that most newlyweds communicate early and often about financial issues, are relatively in sync when it comes to saving and spending, and merge at least some of their money. However, they also prize their independence: The majority maintain separate bank accounts, have pre-nuptial or post-nuptual agreements, and some even keep financial secrets from their partner.

Key Findings

Some highlights of SoFi’s 2024 Love & Money survey of recently married couples include:

• 82% keep at least some of their money separate from their spouses.

• 62% have a joint bank account.

• 36% have a pre-nuptial agreement and 21% have a post-nuptial agreement.

• 72% put one partner in charge of day-to-day money management.

• 22% keep financial secrets from their spouse.

• 40% of couples are still paying off wedding debt.

Managing Money: Yours, Mine, or Ours?

Should you merge your money after marriage or keep at least some of it separate? There’s no one-size-fits-all solution. Any set-up can work as long as the lines of communication stay open. Here’s what today’s newlyweds are doing according to our survey.

42% Have Both Joint and Individual Bank Accounts

As a practical matter, joint bank accounts can make sense after marriage, since it’s typically easier to manage household expenses with a shared account. Joint accounts also enable financial transparency. But most survey respondents also want to maintain their financial autonomy.

While 20% have merged all their funds into one joint account, nearly 40% maintain only individual accounts. The most popular option (chosen by 42%) is a hybrid approach: having both joint and individual accounts.

How does the hybrid approach work? One option is to have income go directly into the joint account for shared expenses, then set up a monthly transfer into each partner’s personal account. Or, you might have income go into your personal accounts then each make a monthly transfer into the joint account, for household bills and shared expenses. Your contribution can be the same or proportional based on income.

72% Put One Partner in Charge of Everyday Money Management

It may not be romantic, but at some point newlyweds need to determine who is going to keep track of and pay all of the household bills. Some divide and conquer, while others elect one partner to deal with the dollars. Either option can work — the key is to have a system in place so bills don’t fall through the cracks.

Most respondents to our survey (72%) have one CFO (chief financial officer) in their marriage, while 28% share money management tasks. More specifically:

57% Have a Prenuptial or Postnuptial Agreement

A growing number of couples are signing legal contracts that spell out how financial assets will be handled in the event of a divorce: Prenups that are signed before marriage, and postnups that are signed after a couple walks down the aisle. Our recent survey of soon-to-be-married couples found that 14% were considering a prenup. In this survey, a full 36% of respondents said they have a prenuptial agreement, while 21% have a postnuptial contract. Another 6% are considering one of these contracts.

Transparency and Communication

Effective communication and trust are the building blocks of any successful partnership. Fortunately, most couples in our survey talk frequently and honestly about money. That said, some partners are holding key financial information back.

91% Talk With Their Spouse About Money at Least Monthly

In general, communicating about finances is a priority for couples in SoFi’s survey. About a third of couples in our poll talk to their partners about money monthly, while 45% discuss money weekly, and 15% converse about financial topics biweekly.

But Some Subjects May Be Off-Limits: 22% Keep Financial Secrets From Their Spouse

While establishing financial boundaries in a marriage is healthy, hiding or lying about financial issues can lead to money fights and breed mistrust over time. The good news is most couples we polled seem to be on the right track — nearly 80% said they rarely or never keep money secrets from their spouse.

However, there is some cause for concern: Roughly 1 in 4 recently married adults report that they sometimes or often keep money secrets from their significant other.

Spending Money After Marriage

Couples today generally know it’s important to be on the same page when it comes to spending vs. saving and wise to set up a household budget. Still, many partners don’t relish the idea of having their mates micromanage their personal spending.

37% of Partners Spend Without Consulting Their Spouse

There are a number of ways to manage discretionary (aka, “fun”) spending in a marriage. Some couples let each partner spend however they want, while keeping an eye on the overall budget. Others choose to consult each other on all nonessential purchases (or purchases above a certain price point). A third option is to allot a set amount of money to each partner that they can spend however they like. You agree on the amount, but not how it’s spent.

When asked how they and their spouse handle discretionary spending, SoFi respondents said:

55% Are Very Comfortable With Their Partner’s Spending

Adults often come into marriage with different money mindsets — for example, you might be a saver, while your spouse loves to spend, spend, spend. These attitudes and habits are often formed during childhood based on how our families handled money and how much financial security we had growing up.

How do our couples align? More than half of respondents (55%) are completely comfortable with their partner’s spending habits, and 36% are somewhat comfortable. However, 10% did admit to some reservations about their spouse’s spending: 7% are somewhat uncomfortable with it, and 3% are very uncomfortable.

43% of Newlyweds Wish They Had Spent More on Their Wedding

Weddings are notoriously expensive (averaging around $33,000). So it’s not surprising most respondents took on debt to pay for their big day. What is: A full 43% said they wish that they had spent more on their big day. Around 30% said they would spend less, and 31% would spend the same.

Dealing With Debt

Managing debt often becomes more complicated — and more expensive — with marriage. Many partners enter into a relationship owing money for things like credit cards, student loans, or car payments. Couples may then take on additional debt together, whether it’s to pay for their wedding or buy a car or a home. Here’s how newlyweds are managing their individual and shared debts.

40% Are Still Paying Off Wedding Debt

Approximately four in 10 survey participants are in the process of repaying the debt they incurred from their wedding. The good news is that many couples pay it all off within the first year of marriage. Among newlyweds polled:

65% Work as a Team to Pay Off Pre-Existing Debt

When it comes to individual debts, SoFi’s Love & Money survey suggests that newlywed couples are generally upfront with each other about what they owe. Three-quarters of respondents said they told their partner about all their debt before they got married, and 19% partially disclosed their debt details. Only 6% kept mum about their outstanding balances.

Here’s how our poll respondents are handling prior debt:

58% Took Out Loans With Their Partner Before Marriage — and Most Plan to Borrow Even More Money

Nearly 60% of respondents had joint loans with their partners before they tied the knot — namely personal loans (28%), car loans (26%), and mortgages (25%). And 84% are planning to take out more together in the near future.

Source: SoFi 2024 Love & Money survey

Planning for a Secure Financial Future

Even though they’ve been married for less than a year, the majority of respondents in SoFi’s Love & Money survey are already looking ahead and working on saving for the future.

65% Have a Shared Emergency Fund

Financial advisors generally advise couples to keep at least six months worth of combined living expenses in a separate bank account, like a high-yield savings account, for unexpected costs. Without any kind of cushion, a financial set-back (like a major home or car repair or loss of income) could force you to run up expensive debt that could take months, even years, to get out from under.

Newlyweds have largely gotten the message: Over half (65%) have already set up a shared emergency savings fund, while 21% are in the process of creating one. Only 14% of the couples in our survey haven’t yet established an emergency fund.

If you’re not sure if you and your partner have enough funds set aside for a rainy day, an online emergency fund calculator to help you crunch the numbers.

37% Have Discussed Planning for Retirement in Detail

According to one guideline called the 80% rule, couples should aim to replace 80% of their income annually when they retire. Considering that retirement can last 30 years or more, this can add up to a significant sum. One way to get there is to start early — this allows your money to grow through compounding (when your returns earn returns of their own).

Fortunately, many couples recognize the value of getting a jumpstart on retirement planning: Forty percent of newly married couples in our poll have had brief discussions about planning for retirement, and 37% have discussed the issue in detail. The remaining 23% say they haven’t discussed it yet.

2 out of 3 Newlyweds Share the Same Risk Investment Risk Tolerance

Many couples invest money for long-term goals (like retirement or a child’s future college education), whether that’s through a 401(k), an individual retirement account (IRA), or a brokerage account. However, they aren’t always on the same page when it comes to balancing risk versus potential reward with their investments.

How aligned were the couples in our survey? Most (67%) believe their risk tolerance is similar to their partner’s, while 27% say their appetite for risk is different than their spouse’s. Six percent aren’t sure.

Talking to your partner about investment goals and the strategies to achieve them can help you determine where each of you stand on risk tolerance. From there, you can figure out a way to bridge any differences.

Common Money Challenges Newlyweds Face

common money challenges newlyweds face

When we asked survey respondents to tell us about the largest financial challenge they and their partner are facing, this is what they told us:

• Paying off debt: Credit card debt and loan payments are concerns that came up repeatedly.

• Outstanding student loans: A number of respondents cited student loan debt in particular as a major worry.

• Saving money: There isn’t much left to save after all the bills are paid, survey participants told us. “We just don’t earn enough,” one said, summing up a frustration felt by many.

• Cost of living: High housing costs and the rising cost of living overall are making it hard for couples to get by. We heard similar concerns from our soon-to-be-married couples.

• Affording a car: Trying to make car payments — or earning enough to qualify for a car loan — is challenging, people reported.

• Cost of health care: Medical expenses and paying for health care were problems cited by a number of survey takers. “Rising health care costs are a burden,” a respondent said.

The Takeaway

According to SoFi’s 2024 Love & Money survey, couples who have been married for less than a year typically work as a team to deal with financial issues and work toward their future goals. They tend to talk about money frequently, mostly approve of each other’s spending habits, and many have discussed saving for retirement.

Yet at the same time, they cherish their financial independence. The majority keep at least some of their money separate, have prenuptial or postnuptial agreements with their partners, and section off some of their income to spend as they please.

Couples also face a number of financial challenges, including paying off debt and today’s high cost of living. For many, putting money in the bank for their future goals is a struggle, but also a priority. Choosing the right bank account can be a step in the right direction.

About the Survey

SoFi’s Love & Money Survey was conducted August 16 – September 1, 2024 and included 600 U.S. adults aged 18+ who have been married less than one year.

Percentages were rounded to the nearest whole number so some percentages may not add up to 100%.

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Apr

2025

Current Mortgage Refinance Rates in Indiana Today

By Dana Paltao | mortgage | Comments Off

INDIANA MORTGAGE REFINANCE RATES TODAY

Current mortgage refinance rates in

Indiana.

View your rate

Apply online or call for a complimentary mortgage consultation.

Compare mortgage refinance rates in Indiana.

Key Points

• Mortgage refinance rates are influenced by a variety of economic factors, including the Federal Reserve’s policies, inflation, and the bond market. Your personal financial profile will also play a role in the rates you are offered.

• In Indiana, refinance rates have shifted dramatically in the last few years, from a low of 3.15% in 2021 to a 7.00% high in 2023.

• A 1.00% drop in your mortgage rate in Indiana could translate to substantial monthly savings — around $2,000 a year on a $300,000 loan.

• Government-backed loans such as FHA and VA may offer you lower mortgage refinance rates and more flexible criteria. These loans are accessible to a broad range of borrowers.

• Closing costs for mortgage loan refinancing usually fall between 2% and 5% of the loan amount. Measure these costs against your potential savings to determine if a mortgage refinance is the right move for you right now.

Introduction to Mortgage Refinance Rates

To start: What is a mortgage refinance? It’s what you do to give your current home loan a makeover. Your new loan may have different terms that can be more favorable than those of your existing mortgage. You also may be able to lower your interest rate.

Homeowners thinking about refinancing can find a lot of different motivations for doing it, in Indiana and elsewhere. Maybe you’re hoping to lower your monthly overhead, or to tap some of your equity for a bathroom renovation. How soon can you refinance a mortgage? It is going to depend on a number of factors.

This guide will help you understand how mortgage refinances work and how to get the best rates in today’s market, focusing on factors that affect Indiana homeowners.

💡 Quick Tip: How soon can you refinance your mortgage? It varies by loan type, but typical waiting periods are 6 to 12 months.

Where Do Refi Interest Rates Come From?

Mortgage refinance rates are influenced by outside economic factors and your personal financial profile. When it comes to economics, the most important variables include Federal Reserve policy, inflation, and housing inventory. The bond market, and especially the performance of the 10-year U.S. Treasury Note, plays a key role in determining current mortgage rates. When the yield on the Treasury Note increases, mortgage interest rates generally rise as well.

In times of high inflation, mortgage rates often climb, but when inflation is in check, you might see interest rates drop. The Fed’s monetary policy and the bond market also play parts in this financial symphony. Knowing more about these factors can help you feel educated to make the best decisions about refinancing your mortgage.

Don’t forget to consider your own financial scenario. Having a strong credit score — which is determined by such factors as your history of on-time payments, your credit utilization ratio, and your credit mix (like, having managed any installment loans and credit lines you hold responsibly) — is a definite asset when you apply for a mortgage refi.

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How Interest Rates Affect Home Affordability

Looking to refinance your mortgage? Interest rates in Indiana are sure to play a major role in what you can afford to do. Your monthly payment will be based on the loan amount, the term of the loan, and the interest rate you’re offered. For example:

A $200,000 home loan with a 6.00% interest rate and a 30-year term will require a monthly payment of $1,199. But the exact same loan with an 8.00% interest rate would give you a monthly payment of $1,467.

Interest Rate	Monthly Payment	Total Interest
6.00%	$1,199	$231,677
6.50%	$1,264	$255,085
7.00%	$1,330	$279,021
7.50%	$1,398	$303,403
8.00%	$1,467	$328,309

Secure a lower interest rate and you can save tens of thousands of dollars over your loan term, which could seriously impact your financial state. It could also play a role in achieving long-term goals like starting your own business or financing your child’s college tuition.

Why You Should Refinance Your Mortgage in Indiana

Refinancing your mortgage offers a number of benefits, depending on the financial goals you have. If current interest rates are lower than what your existing mortgage has, refinancing can most likely reduce your monthly payments and save you money over the loan’s life. Refinancing can help you switch, too, from an adjustable-rate mortgage to one with a fixed rate for savings in the long run. Another great approach is to refinance a 30-year mortgage to a new 15-year term, which can save you a lot of money in the long run.

Remember that refinancing a mortgage will almost always involve closing costs. A no-closing-cost refinance sounds like a real find, but they are often too good to be true — those charges will probably get rolled into the new mortgage, or you’ll pay a higher interest rate.

Whatever your reason for wanting to do it, you should have 20% equity or more in your home before you push play on a refinance, especially if you want to cash out some of your equity.

Common Reasons to Refinance a Mortgage

These are some of the more common goals of homeowners who refinance their mortgages:

• Qualifying for a lower interest rate thanks to improved credit or market conditions.

• Adjusting the repayment term to make monthly payments more manageable, or to pay off the loan more swiftly.

• Tapping into home equity in order to fund significant expenses, like a home remodel.

• Wanting to switch to a fixed-rate loan, since an adjustable-rate mortgage reset is coming soon.

• Wanting to get mortgage insurance out of your life when you have an FHA loan and 20% equity.

• Considering a debt consolidation, or releasing a cosigner.

Recommended: How Soon Can You Refinace a Mortgage?

How to Get the Best Refi Interest Rate

Your financial history always has an impact on interest rates that lenders offer you in Indiana. Homeowners with strong credit and low debt-to-income ratio may secure lower rates than those with less-ideal profiles.

To secure a competitive mortgage refinance rate, here’s what you should work on:

• Bolster your credit score by paying your bills on time and steering clear of new debt.

• Maintain a debt-to-income ratio under 36%.

• Explore offers from multiple lenders.

• Think about buying mortgage discount points to lower your interest rate.

Once you’ve achieved an optimal credit history, it’s time to deep-dive into rate trends.

Examining Trends in Indiana Mortgage Interest Rates

No one can predict with certainty where rates are headed at any given moment, but by understanding where they’ve been, you’ll be better equipped to make a decision right for you.

Historical U.S. Mortgage Interest Rates

Here’s a longer view of national mortgage rates. You can see that rates in the early 2000s were at around 6.00%. In 2020, they dropped lower, to under 3.00%. This decrease planted the idea in people’s minds that low rates were “normal.” In 2023, however, they rose again. Soon they were hitting around 7.00%.

A lot of people today complain about high interest rates. Current mortgage refinance rates, however, remain below the 50-year average.

Historical Interest Rates in Indiana

Below, compare Indiana and U.S. nationwide rates from 2000 to 2018 — they’re similar but not identical. (The Federal Housing Finance Agency stopped compiling state averages after 2018.)

Year	Indiana Rate	National Rate
2000	8.13	8.14
2001	7.08	7.03
2002	6.67	6.62
2003	5.97	5.83
2004	5.89	5.95
2005	5.97	6.00
2006	6.67	6.60
2007	6.55	6.44
2008	6.14	6.09
2009	5.39	5.06
2010	5.01	4.84
2011	4.97	4.66
2012	3.71	3.74
2013	4.05	3.92
2014	5.24	4.24
2015	4.01	3.91
2016	3.86	3.72
2017	4.19	4.03
2018	4.75	4.57

Source: Federal House Finance Agency

Choose the Right Mortgage Refi Type

The type of mortgage refinance you choose will influence the interest rate you’re offered. Some refi loans trend higher or lower, and that’s good to keep in mind when considering refinancing options.

Conventional Refi

A conventional mortgage refinance, also known as a rate-and-term refinance, is a popular choice for homeowners who want to enhance their mortgage terms. These refis often carry higher rates than government-backed loans such as FHA, VA, or USDA, but they provide increased flexibility and potential to waive PMI, or private mortgage insurance, if you have at least 20% in home equity. This type of refinance is an excellent option for a homeowner aiming to reduce an interest rate or adjust their loan term. Two types of conventional refis are a 15-year term refi and and adjustable-rate refi:

15-Year Mortgage Refi

Now, let’s talk about a 15-year mortgage refinance. This option can really be a game-changer. It will help you cut down the total interest you’ll pay over the loan’s life, even though you’ll have higher monthly payments.

On a 30-year, $1 million loan at a 7.50% rate, for instance, you’d be looking at a monthly payment of around $6,992 and a whopping $1,517,167 in total interest over the life of the loan. If you refinanced to a 15-year term at a 7.00% rate, you would see your monthly payments rise to about $8,988 — but the total interest would drop to roughly $617,891, saving you close to $900,000 in interest.

Shorter loan terms save you money in a couple of ways: by reducing the time you’re paying interest on the loan, and by offering slightly lower interest rates than loans with longer terms do.

Adjustable-Rate Mortgage Refi

Adjustable-rate mortgages (ARMs) usually start with a lower interest rate than fixed-rate loans, but the rate changes over time. If you plan to move before the rate adjusts, an ARM may be a good option for you. In the short term, you can save on monthly payments and get the financial breathing room to set sights on your next home.

Cash-Out Refi

Cash-out refinances are a popular way to leverage home equity. This type of loan can put a lump sum in your hands that you can use for a range of financial needs, from home improvements to consolidating high-interest debt. Here’s one example: Your home is worth $500,000 and your current mortgage balance is $300,000, so you have $200,000 in equity. A lender may allow you to borrow up to 80% of your equity. In that case, you’d be left with $100,000 after you paid off your existing mortgage. This can be a great approach to tackling debt or financing a big-ticket item.

FHA Refi

FHA loans are insured by the Federal Housing Administration, and often come with lower interest rates, making them attractive for refinancers. If you have an FHA loan already, you can opt for an FHA Simple Refinance or an FHA Streamline Refinance to potentially lower your rate. If you don’t have an FHA loan, options include an FHA cash-out refinance or an FHA 203(k) refinance, which is designed for home renovations and repairs. By choosing one of these alternatives, you can get financial flexibility and possibly lower monthly payments.

VA Refi

VA loans, backed by the Department of Veterans Affairs, are known for offering some of the most competitive interest rates in the mortgage market. If you want to qualify for a VA refinance, also known as an Interest Rate Reduction Refinance Loan (IRRRL), you’ll need to have an existing VA loan. This type of refinance can lower your monthly payments and remove the need for private mortgage insurance for eligible veterans and their families.

Compare Mortgage Refi Interest Rates

To ensure you’re getting the best deal, you’ll want to compare rates from multiple lenders in Indiana. In fact, it’s smart to look beyond interest rates to the annual percentage rate (APR).

APR is a handy equation that incorporates both fees and any discount points you’ve got. Calculate the total loan cost, as well as your break-even point (that is, how long it takes for the money you save to cancel out the out-of-pocket cost of the refinance). Keep an eye on your credit score and your home’s value — the higher they are, the more favorable rates you’ll receive offers for. Don’t forget to peruse local refinance rates for the best deal.

How Can You Get the Best Available Mortgage Refi Interest Rate?

Knowing refinance rates will be crucial for homeowners in Indiana who are looking to secure a competitive mortgage rate. Follow these tips:

• Compare rates from multiple lenders.

• Get prequalified — it can let you see your borrowing power and rates without triggering a hard credit check.

• Compare APRs vs. interest rates, which include interest costs, fees, and discount points.

• Evaluate and crunch the numbers to see if lower rates will trigger higher long-run costs.

• Use a calculator to estimate your savings.

💡 Quick Tip: Wondering how to refinance a mortgage? The process, which takes around 30 to 45 days, is similar to when you got your original home loan.

Online Refinance Calculators

An online refinance calculator can be helpful. It will give you an idea of what your new monthly payment could be, and help you compare different refinance options. These calculators take into account your current loan balance, the interest rate on a potential new loan, and the repayment term, giving you an estimate of how much you could save by refinancing. You can also use it to see how long it would take to recoup your mortgage refinancing costs.

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Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.

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Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.

The Takeaway

Mortgage refinancing is a powerful tool to help you manage your home loan and achieve financial goals. Whether you hope to lower your interest rate, access home equity, or shorten your loan’s term, understanding the different refinance options is key. If you improve your credit score, lower your debt-to-income ratio, and compare offers from multiple lenders, you can secure the best available mortgage refinance rates in Indiana. Just consider the long-term financial implications and make sure that the savings justify the costs involved.

SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.

A mortgage refinance could be a game changer for your finances.

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FAQ

When is mortgage refinancing a smart idea?

When you can lock in a lower interest rate, consolidate your debt, or meet other important financial goals, a mortgage refi might be a good financial decision. Do the math and figure out at what point the cash you’ll save after your refi will exceed the money you’ll spend on the refi itself. How long will you stay in your home? If you’ll end up moving before you’ve recouped the cost of your refi, it won’t make sense.

Can I draw cash out of my house without refinancing?

You can tap into your home’s equity to get money without a refinance. Request a home equity line of credit (HELOC), or take out a home equity loan. These options can all be great ways to pay for home improvements, consolidate debt, or cover other pop-up expenses. Technically, a HELOC or home equity loan is a second mortgage (assuming you still have your first one). It’s important to find the most competitive interest rate during the application process.

Is it possible to lower my interest rate without refinancing?

It’s hard to lower a mortgage interest rate without a refinance. You can reduce your monthly payment, though, by doing a mortgage recast. This move involves making a lump-sum payment toward your principal balance. Your lender can then “recast” your monthly payment amount. If you are facing financial hardship, you can also ask your lender about a loan modification. But lenders tend to suggest a refi or a recast first.

Are refinance rates going to drop anytime soon?

There’s no crystal ball that predicts future mortgage rates, but look at key indicators and you may get a sense of where rates might be headed. If the 10-year Treasury Note rate is rising, the housing market is hot, or the economy is generally strong, it’s unlikely that you will see rates falling in the near future. Keep an eye on the current refinance rates in Indiana so you’ll know when the time is right to refinance.

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.

Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.

HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.

SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.

If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.

Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.

SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.

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Browse other Indiana home guides.

More refinance resources.

How Much Does It Cost to Refinance a Mortgage?

Learn more
How to Refinance a Home Mortgage Loan

Learn more
7 Signs It’s Time for a Mortgage Refinance

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Apply online or call for a complimentary mortgage consultation.

Apr

2025

Current Mortgage Refinance Rates in Hawaii Today

By Dana Paltao | mortgage | Comments Off

HAWAII MORTGAGE REFINANCE RATES TODAY

Current mortgage refinance rates in

Hawaii.

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Apply online or call for a complimentary mortgage consultation.

Compare mortgage refinance rates in Hawaii.

Key Points

• Mortgage refinancing can be a smart move to save money by lowering your interest rate or changing your loan term, but it’s important to consider the costs and benefits.

• Mortgage refinance rates in Hawaii are influenced by economic factors like Federal Reserve policy and inflation, but your finances (such as your credit score) matter, too.

• Even a 1% drop in the rate for a $300,000 mortgage could mean roughly $170 more in your pocket each month.

• Hawaii refinance rates can differ by loan type, with FHA and VA loans often offering lower rates compared to conventional loans, making them attractive options for eligible borrowers.

• Ever thought about switching to a 15-year mortgage? It could be a smart move, as it often means paying less interest over time, even if your monthly payments go up.

• Remember, refinancing is a financial strategy that should be approached thoughtfully. Consider the costs vs. the potential savings, and explore alternatives such as a HELOC if it fits your needs.

Introduction to Mortgage Refinance Rates

Mortgage refinancing is like hitting the reset button on your home loan. You’re swapping your current mortgage for a new one, and if you play your cards right, you could snag a better deal — think lower monthly payments or a more favorable interest rate.

This guide is your ticket to understanding how refi rates are determined and how to score the best one out there. Whether you’re in Hawaii or any other state, getting a handle on what’s driving the current mortgage rates will put you in the driver’s seat.

💡 Quick Tip: Wondering how to refinance a mortgage? The process, which takes about 30 to 45 days, is similar to when you got your original home loan.

Where Do Mortgage Refi Interest Rates Come From?

Mortgage refinance interest rates are a product of both the economic landscape and your unique financial standing.

Economic factors like Federal Reserve policies, inflation, the bond market, and housing inventory all play a part in the cost of home loans. For instance, high inflation and federal funds rate hikes usually translate to higher mortgage rates. On the flip side, low inflation and a robust bond market can work in your favor. By keeping an eye on these moving parts, you can better predict when the time is right for your refinance. Understanding the local climate for mortgage refinance rates in Hawaii is key to making a savvy move.

Also know that your own personal financial profile will impact your access to refinancing options. Those with higher scores will likely qualify for more favorable interest rates, while those with lower scores will appear less creditworthy to lenders and therefore typically be assessed loftier rates.

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How Interest Rates Affect Home Affordability

Interest rates play a significant role in the affordability of your refinance payment. Here’s a closer look: The amount you owe, the time to repay (aka the term of your loan), and the interest rate all come together to determine your monthly payment.

For instance, with a $200,000 loan, a 6.00% interest rate, and a 30-year term, you’re looking at $1,199 a month. But bump that interest rate to 8.00%, and suddenly, you’re paying $1,467 monthly. Over the life of the loan, a lower interest rate could save you close to $100,000. Even a small difference in Hawaii refinance rates can lead to substantial savings.

Also, on the topic on interest rates, it’s smart to focus on the annual percentage rate (APR), because that reflects what you actually pay, including additional fees and charges, to borrow money. The APR can give you a more accurate picture of what you will be spending every month and over the life of the loan.

Why Refinance in Hawaii?

Homeowners refinance for a variety of reasons, each influencing the type of refinance and the interest rate. Here’s a closer look at some specifics, but first, a note. In terms of how soon you can refinance, you can’t necessarily swap out your home loan right away if rates drop. You should have at least 20% equity in your home, especially if you plan to cash out some equity.