Basic Idaho Mortgage Options for Funding That Dream Home

Basic Idaho Mortgage Options

After including interest and closing costs, the real cost of real estate financing is often greater than the original purchase price of a home. With financing being so important, buyers really should have as much information on hand as possible regarding their basic Idaho mortgage options and costs.

You may find extensive mortgage information as well as a variety of loan calculators online. You may also calculate a basic mortgage payment with the calculator on this page. For more detailed information regarding financing options, preferred lenders and Idaho mortgage loan service recommendations, please contact us.

What Kind of Loan Should I Apply For?

With thousands of basic Idaho mortgage options on loans available from a surplus of different lenders, choosing your loan type can be determined by several key factors:

How much can I or do I want to put down? Loan products with 5% down or less are available. In fact, loans from major lenders requiring no money or little money down have appeared in recent years.
In the event that you have less than the standard 20% down payment, lenders will most likely want your mortgage guaranteed. With this in mind, an outside third party, like a Veterans Administration Loan 'VA', the Federal Housing Administration 'FHA' or a private mortgage insurer. For fear that mortgage loans go into defualt, lenders will require protections. VA, FHA and PMI loans are generated every year for millions of Americans.
What about good credit? You'll find the best rates and terms are available to those with a solid credit rating. If you want the best loan available, pay down credit card debit and pay off installment loans. With this in mind, it's a good idea to pay rent or current mortgage bills in full and on time.
Who's considered a first-time home buyer. "First-time buyer" might seem like it's someone who has never owned a property before, but with most state programs, the term actually refers to those who have not owned a property within the past 3 years. First-time State loan programs usually require a smaller down payment as well as below-market interest rates. Contact us today for details and preferred local lender suggestions for your basic Idaho mortgage options.

How Do I Get a Home Mortgage Loan?

For starters, start the loan process by completing a written or online loan application and by providing the lender with the supporting documentation needed. Specific documents include pay stubs, rental checks, and tax returns for the past 2 years if you're self-employed. Your lender of choice will describe the type of paperwork required during the pre-approval process.