Mortgage Calculator Idaho

The mortgage calculator Idaho is a tool that helps estimate monthly mortgage payments based on loan amount, interest rate, and loan term, specifically designed for the Idaho real estate market.

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Mortgage Calculator Idaho - 1

How To Use A Idaho Mortgage Calculator?

To use an Idaho mortgage calculator, you will need the following information:


Purchase price: The price of the home you are buying.

Down payment: The amount of money you are putting down on the home.

Interest rate: The interest rate on your mortgage.

Loan term: The length of your mortgage, in years.

Property taxes: The amount of property taxes you will pay each year.

Home insurance: The amount of homeowners insurance you will pay each year.

PMI (private mortgage insurance): If you are putting down less than 20% on the home, you will likely need to pay PMI. PMI is an insurance policy that protects the lender in case you default on your loan.

What Factors Affect Your Mortgage Payment in Idaho

There are a number of factors that can affect your mortgage payment in Idaho, including:


Purchase price: The purchase price of the home is the biggest factor that will affect your mortgage payment. The higher the purchase price, the higher your monthly payment will be.


Down payment: The down payment is the amount of money you put down on the home upfront. A larger down payment will lower your monthly payment.


Interest rate: The interest rate is the percentage of the loan amount that you will pay in interest over the life of the loan. A higher interest rate will result in a higher monthly payment.


Loan term: The loan term is the length of the loan, in years. A longer loan term will result in a lower monthly payment, but you will pay more interest over the life of the loan.


Property taxes: Property taxes are assessed by your local government and are based on the value of your home. Higher property taxes will result in a higher monthly payment.


Homeowners insurance: Homeowners insurance protects your home from damage or loss. Higher homeowners insurance premiums will result in a higher monthly payment.


PMI (private mortgage insurance): If you put down less than 20% on the home, you will likely need to pay PMI. PMI is an insurance policy that protects the lender in case you default on your loan. PMI premiums will increase your monthly payment.

How to get the best mortgage rate in Idaho

Here are some tips on how to get the best mortgage rate in Idaho:


Shop around and compare rates from multiple lenders: Don't just go with the first lender you talk to. Get quotes from several different lenders to see who can offer you the best rate.


Get pre-approved for a mortgage: This will give you an idea of how much you can afford to borrow and what your interest rate will be. It will also show sellers that you are a serious buyer and that you are qualified for a loan.


Improve your credit score: A higher credit score will typically result in a lower interest rate. You can improve your credit score by paying your bills on time, keeping your credit utilization low, and avoiding new debt.


Make a larger down payment: A larger down payment will lower your monthly payment and make you a more attractive borrower to lenders.


Consider a shorter loan term: A shorter loan term will result in a higher monthly payment, but you will pay less interest over the life of the loan.


Use a mortgage broker: A mortgage broker can help you shop around for the best mortgage rate and can negotiate on your behalf.



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First-Time Homebuyer Requirements Idaho

To meet the requirements  for a mortgage as a first-time homebuyer in Idaho, you will need to meet the following steps:


Have a down payment of at least 3.5% of the purchase price of the home: You can get a conventional loan with a down payment of as little as 3.5%, or you can get an FHA loan with a down payment of as little as 3%.

Have a credit score of at least 620: A higher credit score will typically result in a lower interest rate.

Have a debt-to-income ratio of no more than 50%: This means that your monthly debt payments, including your mortgage, must be no more than 50% of your monthly income.

Be able to afford the monthly mortgage payments, property taxes, homeowners insurance, and PMI (private mortgage insurance): PMI is an insurance policy that protects the lender in case you default on your loan. If you put down less than 20% on the home, you will likely need to pay PMI.

Grants For First-time Home Buyers in Idaho

There are a number of grants available for first-time home buyers in Idaho. Some of the most popular grants include:


Idaho Homebuyer Assistance Fund (IHAF): The IHAF provides down payment and closing cost assistance to first-time home buyers in Idaho. The amount of assistance you can receive depends on your income and the purchase price of the home. To learn more about the IHAF and apply, visit the Idaho Housing and Finance Association website.


Idaho Housing First Loan Program: The Idaho Housing First Loan Program is a low-interest mortgage loan program for first-time home buyers in Idaho. To qualify for the program, you must have a credit score of at least 620 and a debt-to-income ratio of no more than 50%. To learn more about the program and apply, visit the Idaho Housing and Finance Association website.


Idaho Heroes Loan Program: The Idaho Heroes Loan Program is a low-interest mortgage loan program for first-time home buyers in Idaho who are essential workers, such as law enforcement officers, firefighters, and teachers. To qualify for the program, you must have a credit score of at least 620 and a debt-to-income ratio of no more than 50%. To learn more about the program and apply, visit the Idaho Housing and Finance Association website.


USDA Rural Development Housing Loan Program: It provides low-interest mortgage loans to first-time home buyers in rural areas of Idaho. To qualify for the program, you must have a credit score of at least 640 and a debt-to-income ratio of no more than 41%. To learn more about the program and apply, visit the USDA Rural Development website.

Idaho First Time Home Buyer Benefits

There are a number of most popular benefits which are available to first-time home buyers in Idaho, which are as follows:


Down payment assistance programs: There are a number of down payment assistance programs available for first-time home buyers in Idaho. These programs can provide you with financial assistance to helps you cover the down payment on your first home.


Closing cost assistance programs: Closing costs are the fees associated with buying a home, such as title insurance, appraisal fees, and recording fees. Closing costs can sum up, so closing cost assistance programs can be a big help for first-time home buyers.


Tax credits: There are a number of tax credits available to first-time home buyers. These tax credits can reduce your tax liability and also save you money.


Low-interest mortgage loans: There are a number of low-interest mortgage loan programs available to first-time home buyers. These programs can help you get a lower interest rate on your mortgage.



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What Are Commercial Mortgage Rates Idaho

As of August 4, 2023, the average commercial mortgage rate in Idaho is 6.19%. However, rates can vary depending on a number of factors, including the property type, the loan amount, the loan term, and the borrower's creditworthiness.


Here is a breakdown of commercial mortgage rates in Idaho by property type:


Office: 5.99%

Multifamily: 6.02%

Retail: 6.21%

Industrial: 6.24%

Mortgage Down Payment Requirements idaho

The minimum down payment required for a mortgage in Idaho depends on the type of mortgage you are getting. For conventional loans, the minimum down payment is 3%. For FHA loans, the minimum down payment is 3.5%. For USDA loans, the minimum down payment is 0%.


Here is a breakdown of the different types of mortgages and their down payment requirements:


Conventional loan: 3% down payment

FHA loan: 3.5% down payment

USDA loan: 0% down payment

VA loan: 0% down payment (for qualified veterans)



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What Are Types of Mortgage idaho?

There are many different types of mortgages available in Idaho, each with its own unique features and benefits. Here is a brief overview of some of the most common types of mortgages:


Conventional loans: Conventional loans are the most common type of mortgage in Idaho. They are not backed by the government, but they are typically insured by private mortgage insurance (PMI) if you put down less than 20% of the purchase price.


FHA loans: FHA loans are insured by the Federal Housing Administration (FHA). They are a good option for first-time homebuyers and borrowers with lower credit scores. FHA loans require a down payment of as little as 3.5%.


USDA loans: USDA loans are guaranteed by the United States Department of Agriculture (USDA). They are available to borrowers who are buying a home in a rural area. USDA loans do not require a down payment.

VA loans: VA loans are guaranteed by the Department of Veterans Affairs (VA). They are available to qualified veterans and service members. VA loans do not require a down payment.


Jumbo loans: Jumbo loans are mortgages that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. Conforming loan limits for 2023 are $726,200 for a single-family home and $1,089,300 for a duplex or triplex. Jumbo loans may require a larger down payment and may have higher interest rates.


Construction loans: Construction loans are available to Debtors who are building a new home. They typically have higher interest rates.


Bridge loans: Bridge loans are short-term loans that can be used to cover the down payment on a new home before selling your current home.


Hard money loans: Hard money loans are short-term loans that are typically made by private investors. They can be used to finance a variety of real estate transactions, but they have high interest rates and fees.


Commercial mortgages: Commercial mortgages are used to finance the purchase of commercial property, such as office buildings, retail centers, and apartment complexes.


Current Mortgage Rates Idaho

According to Bankrate, the current mortgage rates in Idaho as of August 4, 2023 are as follows:


30-year fixed mortgage: 7.375%

15-year fixed mortgage: 6.86%

5/1 adjustable-rate mortgage (ARM): 6.81%

Mortgage Rates Idaho History

Mortgage rates in Idaho have fluctuated over time, but they have generally been trending downward in recent decades. The following table shows the average 30-year fixed mortgage rate in Idaho for selected years:


Year Average 30-year fixed mortgage rate

2023       7.375%

2022       5.11%

2021       2.93%

2020       3.31%

2019       4.12%

2018       4.65%

2017       4.20%

2016       3.84%

2015       3.70%

2014       4.17%

2013       4.29%

2012       3.75%

Current Mortgage Rates Boise

The current mortgage rates in Boise, Idaho as of August 4, 2023 are as follows:


Conventional loan:

30-year fixed: 7.50%

15-year fixed: 6.96%

5/1 ARM: 6.87%


FHA loan:

30-year fixed: 7.625%

15-year fixed: 7.06%


VA loan:

30-year fixed: 7.45%

15-year fixed: 6.91%


USDA loan:

30-year fixed: 7.375%

Current Mortgage Rates  Idaho Falls

Here are the current mortgage rates in Idaho Falls, Idaho as of August 4, 2023:


Conventional loan:

30-year fixed: 7.40%

15-year fixed: 6.88%

5/1 ARM: 6.81%

FHA loan:

30-year fixed: 7.55%

15-year fixed: 7.09%


VA loan:

30-year fixed: 7.40%

15-year fixed: 6.88%


USDA loan:

30-year fixed: 7.375%

Current Mortgage Rates Pocatello

Here are the current mortgage rates in Pocatello, Idaho as of August 4, 2023:


Conventional loan:

30-year fixed: 7.45%

15-year fixed: 6.91%

5/1 ARM: 6.84%


FHA loan:

30-year fixed: 7.60%

15-year fixed: 7.04%


VA loan:

30-year fixed: 7.40%

15-year fixed: 6.88%


USDA loan:

30-year fixed: 7.375%

Current Mortgage Rates Lewiston

The current mortgage rates in Lewiston, Idaho as of August 4, 2023 are as follows:


Conventional loan:

30-year fixed: 7.48%

15-year fixed: 6.94%

5/1 ARM: 6.83%


FHA loan:

30-year fixed: 7.61%

15-year fixed: 7.05%


VA loan:

30-year fixed: 7.43%

15-year fixed: 6.90%


USDA loan:

30-year fixed: 7.375%

Current Mortgage Rates Coeur d'Alene

Here are the current mortgage rates in Coeur d'Alene, Idaho as of August 4, 2023:


Conventional loan:

30-year fixed: 7.65%

15-year fixed: 7.11%

5/1 ARM: 7.00%


FHA loan:

30-year fixed: 7.82%

15-year fixed: 7.26%


VA loan:

30-year fixed: 7.60%

15-year fixed: 7.06%


USDA loan:

30-year fixed: 7.42%

Current Mortgage Rates Moscow

Here are the current mortgage rates in Moscow, Idaho as of August 4, 2023:


Conventional loan:

30-year fixed: 7.70%

15-year fixed: 7.16%

5/1 ARM: 7.05%


FHA loan:

30-year fixed: 7.87%

15-year fixed: 7.31%


VA loan:

30-year fixed: 7.65%

15-year fixed: 7.11%


USDA loan:

30-year fixed: 7.52%

Current Mortgage Rates of Twin Falls

Here are the current mortgage rates in Twin Falls, Idaho as of August 4, 2023:


Conventional loan:

30-year fixed: 7.908%

15-year fixed: 7.000%

5/1 ARM: 7.199%


FHA loan:

30-year fixed: 8.025%

15-year fixed: 7.16%


VA loan:

30-year fixed: 7.971%

15-year fixed: 7.064%


USDA loan:

30-year fixed: 7.875%

Refinance Mortgage Rates Idaho

As of August 4, 2023, the current refinance mortgage rates in Idaho are as follows:


Conventional loan: 6.63%

FHA loan: 7.75%

VA loan: 7.50%

USDA loan: 7.375%

Idaho Mortgage Grants

There are a number of mortgage grants available in Idaho to deal with low- and moderate-income borrowers purchase a home.


Here are some of the mortgage grants available in Idaho:


Idaho Housing and Finance Association (IHFA) Down Payment Assistance Program: This program provides up to 5% of the purchase price of a home to low- and moderate-income borrowers.

Boise City Housing Authority (BCHA) Homebuyer Assistance Program: This program provides up to $10,000 to low- and moderate-income borrowers to helps with  down payment and closing costs on a home in Boise.


Nampa Housing Authority (NHA) Homebuyer Assistance Program: This program provides up to $7,500 to low- and moderate-income borrowers to helps with the down payment and closing costs on a home in Nampa.


Pocatello Housing Authority (PHA) Homebuyer Assistance Program: This program provides up to $5,000 to low- and moderate-income borrowers to helps with the down payment and closing costs on a home in Pocatello.

Jumbo Mortgage Rates Idaho Today

As of August 4, 2023, the average jumbo mortgage rate in Idaho is 8.04%, according to Bankrate. This is higher than the average conventional mortgage rate in Idaho, which is 6.63%.

Best and Lowest Mortgage Lenders in idaho

Here is a list of the best and lowest mortgage lenders in Idaho, based on customer reviews, interest rates, and fees:


Best Mortgage Lenders in Idaho:

  • Idaho Housing and Finance Association (IHFA)
  • PenFed Credit Union
  • New American Funding
  • Guild Mortgage
  • Rocket Mortgage
  • Veterans United Home Loans
  • Chase Bank
  • Wells Fargo
  • Bank of America
  • US Bank
  • Freedom Mortgage


Lowest Mortgage Lenders in Idaho:

  • Idaho Housing and Finance Association (IHFA)
  • PenFed Credit Union
  • New American Funding
  • Guild Mortgage
  • Rocket Mortgage
  • Veterans United Home Loans
  • Chase Bank
  • Wells Fargo
  • Bank of America
  • US Bank
  • Freedom Mortgage


FAQs

How is my mortgage calculated?

Your mortgage is calculated based on factors like loan amount, interest rate, and loan term.

Is PMI charged monthly?

Yes, PMI is typically charged monthly if your down payment is less than 20%.

Why are Boise home prices so high?

Boise home prices are high due to factors like population growth and limited housing supply.

What is the mortgage rate in Boise Idaho?

Mortgage rates in Boise, Idaho vary; check with lenders for current rates.

Is it easy to live in Idaho?

Living in Idaho offers ease with beautiful landscapes, outdoor activities, and low population density.

 Does Idaho have property tax?

Yes, Idaho has property tax; the amount depends on property value and local tax rates.

Mortgage Calculator Idaho