Mortgage Options in the State of Idaho
It's never been a better time to buy a home in Idaho -- and our team of home loan experts is committed to educating you on the details of buying a home in The Gem State. Right now, the Idaho median home listing price sits at $287,990, a little more than $15,000 higher than the national median selling price of $261,500.
The priciest place to buy a home in Idaho is the popular resort town, Coeur d'Alene where the median listing price is currently $377,050. In comparison, in the state capital, Boise, the median listing price is significantly less, at $305,745. More affordable cities and towns in Idaho include Nampa, with a median home listing price of $224,990, and Idaho Falls, with a median home listing price of $225,000.
Here at home.loans, our team is committed to helping you make smart financial choices throughout the entire home purchase process. Whether you're taking advantage of a special loan program like a VA or FHA loan, are interested in getting an energy efficient mortgage, or want to access the equity in your home via a home equity loan or HELOC, we want to assist you on every step of your home buying journey.
Best Idaho Mortgage Lender: Fairway Independent Mortgage Corporation
A rapidly growing name in the national home finance industry, Fairway Independent Mortgage Corporation is one of the best options for conventional, FHA, and VA financing across the country. Home buyers will agree that it’s actually pretty easy to find a Fairway location when its time to get a home loan. Beyond that, their customer service is well known to be top notch.
Fairway Independent Mortgage Corporation has stunning reviews from its client base over the years. One thing they seem to excel in is cutting down the closing costs that borrowers are expected to pay at the end of a mortgage transaction, as well as facilitating a faster closing.
Fairway may very well be the best option for first time home buyers on this list. Their attention to detail and completely transparent methodology is perfect for obtaining a mortgage loan at a great rate in a stress-free environment.
Best Idaho Mortgage Refinance Lender: Academy Mortgage Corporation
Academy Mortgage Corporation has been around since 1988, and has made a name for themselves on a national scale. The company is committed to responsible lending practices, especially with the ever-changing economy of today.
Unlike many mortgage brokers around, Academy Mortgage Corporation has the advantage of being a direct mortgage lender. This means that they handle all loan processing, underwriting, closings, and funding at their local branch offices.
Being a direct lender, means being able to close mortgage refinance transactions as efficiently and quickly as possible, sometimes even in a matter of days! With the security and efficiency of their in-house loan origination and management, they are one of the best when it comes to speedy and affordable home financing!
Best Idaho FHA Mortgage Lender: Willamette Valley Bank
We’ve ranked Willamette Valley Bank as the #1 FHA lender in both Oregon and Idaho-- and for a good reason. When it comes to FHA lenders in the Gem State, Willamette Valley Bank constantly outshines the competition. The bank, which has its headquarters in Portland, Oregon, prides itself on customer service and its nearly two decades of experience in home financing. Willamette Valley Bank has 2 locations in Idaho, with 15 more locations across the neighboring states of Washington and Oregon. In addition, the bank consistently shows up on lists of the best companies to work for in the area, which is a good sign for borrowers that they’ll treat their customers well, too.
Like a lot of FHA lenders, Willamette Valley Bank also can offer borrowers VA loans, USDA loans, and conventional loans, so even if you decide that an FHA loan isn’t the right choice for you, the bank can still help you achieve home financing. Plus, unlike many lenders, the bank offers Fannie Mae HomeReady mortgages, a prime competitor to the FHA 203(k) purchase/refinance and rehabilitation program.
Best Idaho VA Mortgage Lender: Guaranteed Rate
A Kingpin of the online mortgage trend that plays a large role in government-insured financing is Guaranteed Rate. Their participation in the digital mortgage wave leaves many other platforms lacking by comparison.
Guaranteed Rate is also extremely experienced with the origination of VA loans. The ability to offer VA financing through one of the best digital mortgage platforms available makes them serious competition to other VA lenders, and highly favored among repeat and first time home buyers. VA Mortgages are one of the highest selling loans through Guaranteed Rate.
The online platform makes securely uploading the important financial documentation requested for a loan approval fast and easy. Borrowers can even check their credit scores through the service, rather than go elsewhere. Guaranteed Rate is one of the rare few digital mortgage platforms where a mortgage loan can be closed without ever needing to speak with someone unless requested by the home buyer.
Best Idaho Home Equity Lender: U.S. Bank
With a history dating all the way back to 1863, U.S. Bank is the farthest thing from the new kid on the block. Its strong presence in today’s mortgage market as the country’s fifth largest bank is a testament to their deep commitment to providing affordable HELOCs and home equity loans with excellent service.
U.S. Bank offers both home equity loans as well as HELOCs. Their home equity loan offering is a fixed rate HEL with a term of up to 30 years, while their HELOC product has a variable interest rate coupled with a draw period of 10 years.
U.S. Bank is well known for its knowledgeable staff and expert loan officers. Chances are, no matter what a borrower’s financial situation may look like, they can come up with an affordable home equity solution.
Experience often trumps trendy advancements, and the face-to-face personalized mortgage services offered by U.S. Bank are a shining example of this. Home buyers never have to worry about a lack of communication or being rushed, and will be treated with the same respect and due diligence as their big-name clients.
Shop Around Before You Get an Idaho Home Loan
Our picks for the best mortgage lenders in Idaho may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal mortgage solution that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!