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home equity loans - Idaho ID: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

Start by taking a careful look at your current assets (including income, savings, investments, IRAs, life insurance, pensions and corporate thrift plans, and equity in other real estate, etc.) and liabilities (including outstanding loans, credit card balances, etc.). Also, think about how your income—or household income, if there are two wage earners in the family—might change over the next several years.

Why should I buy a home?

Conventional loans do not require mortgage insurance with a LTV of 80% or less. And special programs like the FHA, VA, and others may not require any down payment.

How Much House Can You Afford? Debt-to-Income Ratios To determine your maximum mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly gross income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a front ratio and a back ratio and they are generally written in the following format: 33/38.

The Annual Percentage Rate is a good tool in comparing different lenders and the total costs involved in financing your new home. The APR takes into consideration all the costs involved in getting a mortgage and give a clearer picture of what you are paying in interest. When you look just at the interest rate this sometimes can be deceiving since their are so many ways and programs available for mortgages. A lower interest rate is always realized with Adjustable Rate Mortgages at first and then the interest rate will increase over the years. Also a lower interest rate cannot always be seen as a better deal because the lender could be charging more fees that will offset the benefit of the lower interest rate.

For a 30 year purchase conventional loan*: 3.00% down = 1.04% of your loan amount 5.00% down = .78% of your loan amount 10.00% down = .52% of your loan amount 15.00% down = .32% of your loan amount 20.00% down = .00% of your loan amount * These rates are typical for all states except South Carolina (a little less). Fees can vary slightly for refinance transactions and a little more for investor properties. These rates will remain constant for 10 years and will drop to .20% beginning in year 11.

Mortgage bankers may have problems just because they are too big or they may operate like well oiled machines. A lot depends on the branch or office you deal with.

Hazard Insurance This insurance is a contract that protects you from any financial losses on your property that might result because of fire, flood, or any other hazards.

Loan Amortization

As stated above, both PMI and FHA Mortgage Insurance protect the investor who owns the loan in the event of a default on the loan. These types of mortgage insurance do not pay off the loan on your behalf if something should happen to you. For information on optional insurance which could pay off your loan or make your monthly payments if something happens to you, please refer to Optional Products.

How are surpluses and shortages handled? If your escrow analysis reflects a surplus over $50.00, a check for the surplus will be sent to you along with your escrow analysis. If the surplus is less than $50.00, this amount will be divided by twelve and used to reduce your monthly escrow payment. If your escrow analysis reflects a shortage, we collect the shortage over the next twelve months by adding one-twelfth of the shortage amount to your monthly mortgage payment. If you prefer, you may pay the shortage in full, and we will adjust your monthly payment amount accordingly.