Skip to content

Indianapolis Neighborhood Housing Partnership

You’ve qualified for a home loan and now it’s time to select a mortgage. All mortgage payments include principal and interest as a part of the payment – interest is the cost you’ll incur to borrow money from a lender.

You have the option of choosing between a fixed rate or an adjustable rate mortgage (ARM). But what’s the difference?

Each option can affect your financial future. Here’s how:

  • A fixed interest rate means that your mortgage interest rate will not change over time. You will pay the same rate of interest from the time you close on your mortgage to the time you pay it off. This means the principal and interest portion of your mortgage payment won’t change over time, too.
  • An adjustable rate mortgage (ARM) means your interest rate starts at a fixed rate for a defined period of time (typically anywhere from one to 10 years) but will eventually change. Usually, adjustable rates start out low and increase over time. Your new interest rate will be based on market rates at the time of the adjustment. This means your mortgage payment will change over time.

So which one is better? It depends on your appetite for risk.

  • Fixed rate mortgages have less risk, and ARMs carry more risk.
  • Ask yourself: If you have a change in lifestyle or income level, could you afford a higher mortgage payment down the road? If the answer is no, then perhaps an ARM isn’t the right option for you.
  • A fixed rate mortgage offers stability and makes it easier to plan your finances.

Want more information about mortgages and the homebuying process? INHP can help. Check out these WISH-TV Top 8 segments about how to identify an affordable loan and the parts of a mortgage payment.

Ready to choose a mortgage? You could qualify for up to $7,5000 in down payment assistance funds by financing your home with INHP. Get started today!

INHP office holiday hours

Starting Dec. 25, 2019, through Jan. 1, 2020, all INHP office locations will be closed for the holidays. We will resume normal hours of operation at 8:30 a.m., Jan. 2, 2020.


INHP will respond to any inquiries or form submissions made via our website or email system in the order they were received after we reopen. If you do not hear from an INHP representative by Jan. 9, 2020, please call 317-610-4663.


We wish you a warm and happy holiday season!

INHP offices are closed

Due to inclement weather, all INHP office locations are closed until 10 a.m., Dec. 17. At this time, staff are not able to answer phone calls; however, you may still use our online services, including:

  • Completing an online form for our home purchase or home repair programs
  • Registering for an INHP education course
  • Taking an online education course

We look forward to continuing operations and serving you once weather permits. If your request is urgent, please leave a voicemail at 317-610-4663. We will return your call in the order it was received as soon as we return to normal business hours.

We apologize for any inconvenience.

Subscribe to our newsletter

Get our latest news sent directly to your inbox

Subscribe to our newsletter

Get our latest news sent directly to your inbox

Scroll To Top