In this article, we'll provide you with some useful tips to help you find the best mortgage company in Salem that can provide you with the home loan you need to make a home purchase.
Summary: Are you thinking of buying a home in Boise, ID in 2020 or beyond? If so, you’ll want to consider various mortgage products that are available to help you fund this big investment, as well as the mortgage companies that offer them. This article will outline a few helpful tips that will help you find the best mortgage company in Boise, ID.
Boise is the capital of the state of Idaho and is a lovely city comprised of 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.
Considering this, you’d be well-advised to team up with an experienced and knowledgeable real estate team and mortgage company that will be able to walk you throughout the home buying and mortgage process without a hitch. Working with the right mortgage company will make the process as seamless as possible. When you finally find the home of your dreams in Boise, ID, you want to be sure you’re working with a sound mortgage company when you need them most.
This article will go over the overall temperature of the Boise real estate market and will give you some tips on how to make sure you choose the right mortgage company to work with. If you want to learn more about what a reputable mortgage company sounds like, get in touch with Sammamish Mortgage!
Overview of the Boise, ID Real Estate Market
As of February 2020, the median home value in Boise is about $329,100. That’s just a bit more than the median home price statewide. Considering all the perks of living in Boise, this home price is rather modest. That said, home prices have already increased quite a bit in Boise over the past 12 months, and they’re expected to rise a lot over the next few months, too. The market is considered very hot 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 $32,910, 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.
Tip #1: Improve Your Credit Score
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
Tip #2: Ask Lots of Questions
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:
- Mortgage rates
- Mortgage programs (ie. vs fixed-rate versus adjustable-rate loans)
- Closing costs
- Discount points
- Mortgage payment amounts
- Down payments
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.
Tip #3: Compare Interest Rates Among Lenders
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.
Tip #4: Thoroughly Go Over Each Option
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.
Contact Sammamish Mortgage for More Information
These tips are certainly helpful and provide a good start to you choosing a mortgage company in Boise. To get more information, we encourage you to get in touch with Sammamish Mortgage, a mortgage company that has been providing mortgage programs to borrowers in Idaho for about 28 years, as well as in Colorado, Oregon, and Washington.
Speak to one of our mortgage specialists and inquire about our current mortgage rates or get an instant rate quote. If you’re ready to apply for a mortgage, you can do so using our new, innovative automated online mortgage application system. Contact us today!