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We first visited the Boise area in 2016 and have been back twice since then. Ever since our first visit we have wanted to move there but things just didn't line up. We are finally in a position where it may become a reality.
We want to get pre-approved for the potential home. What lenders do you recommend and which ones should we avoid? I have a list which includes Premier Mortgage Services (Team Mandi), Idaho Central Credit Union, Movement, Academy Mortgage, Gateway, Guaranteed Rate. I know that the fees will vary. Any idea who might have the best interest rate?
Rates change daily. You'll need to shop around to find the best deals.
I cannot offer specific recommendations (we paid cash), but I would look for lenders that have a reputation for smooth/quick transactions, who know the local market well and hire appraisers familiar with the nutty prices here. Getting into contract is hard enough (especially competing with all-cash offers), you don't want the deal to get bogged down if the lender drops the ball or there's a low-ball appraisal.
We used Evergreen. Sam Newell. Good local knowledge, competitive rates. Their fees were lower than ICCU whic was our backup.
Also, you didn't ask, but our RE agent Sean Taylor was awesome!
Thanks for the recommendation. As far as a realtor goes, I have been getting listings from one. But I will keep yours in mind just in case. Do you have his number? Is he with Silvercreek Realty? Feel free to PM me.
Last edited by It'sadryheat; 04-09-2022 at 06:45 PM..
I don't refer automatically to any specific lender because they all have unique attributes. Some do a great job with VA loans while others don't do them at all. Some are great at first time home buyer programs; others have unique loans for professionals (doctors & nurses); some do better with lower credit scores or reward people with great credit. Do you want a local lender, one that will keep servicing your loan, one that loans their own money (portfolio) so they can get a bit more on creative - common sense loans, etc.
I don't refer automatically to any specific lender because they all have unique attributes. Some do a great job with VA loans while others don't do them at all. Some are great at first time home buyer programs; others have unique loans for professionals (doctors & nurses); some do better with lower credit scores or reward people with great credit. Do you want a local lender, one that will keep servicing your loan, one that loans their own money (portfolio) so they can get a bit more on creative - common sense loans, etc.
We currently own a home. Considering the housing situation, we want to find a new home first and then sell ours. We have spent the last 10 months updating it to make it more competitive. The market here is hot and we live in a desirable area. So, it should sell quickly.
We have a lot of equity that we plan to rollover into the new home. Our credit is excellent. We are not veterans or medical professionals. We are looking for a reputable lender who is not only knowledgeable in finding the best product for our needs but responsive throughout the process. In other words, one that has great customer service. And of course, able to get us the best interest rate for us.
Rates change daily. You'll need to shop around to find the best deals.
I cannot offer specific recommendations (we paid cash), but I would look for lenders that have a reputation for smooth/quick transactions, who know the local market well and hire appraisers familiar with the nutty prices here. Getting into contract is hard enough (especially competing with all-cash offers), you don't want the deal to get bogged down if the lender drops the ball or there's a low-ball appraisal.
Great points. That's why I am posting here--to find out about which lenders will do the best job in this current environment.
We currently own a home. Considering the housing situation, we want to find a new home first and then sell ours.
If your current house is in Idaho, you are the perfect candidate for the "Cross Collateral Loan" by Washington Federal Bank. It is a portfolio loan of theirs that is a hybrid between a bridge loan and a home equity line of credit. If the other home is not in Idaho, they also have a program with 10% down and a 10% second to keep you away from Mortgage Insurance. When the other homes closes, you can pay off the second and even pay down the first if you want and have them recast the mortgage with the lower principle balance.
Heather Chambers is their VP of the Mortgage Department. If you contact her she will direct you to one of her loan officers that is most convenient for you depending on where you plan to end up here in Idaho. Tell he hi from me.
If your current house is in Idaho, you are the perfect candidate for the "Cross Collateral Loan" by Washington Federal Bank. It is a portfolio loan of theirs that is a hybrid between a bridge loan and a home equity line of credit. If the other home is not in Idaho, they also have a program with 10% down and a 10% second to keep you away from Mortgage Insurance. When the other homes closes, you can pay off the second and even pay down the first if you want and have them recast the mortgage with the lower principle balance.
Heather Chambers is their VP of the Mortgage Department. If you contact her she will direct you to one of her loan officers that is most convenient for you depending on where you plan to end up here in Idaho. Tell he hi from me.
Our current home is out of state. Thanks, IdahoBroker.
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