Compare mortgage rates and fees for leading lenders in Elkhart, IN. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Elkhart.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Elkhart. Plus, shopping lenders is free and there is no obligation.
September 18, 2020
The current average rate for a 30 year fixed rate mortgage in Elkhart is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Elkhart. Understand how much you need to earn to afford a home in Elkhart, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Elkhart fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Elkhart is right for you.
The median home value for Elkhart, IN is $170,491
Based on current mortgage rates and a 10% down payment, you need to make $30,684 per year to buy the median priced home in Elkhart
With this income, you could qualify for a $153,442 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Elkhart is $711
The median household income for Elkhart, IN is $55,315
Based on this income, you can afford a home valued at approximately $307,349
The home price you can afford to buy based on household income in Elkhart is 180% of the median home value which means housing prices are average. Elkhart ranks 81 out of 92 counties in Indiana and 1,945 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Elkhart, IN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Elkhart below.
Conforming loan limits for Elkhart, IN
FHA loan limits for Elkhart, IN
VA loan limits for Elkhart, IN