If interest rates rise, so do your monthly payments. Home buyers and those refinancing have been worried about the inherent risk they bring. One point it raises is your choice between a fixed-rate mortgage (FRM) and an adjustable-rate mortgage (ARM).ĪRMs have been out of fashion for many years, in spite of coming with significantly lower mortgage rates than FRMs. Indiana Legal Services, a non-profit corporation, publishes a short “Refinancing Mortgages” guide, which you might find useful, although it’s dated. There appear to be no legal obstacles for you to overcome. It’s as easy to refinance in Indiana as it is in most other states. It's always wise to hire a home inspector, no matter which state you're buying in. Unfortunately, not all sellers will be completely candid. The buyer is taking the seller’s word on trust regarding the accuracy and comprehensiveness of disclosures. To the best of their knowledge, the seller is required to notify the buyer of any known material defects that may devalue the property in the future, such as a defective foundation. Now the courts have begun to hold the seller responsible if they knowingly held back information about defects from a prospective buyer. In the past, Indiana law supported "let the buyer beware," so that the purchaser had all the responsibility to hire an inspector to expose the condition of the home.īut, in recent years, the Indiana legislature has become much more protective of the buyers’ rights. Indiana Code 32-21-5 says the seller must disclose any known fact about the property and its condition. ![]() ![]() In Indiana, it is a requirement that a seller fills out a disclosure form.
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