IndyMac Bank is owned by IndyMac Inc: the largest savings and loan in Los Angeles County, the ninth largest thrift nationwide, and the ninth largest mortgage originator. As a mortgage originator, IndyMac Inc. designs, manufactures, and distributes cost efficient mortgages. They create purchase, and home improvement mortgages for single-family homes. IndyMac does business across the United States, but does not do business in Guam, Puerto Rico, or the Virgin Islands.
In addition to mortgage lending, IndyMac Bank provides other financial services. They offer basic banking services (checking and savings, etc.)
IndyMac Best Price Guarantee
IndyMac Bank offers its customers a Best Price Guarantee. If you receive a lower interest rate offer from a competitive lender, they promise to match the interest rate and beat the other lender’s fees by three hundred dollars. The main condition with this offer is that the mortgage products must match exactly (terms, etc.) to be eligible. IndyMac also has an On Time Closing Guarantee. If they fail to close your loan on time due to their own mistake, they will pay you three hundred dollars. They have a similar Response Time Guarantee. If a loan consultant does not respond to your application within three hours, they will take three hundred dollars off your closing costs.
IndyMac Mortgage Loan Options
IndyMac Bank offers Fixed Rate Mortgages in terms of thirty and fifteen years. They also offer the Adjustable Rate Mortgage in 5/1 and 3/1 terms. Their Adjustable Rate Mortgages come with 2% periodic adjustment caps. IndyMac also offers Balloon Mortgages. The Balloon Mortgages come with an initial term of either five or seven years. During that time, you will pay a fixed rate. After that initial period, you will pay the balance of your mortgage in one lump sum. All of IndyMac’s Balloon Mortgages come with a conditional right to refinance for a fee.
IndyMac's most innovative loan product is their FlexPay ARM. The FlexPay ARM is a good option for the self-employed and the self-disciplined. Each month you can choose from three payment options. You can pay a minimum payment, an interest only payment, or a fully amortized payment. The first option is beneficial if you are low on funds for the month, the second option is a good choice if you want to keep your interest down, and the third option is recommended to pay off your loan on a thirty-year term. The FlexPay ARM is indexed according to 12-MTA. There is no periodic adjustment cap with this loan.
IndyMac offers online pre-approval. To apply for a loan, contact them for further details.
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