Over time, we here at Peak Personal Finance have been going through the country, state-by-state, and finding out what the best mortgage rates are for your area. Today, we’re looking at the best home loans in Idaho.
For this look, we’re assuming good credit (700+ FICO score), a down payment and/or equity in the home equal to up to 20% of the value, and a loan commensurate with local averages (no “Jumbo” loans). We’ll also be assuming cash on hand for closing costs (those expressed in points are included in the loan, usually). Loans will be ranked by annual percentage rate (APR).
30 Year Fixed Rate Best Home Mortgage Rates
AimLoan.com offers a 4.906% APR with 1.984 points and $1,995 in fees. A 5.02% APR will lower the points to 0.504 and zero points can be had at an APR of 5.107%. A 30 day lock is available.
Wells Fargo Bank has a 5.327% APR with 0.625 points and $387 in fees. There is a sixty day lock on this offer.
Quicken Loans has a 5.486% APR with 1.625 in points and $1,600 in closing costs. Rising to 5.867% APR and paying $2,088 in fees will reduce points given to zero. This can be locked in for 45 days.
Finally, Key Bank has a 5.447% APR with 0.25 in points and only $901 in fees. A 45 day lock-in is available.
15 Year Best Home Mortgage Rates in Idaho
For these terms, the best mortgage rates in Idaho are still at AimLoan with a 4.602% APR, 1.12 in points, and their $1,995 fees. The points can be eliminated with the rate rising to 4.683% APR and the closing costs are the same.
US Bank offers 4.791% APR with no points and only $448 in fees, however and has a 60 day lock in.
Quicken offers 4.935% APR with 1.875 points and $1,600 in closing fees. To eliminate those fees, the rate has to jump to 5.274% APR with the same closing fees.
5/1 Adjustable Rate Mortgage
For the best mortgage rates in Idaho, and for those who can use it, an ARM mortgage may be the ticket. The AimLoan offer of 3.728% APR with 1.547 points and $1,995 in closing fees is good. The Key Bank offer of 3.577% APR with 0.25 in points and $901 in fees may be better, however.
All banks listed are FHA approved. Your situation will vary and the exact location and other factors will change these rates for you. They are guidelines, however, to show you the best home mortgage rates in Idaho right now.
