Idaho Mortgage Rates
Compare Idaho mortgage rates and choose the best option for your needs.
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Mortgage in Idaho: Top Lenders in 2024
Are you interested in a specific type of mortgage loan in Idaho State? Whether you are looking to purchase a residential estate or an apartment, a mortgage loan can be an effective solution. It's important to note that the terms and conditions offered by different mortgage lenders can vary significantly. To get an estimate of your future expenses, you can use our mortgage calculator. In this guide, we will review some of the top-rated lenders in Idaho State and determine which ones are worth considering.
ID Mortgage Lenders Comparison
Each of the lenders reviewed in this guide is a reputable company with a solid track record and competitive rates. To provide you with comprehensive information, we will compare them based on several key criteria, including the APR (Annual Percentage Rate), the minimum down payment, minimum requirements, and more. By evaluating these factors, you can make a well-informed decision when choosing a lender that best suits your needs.
Morty, Inc. Mortgage
Not a lender by itself, but a mortgage broker, Morty, Inc. appeared in 2016. Although it is headquartered in New York City, it offers services across most of the nation, except Hawaii, Massachusetts, Missouri, and Nevada.
Morty provides a range of mortgage options, including fixed-rate and variable-rate conventional mortgages, jumbo mortgages, and FHA-insured loans. However, refinancing is only available for loans originally obtained through Morty.
For a 30-year fixed-rate mortgage, the APR is 6.667%. The rates for 20-year and 10-year loans are slightly lower, at 6.425% and 5.452% respectively. To qualify, applicants need a minimum credit score of 600 and a maximum debt-to-income ratio of 45%. The minimum down payment requirement varies based on the size of the property.
| Pros: | Cons: |
|---|---|
| Wide range of mortgage options. Morty, Inc. offers various mortgage options, including conventional, jumbo, and FHA-insured loans, providing borrowers with flexibility and the ability to choose the loan that best suits their needs. | Limited physical presence. Morty's physical headquarters is in New York City, and it doesn't operate in four states, including Idaho. While it offers services online, some borrowers may prefer a lender with a local physical presence for in-person support and assistance. |
| Nationwide coverage. Morty, Inc. has close-to-nationwide coverage, allowing borrowers in Idaho to access their services and benefit from their expertise. | No direct lending. Morty, Inc. acts as a broker, connecting borrowers with lenders. Some borrowers may prefer to work directly with a lender for a more straightforward lending process. |
| Refinancing options. If you already have a loan issued through Morty, Inc., you can take advantage of their refinancing options to potentially lower your interest rate or adjust the terms of your loan. | Potential limitations on refinancing. If you have an existing loan from another lender, you won't be able to refinance it through Morty, Inc. |
| Streamlined application process. As a mortgage broker, Morty, Inc. simplifies the mortgage application process by gathering quotes from multiple lenders on behalf of the borrower. This can save time and effort for borrowers who don't want to individually approach multiple lenders. | Limited information on rates and down payment requirements. The specific rates and down payment requirements offered by Morty, Inc. may vary depending on individual circumstances. It's important for borrowers to thoroughly research and understand the rates, fees, and requirements associated with their specific mortgage before making a decision. |
NBKC Bank
NBKC is a well-established bank headquartered in Kansas, operating since 1999. It provides a wide range of mortgage options nationwide, including conventional, FHA, VA, fixed-rate, and adjustable-rate mortgages. The minimum credit score required to qualify for a mortgage with NBKC is 620.
As of the current rates, advertised through their online calculator, the base rates for various loan terms are as follows: 6.625% for a 30-year fixed-rate mortgage, 6.990% for a 25-year fixed-rate mortgage, 6.250% for a 20-year fixed-rate mortgage, and 6.000% for a 15-year fixed-rate mortgage.
It's important to note that these advertised rates may vary based on individual factors such as creditworthiness, loan amount, and other relevant criteria. It's recommended to reach out to NBKC directly or utilize their online resources to get accurate and up-to-date information on rates and eligibility requirements.
| Pros: | Cons: |
|---|---|
| Wide range of mortgage options. NBKC offers a variety of mortgage options, including conventional, FHA, VA, fixed-rate, and adjustable-rate mortgages. NBKC allows borrowers to choose the loan type that best suits their needs and financial situation. | Limited physical presence. While NBKC offers nationwide mortgage services, it may have a limited physical presence in Idaho. This could potentially impact the availability of in-person support or assistance for local borrowers. |
| Competitive rates. NBKC advertises competitive base rates for different loan terms. While these rates may vary depending on individual factors, borrowers may benefit from potentially favorable interest rates. | Advertised rates subject to change. The rates advertised by NBKC are subject to change and may not reflect the actual rates borrowers qualify for. Borrowers need to contact NBKC directly or utilize their online resources to get personalized and up-to-date rate information. |
| Established bank. NBKC has been operating since 1999, indicating its stability and experience in the mortgage industry. Borrowers may find reassurance in working with a well-established bank with a solid track record. | Individual eligibility requirements. While NBKC has a minimum credit score requirement of 620, borrowers' eligibility is subject to additional factors, such as income, debt-to-income ratio, and loan amount. Meeting these requirements may pose challenges for some borrowers. |
| Nationwide coverage. NBKC offers mortgage services nationwide. Idaho residents can access their mortgage products and services for convenience and affordability. | Limited information on specific offerings. The provided information gives a general overview of NBKC's mortgage options and rates but lacks detailed information on specific loan features, fees, and customer reviews. Borrowers should conduct thorough research and reach out to NBKC for comprehensive details before making a decision. |
PenFed Credit Union
Pentagon Federal Credit Union established in 1935, initially catered exclusively to service members but has now opened its doors to all applicants.
Here are the APR values offered by the Pentagon Federal Credit Union in Idaho:
- Conventional 15-year mortgage: 5.596%
- Conventional 20-year mortgage: 6.078%
- Conventional 30-year mortgage: 6.548%
These rates apply to borrowers with a credit score ranging from 700 to 739 and a 20% down payment. For a conventional loan, a minimum credit score of 650 is required, while a non-conforming jumbo loan requires a credit score of 700 or higher. FHA options are available with a typical credit score of 620.
| Pros: | Cons: |
|---|---|
| Long-standing institution. With its establishment dating back to 1935, the Pentagon Federal Credit Union has a long history and a strong reputation. PenFed gives borrowers confidence in their experience and knowledge of the mortgage industry. | Credit score requirements. PenFed has credit score requirements that borrowers need to meet for different loan types. For conventional loans, a minimum credit score of 650 is required, and for non-conforming jumbo loans, the minimum score is 700. While FHA options have a lower requirement of 620, borrowers with lower credit scores may face limitations or higher interest rates. |
| Inclusive eligibility. While initially focused on service members, PenFed now accepts applications from anyone, allowing a broader range of individuals to access their mortgage services. | Limited physical presence. PenFed may have limited physical branches in Idaho, which could potentially impact access to in-person support or assistance for local borrowers. |
| Competitive APR values. PenFed offers competitive APR values for different mortgage terms. Borrowers with good credit scores and a 20% down payment may benefit from potentially favorable rates. | Additional eligibility criteria. Apart from credit scores, borrowers must also meet other eligibility criteria, such as down payment requirements and income verification. These additional requirements may pose challenges for some borrowers. |
| Variety of mortgage options. PenFed provides various mortgage options, including conventional loans, non-conforming jumbo loans, and FHA options. This allows borrowers to choose the loan type that aligns with their specific needs and preferences. | Limited information on fees and customer reviews. The provided information lacks details on specific fees associated with PenFed's mortgage products and customer reviews. Borrowers should gather more information on these aspects before making a decision. |
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
| Criteria | Amount, $ |
|---|---|
| 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
Taking out a mortgage loan is a significant long-term commitment spanning 15 to 30 years. It's crucial to carefully weigh your options before agreeing with a particular lender. There are several key factors to consider when selecting a lending institution.
Type of Lender
In general, there are two main options to consider when seeking a mortgage: traditional banks and online mortgage lenders. Banks often provide competitive interest rates, but their credit assessment process can be stringent. This can lead to longer approval times and more challenging eligibility criteria. On the other hand, online lenders offer quicker processing times and more lenient requirements for prospective homebuyers.
APR and Fees
Like any other loan, a mortgage comes with various costs beyond just the interest rate. These expenses may include additional fees like origination fees, mortgage insurance fees, closing costs, and more. As of the current time, the average mortgage rate for a fixed-rate 30-year loan in Idaho is 6.58%.
Terms and Conditions
In this context, it's important to take into account the minimum down payment required, which can range from 0% to 20% depending on factors such as the loan type and your current status (military, employed, self-employed, etc.). Another significant factor to consider is the loan term, which determines the total length of the loan. Common options include 15-year and 30-year terms.
What Mortgage Lender is the Number One in Idaho?
It can be challenging to provide a definitive answer to this question due to the extensive list of reliable mortgage lenders in Idaho. The choice ultimately depends on various factors. For instance, Rocket Mortgage is recognized as one of the industry leaders, having achieved a loan volume of $11.5 billion in 2021. To make an informed decision, we recommend referring to our list of recommended lenders.
First-Time Homebuyer Programs in Idaho
Purchasing a home for the first time can be a challenging endeavor. Fortunately, residents of Idaho can benefit from various government programs designed to enhance mortgage affordability.
- Federal Housing Administration loan program. This program offers homebuyers insurance provided by the federal government. The insurance fee is incorporated into the total loan cost. In exchange, borrowers enjoy significant advantages, including a low-interest rate and minimal credit requirements. With this program, individuals with a FICO score as low as 500 and a debt-to-income ratio of just 50% can qualify.
- USDA loan program. Geared towards individuals residing in rural areas, this program allows participants to obtain a mortgage loan with a zero down payment. However, the applicant's annual income must not exceed 115% of the average income in the region.
- VA loan programs. Insured by the Department of Veterans Affairs, these mortgage options are available to former military personnel or their spouses.
These government programs can provide valuable opportunities for first-time homebuyers in Idaho, offering them the potential to secure affordable financing and realize their homeownership goals.
Pre-Approval: What Does It Mean?
Preliminary approval serves as a confirmation of a prospective homebuyer's credibility and assures home sellers that lenders are prepared to approve a mortgage loan for the buyer. To obtain pre-approval, individuals must provide documentary evidence of their ability to make payments. This typically includes earning statements, account statements, a W2 form, or alternative proof of income for a minimum of two years. Additionally, filling out the Uniform Residential Loan Application form is necessary. The pre-approval process helps streamline the homebuying journey and enhances the buyer's position when making offers on properties.