The housing market continues to boom across the country, and Idaho is sitting at the top of the growth list. Realtor.com predicts Salt Lake City, Utah to be the number one fastest growing real estate market in the US in 2022, but Boise came up as a close second. Boise may be a little bit of a drive from Idaho Falls, but the prediction still indicates a strong market for the next year throughout the state of Idaho. Before you set out to find your home in this crazy market, you must get pre-approved for a loan to give you the best advantage, unless, of course, you’re planning to buy with cash. Most homes are getting multiple offers above list price, so you need to ensure you have the best offer you can possibly give on the table right off the bat. This means reasonable closing deadlines, no contingencies (if possible), and your financing is secure and ready to go.
Pre-qualified or Pre-approved?
At the beginning of your home search process, you can opt for a basic pre-qualification. This is preliminary and is an easy and quick way to see how much you may be able to borrow for your mortgage without any commitment. This helps you get an idea of your budgetary needs and will help with narrowing down options before looking at homes. However, once you get more serious, you’ll want to solidify your financing by getting an official pre-approval. Right now, sellers are generally only accepting offers that have secure financing, so make sure your offer will show that you’re serious and ready to commit.
You also don’t want to waste time looking for homes you cannot afford. A pre-approval will give you the information you need to make sure you’re not spinning your wheels looking at homes that are out of your price range. The earlier you get pre-approved, the easier it will be to navigate the home buying process. Home buying certainly has its stressors, but with the right team on your side and an objective, proactive approach, it can be more enjoyable and exciting than stressful.
The Right Mortgage Lending Office
A mortgage loan is a big deal, and for many of you reading this, this may be the first time you’ve needed one. Trusting an investment of such a large amount requires someone of expertise, honesty, and professionalism. You need a team that you feel confident discussing all your concerns with—this includes your loan officer. Your loan officer should assist you in getting the best loan for your personal needs, keep you in the loop throughout the entire process, have open communication with your real estate agent and other necessary parties, and be up front about all your options for your specifics. You want to feel like you’re being taken care of like a family member from the moment you walk in the door to the last signature on the page—and beyond. At InterWest Mortgage, this is precisely what we do and how we want our clients to feel.
