Mortgage Information

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

I would be happy to refer you to some very good mortgage contacts I have in Boise, or to help you in any other way I can to secure the best possible rate for your home purchase.

PROSPECT MORTGAGE/HOME LOAN RATES FOR 11/20/09:

Rates Dropped!

Conventional 30 year fixed rate:  4.875%

FHA 30 year fixed rate:  4.875%

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NEWS FLASH NEWS FLASH NEWS FLASH NEWS FLASH 

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A new bill dubbed the "FHA Taxpayer Protection Act of 2009" (H.R. 3706) was introduced to Congress on October 1st 2009. The new proposed legislation would raise the current required 3.5% down payment on FHA loans - to 5%.

Federal Reserve Chairman Bernanke is posturing that he is in favor of the upped down payment requirement. The bill also prohibits the buyers closing costs to be financed into the FHA loan, again potentially raising the cash to close requirements for first time home buyers.

No reason for Realtors, sellers or buyers to panic yet, as this is a brand new bill only just introduced to congress. None-the-less an important topic, and a good one to keep an eye on.

 

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.