Mortgage and Refinance Rates in Idaho
Use our comparison table to compare refinance and mortgage rates in Idaho
Today's Rates in Idaho
Finding the lowest Idaho mortgage rates can be a challenge. Mortgage rates aren't like other consumer products – you can't just check the price tag to find the best deal. If you spend much time checking into Idaho home loans, you'll find that rates will vary depending on the type of loan, the length of the term, the lender involved – and on you, the borrower!
Mortgage rates in Idaho and elsewhere are very individualized. While the rate you pay in large part depends on the type of loan you choose – shorter loans have lower rates than longer-term ones, for example – they also depend on what you bring to the table as a borrower. What's your credit score? How much of a down payment are you making? How much are you borrowing? All those can affect the rate you get and your monthly payments going forward.
Fortunately, you're in the right place to get answers. MortgageLoan.com has the resources to answer those questions and many more, including everything you need to learn about cash-out refinancing, home equity loans, interest-only mortgages, or even debt consolidation.
Start by checking the current Idaho mortgage rates at the top of the page. Then hone your mortgage knowledge by browsing our collection of mortgage articles for the information most useful to you. You can also use the form at the top of this page to request personalized rate quotes that will help you calculate how much loan you can afford. Use those estimated interest rates to run scenarios on our mortgage calculators until you feel comfortable with the debt load and repayment amount. Then compare offers and choose the mortgage lender and loan that's best for you.
Idaho Mortgage Interest Rates
Knowing which factors will influence your mortgage loan rate makes your mortgage search far more efficient. First, understand that economic trends tend to determine the range in which mortgage rates will fluctuate. Within that range, your offered rate might depend on:
- How much you want to borrow relative to the home's value. On a purchase or refinance mortgage, you can get the best rate by borrowing 80 percent or less of the home's value.
- Your creditworthiness. Creditworthiness is a lender's term referring to how likely you are to pay the money back on time. The more creditworthy you are, the lower your rate will be.
- How the loan is structured. Mortgages with shorter amortization periods have lower rates than longer-term loans.
Idaho home loans
You have a variety of options when choosing among Idaho home loan programs and shopping for the best rates. There's a lot of variety among them, so you want to be sure to choose the loan and options that are the best fit for you as a borrower.
The most popular choice among Idaho home loan programs are what are known as conforming mortgages, sometimes called conventional mortgages. These are mortgages backed by Fannie Mae and Freddie Mac and meet their lending criteria, hence the name "conforming." These criteria include things like credit scores, debt-to-income ratios, maximum loan amounts, down payments and more. Loans that meet these criteria are considered less risky for investors than loans that do not, which means they can have lower rates and more favorable terms for borrowers.
FHA loans are another popular choice, especially as an Idaho first-time homebuyer loan. Idaho FHA loan requirements allow lower credit scores than conforming mortgages do and down payments of as little as 3 percent of the loan amount. Borrowers with lower credit scores can often get better rates with an Idaho FHA loan as well.
Veterans and eligible active duty service members will likely look to VA loans, which offer very favorable terms, including no down payment up to fairly generous limits, and attractive rates.
All of these Idaho home loans can be used to either purchase a home or refinance an existing mortgage. You can even refinance from one type to the other, if you meet the requirements.
Home equity loans
These are a special kind of mortgage that allow you to borrow against the value of your home. Idaho home equity loans typically offer better rates than you can get on other, unsecured loans like credit cards because you're using your home equity as collateral. This is a major advantage of home equity loans but also a risk – because if you don't keep up your payments, the lender can foreclose, just like on the primary mortgage on your home.
To qualify for a home equity loan, you need home equity. Ideally, you want to have at least 20 percent equity remaining after you take out a home equity loan. So if you currently have 35 percent equity and take out a loan equal to 15 percent of your home value, you'd have 20 percent equity left. Some lenders will exceed this and let you go down to as low as 10 percent equity remaining or lower, but expect to pay significantly more for loans that leave you with less than 20 percent home equity.
Idaho home equity loans come in two types: a regular home equity loan and a home equity line of credit (HELCO). With a regular home equity loan, you simply borrow a sum of money and repay it; with a HELCO, you get a line of credit secured by your home equity that you can borrow against as you wish. Both have their advantages; Idaho home equity loan rates on a standard loan are usually fixed rates, while HELOC rates are adjustable as long as the credit line is open. The one that works best for you will depend on your situation.
Curious about Idaho home equity loan rates? You can use the form at the top of the page to request Idaho home equity rate quotes tailored specifically for you from lenders.
Compare Local Mortgages
Whether you hail from the historic town of American Falls or the capital city of Boise, you can find a the best Idaho mortgage rates for your home.. Comparing Idaho mortgage loan rates is far easier when you make use of our mortgage calculators. During your mortgage search, you might need to know which works out better, an adjustable-rate mortgage (ARM) or a fixed-rate mortgage (FRM). Or you might wonder how much more interest you'd pay if you made interest-only payments for the first year. Both questions, and many more, can be solved quickly with the calculators available at Mortgageloan.com. Your primary concern should be to ensure that you have enough loan offers to compare. Get started in the right direction requesting personalized rate quotes from lenders doing business in Idaho, using the form at the top of the page, and then proceed from there.