The prospect of buying a home is an exciting chapter in anyone's life—and InterWest Mortgage is here to help. This event marks a significant milestone, representing stability, growth, and a sense of accomplishment. However, before you embark on this journey, there are essential steps you need to take to prepare yourself for the mortgage application process. Navigating the complexities of mortgages requires careful planning and financial prudence. In this guide, we will explore the crucial aspects of getting ready to apply for a mortgage, helping you lay a strong foundation for your homeownership dreams.

Mortgages can be intimidating, which is why we’re providing this quick guide to the basics. Be sure to read Part 1 before diving into Part 2 here.

For many, anything that deals with money can be daunting. As you search for a home, the last thing you want is to deal with additional stress of financing your new purchase. It’s important to choose the right lender to ensure a smooth transaction, from pre-approval to close and beyond. With a knowledgeable lender, you will be in good hands and can be confident the process will have minimal hiccups. Here are some basics about mortgages to help you get familiar with the terms before diving into a loan. \

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.