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Reasons to Buy a Rural Home in Indiana

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Buy a Home in Indiana

One of the joys of the Midwest is that there are a lot of wide open, rural spaces. That means you have the opportunity to buy a home in a rural or ex-urban area. Below are a few reasons to consider purchasing a rural home in Indiana, even if it means a longer commute.

  1. Take advantage of a USDA rural home loan. If you are buying a home in a USDA “rural” zone, then you can do it with a government-backed USDA mortgage.

    This type of home loan features:
    • Zero down payment.
    • Affordable interest rates.
    • Loose credit requirements.

      To qualify, you need to be within the income restrictions. We can help you figure out if you can take out this type of mortgage during your consultation.
  2. Cut costs. In general, it usually costs less to live in a rural area than it does to live in an urban or suburban area. You may even be able to afford more home since you are buying in a less populous part of Indiana.
  3. Enjoy architectural variety. You can find both new and old homes in rural Indiana, as well as many different architectural styles. If you dream of an old-fashioned farmhouse, you can find one that is evocative of classic Americana. But you can find more modern rural homes in Indiana too.
  4. Experience nature, seclusion, and the outdoors. If you move into a rural home, or even one in an ex-urban area, you will have much more open space around you than you would in a city or in the suburbs. You’ll get to enjoy peace, quiet and privacy. Many rural homes include more acreage than you would get with a lot in town. So you will be able to get plenty of use out of your outdoor spaces.
  5. Earn from rental opportunities. These days, a lot of people are having a hard time making ends meet, even with a full time job. One way that many are “hacking” their mortgages is by renting out space to tenants. A long term tenant can bring in hundreds of dollars a month reliably, which can offset part of your monthly mortgage payment. If you get a large farmhouse in a rural area, you can place a tenant in your house without them disrupting your family routines too much. You could also put a tiny house on your property, taking advantage of your spacious land, and rent that out instead. If you prefer short term tenants instead of long term ones, rural Indiana can also work out great. Many vacationers appreciate the chance to stay somewhere quiet and private, surrounded by nature. You might even get short term bookings from people taking weekend breaks from city life in Indiana.
  6. Become more self-sufficient. A rural home in Indiana gives you land you can use for purposes like gardening, farming, or raising livestock (assuming it is zoned for that). This is great news if you’ve been wanting to increase your self-reliance. That can be a smart move in uncertain times.

Buy a Rural Home in Indiana

A rural home is an affordable, flexible option for Indiana residents who are looking to enjoy the many benefits of the Midwest’s wide open spaces while keeping their costs of living affordable.

Grandview Lending, Inc is based in Indianapolis. We can help you purchase a rural home anywhere in Indiana with a USDA loan or another suitable mortgage. To get started, please give us a call at (317) 255-0062 to schedule your mortgage consultation.

What to Think About When Choosing a Neighborhood

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When you are shopping for a new home, you are also picking out the next neighborhood where you will live. This part of your decision can end up being as important as the choices you make about the home itself. Some important factors to consider include location, safety, and schools. Let’s go into more detail.

Buy a Home in Indiana
  1. Location. Start by evaluating the location. How close or far is it from your workplace? How is the access to roads and public transportation? How will the location affect the weather? Is it in a warmer or cooler area than other neighborhoods?
  2. Safety. Another of the most important considerations is safety. Check the rates for violent and property crime, and take a drive around the neighborhood at night to see what it’s like after dark. Also consider cultural aspects of the neighborhood. What values are common there? Do they mesh with yours? Are people there likely to welcome you?
  3. Noise levels. Find out what you can about noise levels. Visiting during different times a day could give you a feel for how loud or quiet the neighbors are. Also think about noise levels from nearby highways, airports, etc.
  4. Look and feel. The overall appearance and vibes of a neighborhood will have a huge impact on what it feels like to live there every day. So even though this is not a “practical” consideration, it is still important to weigh when deciding where to live.
  5. Schools. If you are moving to the area with kids, or you plan to have children in the future, another key factor in your assessment should be the quality of the schools in the district. You can research online and find reviews from parents. Read through them carefully. Social media is also a good place to ask for additional information. Sometimes it is worth making a few sacrifices in other areas if it means getting your kids into excellent schools.
  6. Amenities. Find out what services and amenities are in the neighborhood, especially close to the house you are interested in. Here are some things you might want to look for:
    • Restaurants and bars
    • Shopping centers
    • Grocery stores
    • Movie theatres
    • Laundromats
    • Gyms and swimming pools
    • Parks
    • Other recreational destinations and activities

      What matters to you depends on your lifestyle. One family might be happy living next to a shopping center, while another would prefer to have a golf course nearby.
  7. Future development. You will probably be focusing mostly on the present when you are choosing a neighborhood. But you also should think about the future. Research the neighborhood to find out whether there are any future developments planned. For instance, are there any projects to add or expand shopping centers, or maybe to build offices or new condos or apartment complex?Neighborhoods with projects like these in the pipeline may be up-and-coming places people will want to move to. This can drive up demand for housing, causing property values to rise. So, investing in a home in such a neighborhood can result in your equity increasing in value too. Whether you plan to stay in your home for the long term or sell in a few years, either way, you benefit.

Buy a Home In Indiana

Grandview Lending is based in Indianapolis, and can help you buy a home or refinance anywhere in Indiana. To get started, please give us a call at (317) 255-0062 to schedule your mortgage consultation. We look forward to helping you move into your next home and achieve your financial goals.

Biweekly Payment Plans Do’s and Don’ts

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Do you want to pay off your mortgage early? If so, you may be thinking about getting on a biweekly payment plan. This method is commonly recommended to homeowners who want to pay off their loans more quickly so that they ultimately pay less in interest over the lifetimes of their loans.

Biweekly payment plans can work if you do them correctly. If you take the wrong approach, however, a biweekly payment plan may end up doing nothing for you. This post will explain the correct way to set up a biweekly payment plan.

What is a Biweekly Payment Plan?

Home Buying in Indianapolis IN

A biweekly payment plan is one where you submit payments on your mortgage twice a month (every two weeks) instead of once a month.

Over the course of the year, paying in this manner adds up to 13 payments rather than 12.

  • Here is the right way to do a biweekly payment plan: The best way to make sure that a biweekly payment plan works out is to set up the biweekly plan yourself manually through your bank account. Avoid using a third party processing company that offers to set up a payment plan for you. We will explain why below. When you set up the biweekly payment plan, make sure that you specify that the extra money should go toward paying off the principal of the loan, not interest. And make sure you tell the loan servicer that you want each payment processed immediately.
  • Here is the wrong way to do a biweekly payment plan: What you should not do is use a third party payment processing company and pay twice a month, assuming everything will work out. There are a couple of ways this can go wrong. The first issue is that third parties often do not manage these extra payments correctly. When you send in the first payment of the month, the servicer doesn’t know what it’s for, and just hangs onto it as an incomplete payment. They process it only when the second payment of the month shows up. The result is that you only make one payment a month, not two. The other issue with using a third party to manage a biweekly payment plan is that for the “service” they are providing you, they will charge you fees. Those eat into the money you are trying to save by adopting a biweekly payment plan in the first place. That is just another reason to avoid doing it that way. Just take care of it yourself, providing explicit instructions for how your payments are to be received and applied.

We Support You Through Every Stage of Your Mortgage

Grandview Lending supports homebuyers and homeowners through the entire mortgage application process, and then for the rest of the time they are paying off their loans. If you have questions about how you can pay your mortgage off more quickly, or are interested in refinancing, please give us a call at (317) 255-0062 to schedule a consultation.