For many years, the beauty of Idaho was one of the best-kept secrets in the country. Some of the world’s most famous and wealthy people have been flocking to Idaho’s Sun Valley, among other places, to return to the simple, conventional family life upon which our country was founded. Sweeping landscapes of green and some of the best farmland in the world make Idaho an ideal place to raise a family. The desire to live in a state as great as Idaho is growing, and this means that the cost to purchase a home is rising. Too many individuals are living paycheck to paycheck to be able to afford their homes. There is a source of relief, however, for some homeowners. Refinancing your current mortgage could be the best solution to your financial woes. Refinancing (obtaining a new loan to cover the remaining balance on your current home) can lower your monthly payments and offer access to the equity that you have worked so hard to build in your home.
Quick Idaho Housing Facts:
- Percent of homeowners in Idaho: 72.4%
- Percent of renters in Idaho: 27.6%
- Median annual income in Idaho: $40,476
- Average credit score in Idaho: 688
- Best Idaho city to live in: Meridian, ID
- Median Idaho home value: $106,300
When to Refinance in Idaho
The benefits of refinancing are priceless as long as you do enough preparation before you commit to a refinancing package. First, determine the current interest rates. Are they changing frequently? Is this variation frequent? Then determine if the current conditions of the real estate market are conducive to an affordable refinancing package that will save you money in the long run. This can be estimated by checking to see if today’s rates are consistently lower than 1.5% less than what you are currently paying. If they are not lower than 1.5%, then it may not be the right time to refinance. It is also very important to check into the terms and conditions of your existing mortgage. Are you going to be subject to a penalty or large fee if you refinance? If so, will this penalty cost you more than simply maintaining your current mortgage? Finally, be sure to establish a serious understanding of your refinancing options. Many individuals neglect to take the time to understand what they are getting themselves into until it is too late.
How much house can I afford in Idaho
One of the biggest problems facing Idaho homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Other factors lenders might look at is what your FICO score is, what your debt-to-income ratio is, and how much you can afford for a monthly payment.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.