Refinancing can be a great financial tool, but only if your reason is really geared toward one major goal: saving money. We previously released a blog about some benefits of refinancing, which include lowering your interest rate, converting your loan to ARM/fixed-rate, shortening the loan term, or accessing equity to consolidate debt.
Deciding on a home is very personal, and there are many factors that go into making that decision. Pre-built and new construction homes both offer amazing benefits, which sometimes makes it hard to decide which one is best for your situation.
Buying a home is a big decision, and the loan you choose is almost as important as the home itself. You want to ensure you’re getting into a good situation for your financial needs, no matter how much you love a property.
Technology is everywhere today. In many ways, technological advances have made the world of business run much more smoothly. For the lending and housing industry, considerable advancements over the past few years have had a huge impact on the entire industry.
Jumbo loans are also called nonconforming loans. They are for homebuyers that need additional money to buy a property that exceeds loan-services limits set by Fannie Mae and Freddie Mac, which are US government-sponsored organizations. Currently, the borrowing cap for a single-family home in the US (except Hawaii and Alaska) is $726,200, so if you need to borrow more than that, you may be looking at a jumbo loan. Jumbo loans can often be used for primary and secondary residences, vacation home, and investment properties. There are a variety of terms (such as adjustable and fixed rates), and they typically have higher interest rates, stricter rules with underwriting, require lower debt-to-income ratios, and require a larger downpayment than standard mortgages.
Moving to Idaho is a great choice for many people! Our state has so much to offer, from the friendly community to the gorgeous outdoor options. If you’re new to the area, we have some great tips on getting settled easily in our different communities. Here are some ways to get into the groove of a true Idahoan.
Relocating to a new state can be intimidating, but don’t worry. We’re here to guide you. If you haven’t read Part 1 of our blog series (which discusses Ammon, Blackfoot, Driggs, Idaho Falls, and Island Park communities) be sure to check it out before diving into Part 2 here.
If you’re relocating to Idaho, we can help you as you research your options. InterWest Mortgage is located in Idaho Falls, and there are many cities close around us that could be excellent options for your landing pad.
Lenders don’t typically require a home inspection to qualify for a mortgage loan, but that doesn’t mean you should forego getting one. Home inspections are wise for numerous reasons.
