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Buying a home in Idaho
According to Zillow, the typical home value in Idaho is higher than the typical value of $356,026 across the US. The typical home value in Idaho is $467,883, and home values have increased 8.0% over the past year.
Historic mortgage rates for Idaho
By looking at the average mortgage rates in Idaho since 2010, you can see trends for 30-year fixed mortgages, 15-year fixed mortgages, and 7/1 adjustable mortgages:
Seeing how today’s rates compare to historic Idaho mortgage rates may help you decide whether you’d be getting a good deal by getting a mortgage or refinancing now.
Mortgage calculator
To see how today’s mortgage rates will affect your monthly payments, use Insider’s free mortgage calculator.
Click on “More details” for tips about how to save money on your mortgage.
Idaho first-time homebuyer programs
If you get a mortgage through a participating lender, you may qualify for one or both of the following programs from the Idaho Housing and Finance Association:
Down payment/closing cost assistance: You may receive up to 3.5% of the home sale price. The IHFA forgives the loan gradually, and it completely forgives the loan after seven years.Homebuyer Tax Credit: Claim the interest you paid on your mortgage on your federal taxes, up to $2,000 per year.Federal Housing Administration mortgage: You can get a down payment of 3.5% with a credit score of at least 580, or get a mortgage with a credit score between 500 and 580 with 10% down using this loan, which is also called an FHA loan. United States Department of Agriculture mortgage: These loans, also called USDA loans, can be useful if you are a low-to-moderate income borrower looking to buy a home in a rural or suburban area.Veterans Affairs mortgage: These mortgages, also called VA loans, are for active-service military members or veterans, or spouses of members who have died and can provide lower interest rates than conventional mortgages.
IHFA mortgages may also include discounted interest rates and mortgage insurance costs.
Refinancing your mortgage in Idaho
Rates are at historic lows right now, so it could be worth it to switch your current mortgage for one with a lower rate — especially if the new rate would be significantly lower.
You don’t necessarily need to refinance with the same lender you used for your initial mortgage. A different company may offer you a better deal this time around. Shop around for a lender who will offer the lowest rate based on your credit score and debt-to-income ratio, and the one that charges relatively low fees.
How to get a low interest rate on your mortgage
Here are some tips for landing a good interest rate on your mortgage:
Save for a down payment. With a conventional loan, you may be able to put down as little as 3%. But the higher your down payment, the lower your rate should be. Rates should stay low for a while, so you probably have time to save more.Increase your credit score. Many lenders require a minimum credit score of 620 to receive a mortgage. But the higher your score, the better your rate will be. The most important factor for boosting your score is to pay all your bills on time.Lower your debt-to-income ratio. Your DTI is the amount you pay toward debts each month, divided by your gross monthly income. Most lenders want to see a DTI of 36% or less, but an even lower DTI can land you a lower rate. To improve your DTI, pay down debts or consider opportunities to increase your income.Choose a federally backed mortgage. If you’re qualified, you might think about a USDA loan (for low-to-moderate income borrowers buying in a rural area), a VA loan (for military members and veterans), or an FHA loan (not designated for any particular group). These loans typically come with lower interest rates than conventional mortgages. Additionally, you won’t need a down payment for USDA or VA loans.
Improving your financial situation and choosing the right type of mortgage for your needs can help you get the best interest rate possible.
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