Idaho Mortgage Rates
Compare Idaho mortgage rates and choose the best option for your needs.
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Today's Mortgage Rates Trends in Idaho
|Product||Rate||1w change||APR||1w change|
|30-year fixed-rate FHA||7.239||4.23%||8.356||3.52%|
|30-year fixed-rate VA||7.063||2.21%||7.304||2.16%|
- 30 Year Fixed
- 20 Year Fixed
- 15-Year Fixed
Mortgage in Idaho: Top Lenders in 2023
Willing to buy a home in Idaho State? The easiest way to do so is to use a mortgage loan, which is effective irrespective of what type of property you are searching for – a residential estate or an apartment. However, the home loan terms offered by different mortgage lenders can vary greatly (use our mortgage calculator to estimate your future expenses). In the framework of this guide, we’ll review some of the top-rated lenders and try to find out which ones are worth considering.
ID Mortgage Lenders Comparison
All the lenders reviewed are trustworthy companies with reasonable rates and solid track records. To give you the most detailed information, we’ll compare them by several key criteria – an APR, the minimal down payment, minimal requirements, and so on.
Morty, Inc. Mortgage
Not a lender by itself, but a mortgage broker, Morty, Inc. appeared in 2016. It is physically headquartered in New York City, but has close-to-nationwide coverage, with the exception of four states (Hawaii, Massachusetts, Missouri and Nevada).
The available options encompass fixed- and variable-rate conventional and jumbo mortgages, as well as FHA-insured loans. Refinancing is only available for loans originally issued through Morty.
A 30-year fixed-rate mortgage will carry a 6.667% APR. The rates for 20- and 10-year loans are lower, at 6.425% and 5.452% respectively. Morty requires a credit score of at least 600 from the applicants, as well as a DTI ratio less or equal to 45%. The minimum down payment varies depending on property size.
|A closing date guarantee.||No general refinancing.|
|Large partner network.||No VA or USDA plans.|
NBKC is a Kansas-based bank that’s been around since 1999. It offers conventional, FHA, VA, fixed and adjustable mortgages nationwide. The minimum credit score is 620. At the time of writing, the base rates advertised by the online calculator are as follows: 6.625% for a 30–year, 6.990% for a 25-year, 6.250% for a 20-year, and 6.000% for a 15-year fixed mortgage.
|Calculating rates is easy. You don’t even need to provide contact information.||No USDA loans.|
|Has a specialty program for pilots.||No down-payment assistance options for clients who would qualify for them.|
|The required down payment is just 3% for conventional loans.|
PenFed Credit Union
Pentagon Federal Credit Union started in 1935 and was at first aimed exclusively at service members. Nowadays, however, everyone can apply.
The APR values are 5.596% for a conventional 15-year, 6.078% for a 20-year, and 6.548% for a 30-year mortgage, respectively (for a good 700 – 739 credit score and 20% down payment). The minimum satisfactory credit score is as high as 650 for a conventional loan and 700 for a non-conforming jumbo loan. For FHA options, a typical value of 620 is enough.
|Doesn’t charge lender fees.||The lender does not support USDA-insured plans.|
|Allows calculating rates on the spot – without filling out any annoying forms.||The mortgage application process requires a preliminarily completed online form and a deposit of $5 into a savings account.|
|The lender provides nationwide coverage.|
Average Mortgage Rate in Idaho from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Idaho.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Idaho
|The median home value in Idaho||$370,962|
|The income required to buy the median priced home in Idaho||$60,781|
|The monthly mortgage payment required to buy the median priced home in Idaho||$1,408|
|The median household income for Idaho||$64,943|
Things to Consider When Choosing a Mortgage Lender
A mortgage loan implies undertaking a serious commitment for a term of 15 through 30 years. So you need to think twice before signing an agreement with this or that lender. There are some core aspects to consider when choosing a lending entity.
Type of Lender
Basically, there are two popular options – banks and online mortgage lenders. Banks frequently offer attractive rates but they tend to practice strict credit checks. The approval time is longer, and eligibility criteria are quite hard to comply with. Online lenders work much faster, and their requirements for homebuyers are not too severe.
APR and Fees
Every loan has its cost, and mortgage is no exception. This cost is more than just an interest rate. It also includes extra fees, such as the origination fee, mortgage insurance fee, closing costs, etc. As of writing, for a fix-rated 30-year loan, the average mortgage rate in Idaho is 6.58%.
Terms and Conditions
Here, you need to consider the minimum size of a down payment, which often varies from 0% to 20% depending on the loan type, your current status (military, employed, self-employed, etc.). Another important parameter is the lifespan of the loan, which is its total length. Common options are 15 and 30 years.
What Mortgage Lender is the Number One in Idaho?
The list of reliable ID mortgage lenders is extensive, so it's hard to give an unambiguous answer to this question. Everything depends. For example, one of the industry leaders is Rocket Mortgage with a loan volume of $11.5 billion for the year 2021. To take your pick wisely, check our list of recommended lenders.
First-Time Homebuyer Programs in Idaho
Buying a home for the first time is quite challenging. Happily, residents of Idaho can take advantage of some governmental programs aimed at raising mortgage affordability.
- Federal Housing Administration loan program. In its framework, a buyer gets insurance from the federal government. The fee for this insurance is included in the total cost of the future loan. In return for this, the homebuyer gets some serious benefits: a low interest rate and minimal credit requirements. Thus, his FICO score can be as low as 500, and the debt to income ratio – just 50%.
- USDA loan program. It is oriented toward those living in rural areas. The participants of this program can get a mortgage loan with a zero down payment. However, their annual income must not exceed 115% of the average income in this region.
- VA loan programs. They are insured by the Veteran Affairs Department. This mortgage option is available to former militaries or their spouses.
Pre-Approval: What Does It Mean?
Preliminary approval is a sort of confirmation of a prospective homebuyer’s credibility. It lets home sellers know that lenders are ready to approve a mortgage loan to the buyer. To get a pre-approval one needs to provide documentary evidence of his paying capacity. A typical document set includes earning statements, account statements, a W2 form, or an alternative proof of income for at least 2 years. Additionally, it’s necessary to fill in the Uniform Residential Loan Application form.