Frequently Asked Questions About Idaho Mortgage Loans

What does it mean to 'lock' my interest rate?

Interest rates change on a daily (sometimes hourly) basis based on several factors in the market at large. There is a rate set by the government for lending money to banks and between the various banks which affects the amount of money it will cost the bank to lend money to you. In order to capitalize on the lowest rate possible, your interest rate will "float" with the market rate until a point where you choose to "lock it in". Once you have locked your rate in, that is the rate that your loan, be it an ARM or conventional loan, will start at and calculations will be based on that for your initial monthly payments.

How much does it cost to use this site?

Nothing! Idaho Mortgage Loans is completely free to you. This site is provided as a networking service between you and our group of lenders who are interested in providing their mortgage loan products to Idahoans.

Is IDMortgageLoans.com a bank?

No. No home loans or refinances are provided directly by IDMortagageLoans.com or its owners and operators.

Should I use a mortgage broker?

Mortgage brokers are help those interested in buying or selling a home to find the right loan product that suits them. IDMortgageLoans.com has taken care of that critical step for you, however, by bringing together a qualified network of lenders for you to choose from in making your home buying or loan refinancing decision.

What is an APR?

APR stands for Annual Percentage Rate. This is the amount, over one year, that you will pay as a fee for the money that you borrow on a loan. There are amortization tables that can help you to determine how an APR affects your payment amount on your mortgage. Usually APRs are fixed and do not change, but there are loans available where the APR is flexible and may change over time.

What are Points?

Points are a way of paying extra money for your down payment without actually putting forward the cash for it. One point is usually equivalent to one percent of your loan amount so if you have a $100,000 loan and use one point that will be $1,000 extra down payment applied to your home.

What is Private Mortgage Insurance?

Private Mortgage Insurance (PMI) is paid by those borrowers who do not have a 20% down payment to make in their home. This insurance must be paid along with the mortgage until the equity in the home reaches or exceeds 20%. What Private Mortgage Insurance does is insures the lender against default. Check our our types of loans page for more information.

What is Escrow?

Escrow is a process for clearing a home for sale by investigating the property for sale, the home and the borrower thoroughly. It is during escrow when information submitted on your application will be checked thoroughly including your employment, references, your bank accounts and verification of your eligibility to buy the home according to state and federal laws. Once this process is complete your escrow will be considered "closed" and the home purchased.

Do I have to live in Idaho to get a loan through your network?

No. The information on this site is geared toward the citizens of Idaho, but the lenders in our network are willing to work with borrowers from other states as well.