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Are you thinking of buying a home in Boise, ID in 2024 or beyond? If so, you’ll want to consider various mortgage products that are available to help you fund this big investment, and find the best mortgage in Boise to help you successfully complete the transaction.
Working with the right mortgage company will make the process as seamless as possible. When you finally are ready to buy a home in Boise, ID, you want to be sure you’re working with a sound mortgage company when you need them most. Here’s some insight into living in Boise, the overall temperature of the Boise real estate market and some tips on how to make sure you choose the right mortgage company to work with.
Boise is the capital of the state of Idaho and is a lovely city, with bountiful greenspace that will suit the outdoorsy type just perfectly. The city is dotted with parks and trails, especially in the Boise River Greenbelt located along the edge of the water.
The city is also known for its architectural history, including the Boise Art Museum, Idaho State Capitol Building, and Old Idaho Penitentiary. Boise is poised to be the hottest housing market in the nation this year, so if you’re looking to buy a home in this city any time soon, you may come across some competition from other prospective home buyers.
As of January 2024, the median home value in Boise is about $459,653. That’s quite a bit more than the median home price statewide of $432,307. Considering all the perks of living in Boise, this home price may still be within your range! Home prices have actually decreased 1% in Boise over the past 12 months, but they’re expected to rise over the next few months.
The market is considered competitive right now and is expected to continue to be over the short-term. As such, buying in Boise sooner rather than later may be your best bet to ride the wave of rapid appreciation and avoid paying higher prices.
Not only is it helpful to know the average price of homes in Boise, but it’s also helpful to get an idea of how much of a down payment you’ll need to come up with. Considering the value of the average home in Boise, you’re looking at a down payment of about $45,965, based on the average down payment amount of 10%.
That’s not exactly a small amount, but the down payment amount that you are required to put forth will also depend on the mortgage company in Boise that you choose. That’s one of the many reasons why choosing the right company is important.
You want the best Boise mortgage company, and they want the best customers. Do your homework to make sure you’re a good fit, and work on your finances to make yourself an attractive borrower.
One of the first things you should do as a homebuyer is to ensure that your credit score is in good standing. A higher credit score will allow you a better chance of getting approved for a mortgage at a lower interest rate. Mortgage lenders will look at your credit score when determining whether or not to approve you. They’ll also use it to determine the type of rate to offer you.
If your credit score is on the low side, consider taking some time to improve it. Generally speaking, a credit score of between 650 and 680 is considered the minimum that most lenders will require, though each lender will have their own minimum credit score requirements. If you give your credit score a boost, you can open more doors for yourself.
Related: Check Your Credit Score for Free
When you narrow down your search for mortgage companies in Boise, you’ll want to “interview” them by asking important questions. The answers that you get to certain questions will help you determine which mortgage company may be best to work with versus one that you may want to steer clear of. Ask questions about things such as:
A reputable Boise mortgage company will give you comprehensive answers to all of these questions. If not, keep looking. Asking these types of questions is a good way to weed out companies that you may not want to work with versus those that may be more qualified to look out for your best interests.
While there are several factors that you should compare between lenders, the interest rates offered is one of the more important ones. Unfortunately, many borrowers overlook this, which can cost them dearly in the long run. Luckily, it’s easy to compare rates from one lender to the next thanks to the internet. You can generate rate quotes from various mortgage companies in Boise, print them, then compare them side-by-side.
This part of the selection process should always be part of your analysis when trying to choose a mortgage company to work with. Just be sure to weigh the interest rate with other things, such as fees and down payment requirements to make sure that the lower rate is really worth it.
Related: Loan Programs Available For Home Buyers
After narrowing down your options even further, now’s the time to review them in greater detail before choosing just one. After you’ve asked all the tough questions, ask them about the types of mortgage programs offered, whether or not any assistance programs may be available to you, what credit score you need, whether or not they offer in-house mortgages, and so on. The goal is to get a clear idea of the stability of the mortgage company so you won’t come across any unpleasant surprises when all is said and done.
Borrowers should know that there are loan limits that restrict the loan amount they can take out. Conforming loans and FHA loans both have their own limits on loan amounts. Loan limits have been eliminated on VA loans as of 2020. But some borrowers who have more than one active VA loan or who have loan defaults on a previous loan will still be subject to loan limits.
Loan limits are increased on January 1 of every year to reflect the increase in home prices. Every county across the country will be assigned its own loan limit. Any loan amounts that go over these limits are considered “jumbo loans.”
Check out our mortgage loan limit tool for conventional, FHA, and VA loans.
There’s so much to know about mortgages in Boise, ID, and the mortgage companies that offer them. At Sammamish Mortgage, we can provide you with all the information required about home loans without the need to do any leg work yourself. We’ve been helping borrowers all over Washington, Idaho, Colorado, and Oregon apply for mortgages since 1992, and we’d love to help you too. We offer plenty of mortgage programs with flexible qualification criteria, and we would love to speak to you about how we can help. Contact us today to get the info you need about home loans needed to buy a home in Boise!
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.